Estate planning is something that every person needs to keep in mind, regardless of their family structure, age, or even their asset value. Estate planning is more than delegating and splitting up your belongings, it is about ensuring that your family will be well prepared in the event of your death. It is highly recommended to consult with an experienced professional such as the Estate Planning Attorney Scottsdale AZ locals have been trusting for years.
What is Estate Planning?
The process of creating legal documents that allocate your goods to your family and friends is called estate planning. There are many upsides to having an estate plan. You can protect your family by creating a last will so that they will know what your final wishes were and can properly follow them. It can also protect them by establishing your wishes for guardianship of your children, beneficiaries for your belongings and even select an individual in case you are incapacitated and cannot make your own decisions regarding your healthcare. Estate planning can establish a trust fund in order for your assets to be protected from over taxation and also allow for effortless transfers to another individual. If you hire an estate attorney, they can recommend additional legal paperwork that you can complete so that your estate planning is based on specific issues surrounding your property.
How Does Estate Planning Protect My Children?
Estate planning can help protect your children in many ways. An estate planning attorney can have you write up guardianship papers for children who are minors in case you temporarily are unable to care for them or you pass. These arrangements should be made in advance as this can ensure that your children will not be put into foster care and can be placed with the right people that you trust who can raise them in a manner you prefer. If you are married with minor children you should consider preparing paperwork that will assure any inheritance that they receive as adults. By doing this, their inheritance will protected until they turn 18, and you will ensure that nothing can happen to what is rightfully theirs in the event that your spouse remarries or dies before your children reach adulthood. However, if your children have already reached adulthood, having estate plans in place can prevent them from encountering issues that often emerge after the loss of a parent. Estate planning, if it is done correctly, can help to reduce the likelihood that your assets will have to enter into the probating process. This will alleviate the tax burden and your children, whether they are adults or minors, will have one less thing to worry about after you pass. By having your estate planning in place ahead of time, you are protecting your loved ones in so many ways. You should seek out the guidance of an estate planning attorney today to find out more information on how to protect your loved ones after your passing.
A special thanks to our authors at Arizona Estate Planning for their insight into Estate and Probate Law.