Proper Estate Planning will help ensure that your estate is legally passed down and distributed to whom you want to leave your assets to after your death. This is usually done through a Will or Trust. In Arizona, if you die without a Will or Trust state law will determine what happens to your property. Also, if no relatives can be found to inherit your property, the property will go to the state in what is known as “intestate succession.”
Proper Estate Planning
But with proper Estate Planning, a trust will protect your assets while you are alive; and then make sure your assets go where you want them to after your death. But it’s important to understand the difference between a revocable trust and an irrevocable trust. A revocable trust can be changed or amended during a person’s lifetime; then it generally becomes irrevocable after the grantor’s death. An irrevocable trust is a trust that cannot be changed, amended or revoked from the moment it is signed.
A living will is a document that will make clear what your wishes are if you are ever in a persistent vegetative state, irreversible coma, or have some other terminal condition with little to no chance of recovery. It lets others know what your wishes are in the event you are ever on life support. For example, do you wish to be resuscitated? It is very important to make these decisions ahead of time, so your family knows what your wishes are in case you are ever in this condition.
Attorney Mark E. Hall has been providing estate planning advice to people in Scottsdale and the surrounding area for well over two decades. Attorney Mark E. Hall practices in the areas of Estate Planning, Estate Administration, Probate, Asset Protection, Real Estate and Personal Injury. He has demonstrated a high commitment to his clients through vigorous representation. Contact Attorney Mark E Hall to schedule your Estate Planning consultation today!