Having an estate plan is more than a good idea, especially if you own any significant assets—it’s a necessity. With the proper estate planning in Phoenix, AZ, you’ll be helping your loved ones to cope after your passing, and protecting everything you worked so hard to build over your lifetime. It’s not fun to think about your own mortality, but it is a fact of life. Putting your wishes into an estate plan will ensure you’re taken care of both before and after death. That’s why we recommend consulting with an experienced estate planning attorney.
Here are some of the main reasons you should have an estate plan:
- Reducing estate tax: Both the federal and state governments levy an inheritance tax on their citizens, which can significantly impact the size of larger estates. To avoid this, many couples create trusts that are designed to allow assets to automatically pass to the other half, without triggering the inheritance tax laws.
- Avoiding conflict: If you have a particularly large amount of wealth, or specific wishes about your property’s distribution, you need a will. Otherwise, your assets will be subject to state intestacy laws, which determine who benefits from your estate. You’ll also be able to make your wishes known regarding end-of-life care, and help avoid conflict in what is sure to be a very difficult time for your family. It also saves them from costly and time-consuming court battles.
- Bypassing probate: Most people want to avoid probate at all costs—it can be a logistical nightmare. However, when you die, your final bills will still need to be paid, and your property will need to be kept up. By putting your wishes on paper and providing for the quick, easy disposition of your assets (often by using trusts), you’ll be saving your family the hassle of managing your estate.
- Protecting beneficiaries: You may have beneficiaries under 18 years of age or with mental incapacities, or want to protect your belongings from divorcing spouses. Setting up restrictions and trusts for your beneficiaries will protect them from creditors, outside influences and even their own poor decisions. Furthermore, you can take the opportunity to appoint a guardian or conservator for your minor children and/or beneficiaries, saving your family the trouble of finding one themselves.
- Protecting your assets: Lawsuits can be devastating for your personal assets. Asset protection is an up-and-coming subset of estate planning. Setting up trusts as part of your comprehensive estate plan is a good way to ensure creditors cannot come after everything you worked so hard to achieve. This also has the benefit of protecting your family and beneficiaries.
Chat with an estate planning attorney in Phoenix, AZ
For more information about the process of estate planning, and to find out more about the benefits of each type of estate planning document, we encourage you to contact an estate planning attorney in Phoenix, AZ at Lyman Law Office today. With over 30 years of experience, we’re prepared to answer your questions clearly and informatively. We look forward to working with you soon.
Categorized in: Estate Planning