An estate planning attorney in Scottsdale AZ can help you when you take one of the most important steps that you may ever make: planning your estate, making sure that your health care needs will be attended to and ensuring that your loved ones are provided for in your absence.
Unfortunately, the pressures of daily living often overtake the need for long term planning, but it must be understood that a comprehensive plan for your estate can solve problems that often arise upon your death. There is a need to understand the precise state of one’s financial affairs, what real property and personal property is owned and who gets what? In the event that there are minor children, is it necessary to appoint a legal guardian to care for them? What are the tax implications of ownership transfer? What funeral arrangements have been made or are appropriate?
What constitutes an estate?
Any property which is owned by you at the time of your death is your estate. This property can consist of:
- Real estate
- Bank accounts
- Securities including stocks and bonds
- Life insurance policies
- Personal property which includes any works of art, jewelry, automobiles, etc.
How does an estate plan help you?
It does not matter how big or how small your estate is, an estate planning attorney in Scottsdale AZ can help you accomplish a number of important things:
- Properly identify those that you wish to receive your property upon your death
- Ensure that the property is legally transferred with minimal delay
- Minimize the taxes that are due and payable to ensure a transfer of property
- Avoid the cost of and the time associated with probate by using such things as living trusts and “payable upon death” bank accounts
- Determine in advance any life-prolonging medical care in the event you are incapable of doing so at the time
- Determine and set forth your own funeral arrangements
A good estate planning attorney in Scottsdale AZ can be of tremendous help in walking you through all the details that are necessary to prepare a will that ensures your wishes are carried out upon your death and that your loved ones needs are satisfied. Although you may be very familiar with the intent of a will, an attorney can assist you with trusts and how they can provide protection from public scrutiny, probate and taxes.