Introduction
An estate plan and life insurance plan are essential to not only prepare for the unexpected, but also to ensure that loved ones are cared for. This is true no matter where you reside, whether in Arizona or somewhere else. In this article, you’ll get to know a bit more about estate planning and life insurance in Arizona.
Estate Planning
Estate planning means being prepared for life’s inevitable stages. It also means making contingency plans for big events that take place in one’s life. An estate plan can not only prepare you for the legalities of what happens to an estate when death occurs but will also help figure out the financial aspects of the property, including taxes. Additionally, estate planning includes trusts, wills, and other such legal instruments that can preserve your estate assets.
An estate plan also includes preparations for major emergencies. This is apart from being prepared for certainties of life. This includes emergency plans for disability, premature death, and injury. A lot of strategies help people to get ready for such contingencies and hence safeguard their stability in the long run.
An estate planning attorney can assist you in creating a stable and all-inclusive estate plan and can provide planning options. It allows you to control property, assets, as well as monetary obligations. An estate planning attorney will also educate you about the different legal options available in estate planning so you can receive the right legal services you need and deserve.
Life Insurance
Life insurance is an insurance type that pays a certain amount of money to a named beneficiary after the policyholder dies. This insurance protects your loved ones against your income loss after you decease. It is a significant component of any financial plan since it can provide financial security to your family.
A life insurance is a contract that is signed between the insurance firm and the customer. In this, the insurance firm consents that it will pay a particular sum of money to your chosen beneficiary. This may be your spouse or children.
You can purchase life insurance on your own or it can be offered to you by your employer. The costs of this type of insurance differ according to some factors like your health and age.
Estate Planning and Life Insurance in Arizona
According to Arizona law [ARS 20-1131(A)], the proceeds from life insurance that are paid to the spouse of a decadent do not include the claims that are made against the estate of the decadent. This law has been in place since 1954. To learn more about this, contact a legal expert.
When it comes to estate planning in Arizona, there are two key types of life insurance. These include whole life policies and term policies. Life insurance plays an important role in a comprehensive estate plan. It is particularly useful for people who have dependent spouses or children who require extra support in case of their death. Thus, an estate planning and life insurance lawyer can help you out in crafting your estate plan and buying life insurance for yourself.
Call our Estate team at (480)467-4325 to discuss your case today.