How to Make a Will in New Mexico

Creating a will is an essential part of estate planning, as it ensures that your assets and property are distributed according to your wishes after your passing. Although the process may seem daunting, understanding the steps involved can help make it more manageable. In this article, we will guide you through the process of making a will in New Mexico, along with answering seven frequently asked questions to provide you with the necessary information.

1. Understand the Requirements:
Before making a will in New Mexico, it is crucial to understand the legal requirements. You must be at least 18 years old, of sound mind, and not under any undue influence or duress while creating your will.

2. Decide on Distribution of Assets:
Consider how you wish to distribute your assets among your loved ones and beneficiaries. Make a list of your assets, including real estate, bank accounts, investments, and personal belongings. Decide who will inherit each asset and how much they will receive.

3. Choose an Executor:
Select an executor, who will be responsible for carrying out your wishes as stated in the will. This person should be someone you trust and who is willing to take on the role. It is advisable to name an alternative executor in case the primary executor is unable or unwilling to fulfill their duties.

4. Appoint a Guardian:
If you have minor children, appoint a guardian who will be responsible for their care and well-being in the event of your passing. Discuss this decision with the chosen individual beforehand to ensure their willingness to take on this responsibility.

5. Write the Will:
To create a will in New Mexico, you have several options. You can either write a handwritten will, also known as a holographic will, or type a will using a computer or typewriter. Regardless of the method chosen, the will must be signed by you and witnessed by two individuals who are not beneficiaries.

6. Review and Update Regularly:
It is important to review and update your will periodically, especially after significant life events such as marriage, divorce, or the birth of a child. Regularly revisiting your will ensures that it accurately reflects your current wishes.

7. Store the Will Securely:
Once your will is complete, store it in a safe and accessible place. Inform your loved ones and executor about its location so that it can be easily located when needed.

Frequently Asked Questions (FAQs):

Q1. Can I make changes to my will after it is created?
A1. Yes, you can make changes to your will by creating a new one or adding a codicil, which is a legal document that modifies specific provisions of your existing will.