It’s very difficult to decide who will inherit your assets when you die. Who is appropriate to receive an inheritance and which assets are appropriate to leave with your loved ones?

The first important step is to make some sort of written plan that describes your general wishes. This can be in the form of a will or a living trust and will be used in court to divide your assets after you die. If you don’t prepare a written plan, the court will decide who will inherit your assets in accordance with state intestacy laws, and the court’s decision may not be what you would have intended.

The next step is evaluating the type of assets you own. These include:

• Jointly Held Assets
• Individually Owned Assets
• Tax-deferred Assets
• Life Insurance Death Benefits
• Assets in Trusts that You Inherited from a Spouse or Another
• Assets with Pay on Death Beneficiaries

After you have evaluated your assets, it will be easier to see how they can be divided among your heirs.

If you need assistance to start your will or trust, evaluate your assets, or decide who should distribute your assets, I strongly suggest that you consult with an Arizona Estate Planning attorney that can guide you through the process. Working with someone with years of experience can make the process much easier, and will give you the assurance that you’ve handled your affairs properly. Call (480) 464-1111 to schedule a consultation with Arizona estate planning attorney, David Weed today.