What is Estate Planning?
Estate planning in Arizona is preparing for life’s certainties and making contingency plans for the major events that every person will deal with. As they are sure to be issues in everybody’s life, every estate plan should deal with planning for health care directives and ultimately the disposition of property at death. To better prepare for these certainties, wills, trusts and other legal instruments are necessary to preserve estate assets and an efficient administration.
More specifically, estate planning is the arrangement of an individual's estate using the laws of various disciplines. Estate planning generally involves wills, trusts, death/gift taxes, insurance, and property in order to properly coordinate and maximize the legal benefit of all the laws involved. Since estate planning involves the disposition of an individual's assets during life and death, only experienced and properly trained estate planning attorneys should provide the necessary legal advice required for a comprehensive estate plan.
What types of documents should estate plans include?
An estate plan is actually a plan that utilizes several legal devices in order to effectively prepare for incapacity and eventually death. It is a common misconception that an estate plan deals with deals because many of the goals and legal instruments convey their application to events that people encounter during their life. In any event, estate plans should include some or all of the following legal instruments, which prepare people for uncertainties they could encounter:
What are the dangers of neglecting to create an estate plan?
Comprehensive estate planning by a Phoenix, AZ attorney provides families with a sense that their affairs will be handled appropriately regardless of what their future brings. Those without the right documents in place, on the other hand, can lose control over their assets, and also lose flexibility when it comes to important life decisions. Moreover, those without a thorough estate plan are sometimes subject to unnecessary expenses and fees, which could drastically diminish their estate’s value. Ultimately, those who consider their options up front enjoy significant long-term benefits and can receive a large return on their investment with the planning.
Our Estate Planning Attorneys are here to help
Unfortunately, whenever someone passes away action must be taken whether or not the person was prepared for it or not. The mere thought of death and estate planning can cause stress and anxiety. Boland Law Group's estate planning attorneys can help provide peace of mind for yourself and your loved ones, through the proper estate planning, attorney advice and casual conversations about the types of estate plans. By understanding Arizona's estate planning laws and utilizing wills, trusts and other estate planning instruments, a person can begin to develop an estate plan designed to help manage property and medical decisions during life and at death. More importantly, proper estate planning can help designate, control and manage your estate or property on your terms.
Understanding which estate plan options and instruments doesn't have to be a complex undertaking. However, you should feel at ease as our estate planning attorneys can assist you in identifying your estate planning goals and needs while recognizing potential solutions. With more than 40 years of firm attorney experience, our estate planning attorneys are prepared to guide you through your estate planning related issues.
This is the time to think about your family, your wishes and your legacy. How will your assets pass to your family, including minor children? Who will assume guardianship of your children when you are gone? Does your family know your final wishes? What happens to my business when I die? Can it fund my family?
Moreover, for many, it is important to plan for their business succession needs, address retirement assets with tax issues, or to simply support their favorite charities. Only proper estate planning and business succession can provide a clear plan for business owners trying to pass their ownership to their beneficiaries. Our estate planning attorneys can design both a simple and yet sophisticated estate plans to help balance client values, family harmony and succession wishes. Our estate planning attorneys help clients create comprehensive estate plans that address multiple issues one may encounter during their lifetimes.