A will is a legal document that directs how your assets will be distributed after death and goes through probate court. A trust is a legal arrangement that can hold assets during your lifetime and after death, often avoiding probate and providing more control over asset distribution.

Yes, estate planning is important for everyone regardless of asset value. It ensures your wishes are honored, designates guardians for minor children, provides healthcare directives, and can prevent family disputes and unnecessary legal complications.

A power of attorney is a legal document that authorizes someone you trust to make financial or healthcare decisions on your behalf if you become incapacitated or unable to make decisions yourself.

You should review your estate plan every three to five years or after major life events such as marriage, divorce, birth of children, significant changes in assets, or changes in tax laws.

If you die without a will (intestate) in New Mexico, state law determines how your assets are distributed, typically to your closest relatives. This may not align with your wishes and can create complications for your loved ones.