Since most of us would not want a Court or a Judge to decide where all their assets and property go after they pass, every adult should have an estate plan in place. The fact is estate planning is not just for wealthy individuals and doesn’t have to be complicated or expensive.
As part of the estate planning process, one of your priorities should be determining what you want to be done with your physical and financial assets after your death. If you fail to detail exactly what you want with regard to every one of your assets, your family may have to deal with a probate process, which can be time consuming, costly, and leave everyone involved with a dissatisfactory outcome.
In many situations, it is beneficial for people in Arizona to establish both wills and trusts as part of their estate planning process. Both documents combined can ensure your assets go where you want them to after your death and minimize the risk of probate regulations and unforeseen circumstances interfering with your wishes.
Our team of estate planning attorneys can let you know how an estate plan benefits you and your family. When you draft legally sound estate documents, you will be able to:
Many people operate on the assumption that an estate plan is not necessary until one gets closer to retirement. However, an estate plan is an important legal option that most adults could benefit from. Many aspects of an estate plan can be modified, so if a person’s circumstances change after the original plan is created, they usually can go back later and change the legal documents to reflect their current situation.
One very significant reason an estate plan is so important is that in the absence of a will, trust, or estate plan, the person will be considered to have died intestate. When someone dies intestate, this means that the court ultimately has control over how the assets are disbursed following the individual’s death.
Further, without an estate plan the court will distribute the individual’s assets based on the laws of intestate succession, which prioritizes beneficiaries based on their relation to the decedent. This distribution method may not necessarily match up with what the person would have wished had they created their own estate plan. The best way for an individual to ensure that their personal affairs and the distribution of their assets are handled in accordance with their wishes upon their death is to create a comprehensive estate plan.
If you have questions about the most constructive way to formulate your estate plan, or need help creating a trust, one of our Chandler trust and estate planning lawyers could offer assistance. We could walk you through creating an estate plan and ensure your wishes are communicated in full. Call our office now to arrange a legal consultation.