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The Disadvantage of a Revocable Living Trust Complexity: Managing a trust requires ongoing paperwork and record-keeping, which can be burdensome and time-consuming.

In a blog post published last year, Orman wrote that having a revocable trust in place is “one of the most important things you can do to protect yourself and your family.” She especially recommended setting one up when you get married, buy a home, start a business or have a baby.

Transferring property into a revocable trust can help you avoid certain probate issues involving out of state property. Shifting assets into a revocable trust won't save estate taxes, but it will provide the opportunity for a basis step-up, helping minimize potential capital gains taxes.

From start to finish, most New Mexico probates take about two years to complete. However, 90% of the work is usually done in the first five or six months of a probate, and most estates distribute assets within a year. Creditors have up to one year to make a claim.

Normally, nuncupative wills can only cover a limited amount of personal property, but these are not legally recognized in New Mexico. And a “holographic” will is handwritten, generally subjected to more scrutiny than a typed or printed will, and also not acknowledged in New Mexico.

No, in New Mexico, you do not need to notarize your will to make it legal. However, New Mexico allows you to make your will "self-proving" and you'll need to go to a notary if you want to do that. A self-proving will speeds up probate because the court can accept the will without contacting the witnesses who signed it.

The Will, in Mexico, is made before a Notary Public and may be handwritten with an official translation made, or the Notary may insist upon having an official translator present if the party making the will does not speak fluent Spanish.

Signature: The will must be signed by the testator or by someone else in the testator's name in his conscious presence, by his direction. Witnesses: A New Mexico will must be signed by at least two individuals, each of whom signed after witnessing the testator sign the will.

The general requirements for a valid Will are usually as follows: (a) the document must be written (meaning typed or printed), (b) signed by the person making the Will (usually called the “testator” or “testatrix”, and (c) signed by two witnesses who were present to witness the execution of the document by the maker ...