New Mexico estate planning attorney Michele Ungvarsky reveals the 5 “Must Haves” Of a Good Estate Plan – Las Cruces, NM

Leading estate planning attorney Michele Ungvarsky, founding partner at Estrada Law in Las Cruces, NM, reveals the things you should definitely have to build a solid estate plan. For more information please visit https://www.estradalawpc.com

Las Cruces, NM, United States – August 1, 2019 /MM-REB/ —

In a recent interview, leading estate attorney Michele Ungvarsky, founding partner at Estrada Law in Las Cruces, NM, revealed the 5 “must-haves” of a solid estate plan.

For more information please visit https://www.estradalawpc.com
When asked to comment, she said, “Many Americans are under the false impression that having a good estate plan simply means making a will or a trust. However, there’s much more to estate planning than meets the eye. Here are five necessary documents to ensure a smooth transition of your assets to your heirs.”

That said, a will or trust is still essential to any estate plan, according to Ungvarsky.

“This is one document you absolutely must have even if you aren’t in possession of many assets. Wills are vital to help ensure that your wishes about your assets will go where you want them to go after you pass. Furthermore, a trust can help circumvent legal issues and minimize taxes, which will cause much less stress on your loved ones.”

While wills and trusts are important, they aren’t the only aspect of an estate plan, Ungvarsky said. Beneficiary designations could also help guarantee that your plan is carried out.

“Beneficiary designations on certain accounts, such as retirement accounts and insurance plans, will help to legally execute your wishes. If you fail to do this, a judge could step in and decide on who receives your assets, even if it’s not what you would have wanted.”

Preparing a letter of intent is also an integral part of having a solid estate plan.

When asked to elaborate, Ungvarsky said, “A letter of intent is not complicated – it’s simply a document that you leave for either your executor or beneficiary to specify what happens with a certain asset following death or incapacitation.”

“Depending on local laws, the letter might not hold up legally on its own in a courtroom, however it provides probate judges with a guideline as to how to implement your intentions,” she added.

A durable power of attorney will also help in the legal execution of managing your assets in the case of incapacitation.

“To be able to carry out your wishes if you become disabled, then you’ll need to have a durable power of attorney. Again, without a power of attorney, what happens to your assets could be left up to the mercy of a court.”

Ungvarsky added that “a power of attorney will allow someone on your behalf to engage in real estate and financial transactions, as well as other legal decisions.”

“In addition to this, make sure to appoint an individual you trust to follow your instructions as a healthcare power of attorney. This should be a trusted person who can make vital healthcare decisions that align with your views if you are not able to make them yourself,” she said.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Michele Ungvarsky
Email: Send Email
Organization: Estrada Law, P.C.
Address: 1340 Picacho Hills Dr, Las Cruces, NM 88007, USA
Phone: 575-556-2462
Website: https://www.estradalawpc.com

Source: MM-REB

Release ID: 88902920