{"id":937,"date":"2017-12-04T19:17:55","date_gmt":"2017-12-04T19:17:55","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?page_id=937"},"modified":"2024-02-18T23:26:07","modified_gmt":"2024-02-18T23:26:07","slug":"estate-planning-101","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/estate-planning-101\/","title":{"rendered":"Estate Planning Basics"},"content":{"rendered":"
Have you created your estate plan? Don\u2019t overlook your assets by mistakenly believing you don\u2019t have an estate. If you have something you value that you want someone else to have when you pass on or become incapacitated, that\u2019s part of it.<\/p>\n
A basic plan for your estate is one of the most important financial documents you can have. And if you don\u2019t write it yourself, the state will do it for you and you probably won\u2019t approve of what they choose. After all, the state is not you, and doesn\u2019t know what you\u2019d prefer to have done with your assets. Not to mention that when the court handles your estate plan<\/a>, it usually gets very expensive and complicated for your family members.<\/p>\n Generally speaking, your estate plan will encompass how your estate is accumulated, conserved, and distributed. It will also state what should happen to you and who should handle matters should you suffer a serious injury or illness.<\/p>\n A quality plan drafted by a professional estate planning attorney will maintain and enhance your financial security and the security of your family.<\/p>\n In order to reach your goals in estate planning, you\u2019ll require certain documents. It also helps to have at least a basic understanding of why you need them and how they work. Generally, this will include:<\/p>\n Anyone who dies without having made a will has died \u201cintestate.\u201d This is not only costly and stressful for your remaining family and loved ones, but also means you don\u2019t get a say as to how your remaining assets are distributed. Having a plan will let you:<\/p>\n Select an executor:<\/p>\n This will be the person you want responsible for distributing your assets. If you have failed to appoint this person yourself, the court will select someone to do the job.<\/p>\n Designate your Children\u2019s Guardian:<\/p>\n If you\u2019re leaving behind any minor children, an estate plan gives you a chance to decide who will care for them. Without choosing this yourself, the court may appoint someone who you wouldn\u2019t have chosen.<\/p>\n Minimize Stress for your Family:<\/p>\n Losing someone is hard enough. Without clear and legally valid instructions for how to handle your estate, your family may be overwhelmed or confused at the prospect.<\/p>\n Organize your Policies and Records:<\/p>\n Does your family know where you keep your financial documents, insurance policies, and titles? Taking the time to plan your estate ahead of time will allow you to organize these records, make sure they are all in a safe place, and correct any existing errors.<\/p>\n Many people don\u2019t double check the wording they use on beneficiary designations or titles. Even an innocent error made with good intentions can create complications and problems for your remaining loved ones when you pass on. Beneficiary designations<\/a> might be invalid or out-of-date, for instance. It\u2019s better to check that this is done right instead of leaving your family with a mess later.<\/p>\n It\u2019s not only advised, but crucial, to work with a lawyer when creating your estate plan. The attorney will guide you through creating your fundamental documents, including your will, health care information, and power of attorney<\/a>. You might additionally need to hire a tax advisor if your situation calls for it.<\/p>\n You will be the one making the decisions, but the attorney can explain the potentially complex results of each choice. Your attorney will also help you to state your desires in a clear manner, avoid errors, minimize estate taxes, and alter your estate plan as your situation changes. An estate planning attorney is worth the money as you can get significant savings from informed, thorough planning.<\/p>\n Even though the conversation you and your family will have with an attorney about planning your estate is very important, it can still be hard to initiate. Your loved ones might be uncomfortable or emotional when you suggest meeting the lawyer. Here are some helpful suggestions for preparing them to do so:<\/p>\n You can also plan ahead by creating a list of questions to ask your attorney, including concerns of each family member. These guidelines will help make the process of speaking with a professional estate planning attorney run much smoother.<\/p>\nWhat Your Estate Plan Must Have<\/h2>\n
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What will Your Estate Plan Allow You to Do?<\/h2>\n
Working with an Attorney<\/h3>\n
\u00a0Tips for Meeting with an Estate Planning Lawyer<\/h3>\n
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