What is Estate Planning and Who Needs it

What is Estate Planning and Who Needs it? Some people believe only very wealthy people have estates, but in fact, most people own some type of asset that comprises their estate.  As such, your estate includes everything you own.  These assets include your home, automobiles, real estate, all monetary assets such as bank accounts and investments, household items and other personal possessions, life insurance, including all other assets you own of value.  Therefore, no matter how large or small, you have an estate and as the old saying goes; you can’t take it with you.

What is Estate Planning and Who Needs it

Unfortunately, death is a part of life.  So, we all need to plan for our passing to make sure our final wishes are administered correctly and efficiently.  The most successful way to ensure that your final wishes will be carried out as you wanted them is with proper estate planning. By having an estate plan you will be able to provide directives stating; who will receive your estate assets after your death. With proper estate planning, you can also control the timing of the distribution of your estate assets.

A will is simple instructions about how you wish your property to be distributed. But, having a will does not necessarily avoid probate.  To avoid probate, many people prefer to set up and properly fund a revocable living trust. Unlike a will, a trust doesn’t die with you. Assets in a revocable living trust can remain in your trust; be managed by the successor trustee of your choice and distributed to beneficiaries at the ages you request.

What is Estate Planning and Who Needs it

Understandably, most people would prefer to not make plans for their death or to think about it.  Many people will postpone creating an estate plan; because they feel there is plenty of time to do it at some later point in their life. If you die without a will or trust in place the distribution of your estate will be up to the Arizona statutes and the county courts. An estate plan ensures that your family will be taken care of; after you are no longer able to provide for them. 

If you would like to find out more about wills, trusts, probate or you have other estate planning questions, please contact the law offices of Mark E. Hall. We have locations in both Scottsdale Arizona and Chandler Arizona for your convenience.  Also, please browse our website and blog for more information on estate planning, as well as our other areas of law.