Many of us are under the impression that estate planning only pertains to multi-millionaires and billionaires. But with the rise in real estate prices and the stability of our global economy, now more than ever, most people have significant amounts of money tied up in their homes and other real estate holdings. If you plan on passing these holdings onto your children or other heirs, there are some important steps you should take to ensure that everything goes smoothly after your death. This article will cover what estate planning is, who needs it and how to get started with it today.
WHAT IS ESTATE PLANNING?
An Estate Planning expert or a lawyer in AZ can help you organize your assets and plan for the future. A lawyer may help you set up an estate plan that takes into account your personal situation and goals, such as a will, trust, health care directive, or power of attorney.
Estate Planning entails deciding who will ultimately inherit your possessions. In the event that you are unable to manage your affairs on your own for any reason, it also specifies how you want them to be handled. It’s a difficult process that sometimes seems overwhelming. While it’s a widespread assumption that estate planning is only about your cash, the reality is that there are many other aspects to it.
5 REASONS YOU NEED AN ESTATE PLAN?
Estate planning is one of those tasks that the vast majority of people put off until it’s too late to do much good at all, despite how vitally important it can be. If you want to make sure your family knows what they need to know, and that your wishes are followed, there are five reasons why you can’t afford to ignore estate planning any longer.
– To Protect What Matters Most
You’ve worked hard to build your wealth. An estate plan is the best way to ensure that your assets are distributed according to your wishes – and not at the mercy of state intestacy laws. This includes setting up a trust or will, choosing guardians for minor children, and appointing a power of attorney.
– To Ensure Your Belongings Go Where You Want Them To
No one likes to think about their own mortality, but estate planning is a crucial part of ensuring that your belongings go where you want them to after you die. If you don’t have a plan, your state’s laws will determine how your assets are distributed, which may not be in line with your wishes. This can lead to all sorts of problems and conflicts among family members who disagree over what should happen. And if there isn’t enough money or property for all the people who would inherit under the law, then the heirs might end up fighting each other in court.
– To Avoid Probate
One of the main reasons people put off estate planning is because they don’t want to think about their own mortality. But the truth is, everyone will die someday. And if you don’t have an estate plan in place, your loved ones will have to go through the court system (known as probate) to settle your affairs. Probate can be a long and expensive process, so it’s best to avoid it if you can, though understanding Arizona probate laws is essential for any person navigating estate planning.
– As Part of Getting Life in Order
An estate plan is not just for the ultra-wealthy. If you have any assets or dependents, you need an estate plan. This doesn’t mean your estate will be worth a lot of money. For example, if you are a single person who owns a house in joint tenancy with your sister and no other assets, there may be little reason to create an expensive trust. But what if that house was left to your sister when your parents died? And what if you also want her to inherit your car and some jewelry?
– A Good Estate Plan Makes Caring For You Easier For Those Who Care About You
No one likes to think about their own mortality, but if you don’t have an estate plan in place, you’re putting a lot of unnecessary stress on your loved ones. A good estate plan will spell out your wishes and make things easier for those who have to take care of you. We can help you create the documents necessary for ensuring that your assets are distributed according to your wishes. We work with individuals as well as couples, so whether you’re single or married, we’ll walk you through the process of creating a legally binding document that can keep everyone’s best interests at heart.
WHO NEEDS AN ESTATE PLAN?
Estate planning is not just for the wealthy. Everyone can benefit from having an estate plan, which includes a will, trust, power of attorney, and advance directives. There are many reasons to have these documents in place, including ensuring that your loved ones inherit what you want them to have or that you maintain control over your finances in case you become incapacitated.
An important document in any estate plan is a will. A will spells out how your property should be distributed after you die. If you don’t create a will before death, Arizona law may determine who inherits your property and how it’s divided among beneficiaries.
TIPS TO PICK A LAWYER TO HELP ME MAKE MY PLAN
If you’re looking for an estate planning lawyer Phoenix, it’s important to choose someone who has experience and expertise in the area. Here are a few tips to help you pick the right lawyer for your needs
- Do they have at least five years of experience?
- Do they specialize in estate planning law or other areas of law like personal injury or criminal defense?
- Do they charge by the hour or by project with an upfront fee that pays their costs and gets them paid on time, rather than waiting months for reimbursement?
- Are they licensed to practice law in Arizona (or if not, can they provide references from another state)?
CONCLUSION
In conclusion, the Phoenix estate planning law firm team believes that everyone should have an estate plan in place. Without one, the future of a family can be uncertain and fraught with many challenges.
