Estate planning is the process of organizing your affairs to make things easier for your surviving family members when you pass away. It also puts you in control of your finances, allowing you to determine how your hard-earned savings and assets are managed and distributed. We encourage individuals to plan for the future now, rather than later. This is particularly crucial for urgent situations, such as terminally ill individuals who have not yet prepared their estate plans and want to avoid probate while reducing their family’s anxiety.
A well-designed estate plan not only benefits your family after your death but can also play a vital role in your business and investment planning. We can help you minimize taxes, maximize returns, and protect your assets. Michael G. Kelly, Attorney at Law, is a tax consultant who can assist you in these areas. At a minimum, an estate plan should include a will, a durable power of attorney for finances, and a health care power of attorney. We tailor each plan to fit your specific needs, goals, and concerns.
Regardless of the size of your estate, everyone can benefit from estate planning. For instance, planning for potential disability by designating someone to make healthcare decisions and manage your personal property is essential. Having a trusted individual with authority over your healthcare and finances can greatly reduce stress for you and your family.
If any of the following questions resonate with you, an estate plan is necessary:
- Who will receive your assets upon your death?
- Who will make healthcare decisions for you if you are disabled?
- Do you want to outline your wishes regarding life support?
- Do you need to preserve your assets for your beneficiaries?
An estate plan ensures that you retain control over how your assets are distributed upon your death. Without a plan, a judge will make these decisions according to state laws, and your estate may go to the state if heirs cannot be located within a specific timeframe. To ensure your property goes to the people you choose, it is essential to create an estate plan.
State laws govern how a person’s property is handled after death, making it necessary to hire an estate planning lawyer. Wills, trusts, and powers of attorney must comply with specific state regulations regarding their content, execution, and the roles of personal representatives, trustees, healthcare surrogates, and attorneys-in-fact. The formalities involved, including witness requirements and document signing, also vary by state.
Using estate planning documents from the internet can be risky. These documents often come with a “buyer beware” warning, and your family may discover too late that the documents are not legally valid. This could lead to substantial inconvenience, expense, and the failure to carry out your wishes.
Our Probate, Estate Planning, and Trust Planning Services include:
- Living Trusts and Wills
- Trusts for estate tax planning and mitigation (e.g., A-B Trusts, Irrevocable Trusts, Grantor Retained Annuity Trusts (GRATs), Qualified Personal Residence Trusts (QPRTs))
- Probate and Trust Administration
- Powers of Attorney
There are five major reasons why individuals, regardless of their means, should establish an estate plan:
- Privacy for yourself and your family
- Significant cost savings
- Quick and seamless transitions for loved ones
- Flexibility and the ability to make changes
- Clear expression of end-of-life medical decisions
Estate planning also supports wealth protection and preservation.
Call for a consultation today:
Phone: (623) 628-1110
Arizona Mobile Attorneys