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Phoenix Estate Lawyer and Attorney:
Estate Planning Basics in Arizona




Finding the right Phoenix estate lawyer can make trust and will creation much less difficult. And as many discover, there is more to estate planning that wills alone. Tax, business and medical planning are involved, in addition to asset distribution after your death. A will is definitely an important document, but there are likely other key issues that a Phoenix estate planning lawyer will discuss with you.

Estate Planning Basics

Elder Law

Wills

Probate

Estate planning determines how your assets will be managed, and by whom if you are unable to manage them on your own. It also lays out what circumstances will cause your assets to be distributed during an individual’s lifetime, as well as after death. Another important concern addressed will involve your personal care: how will your health care decisions be made, and by whom.

There are some questions you can ask yourself prior to visiting with a Phoenix estate planning attorney. Having these basics in mind ahead of time may prove helpful:

  • Determine the approximate value of your assets.
  • Who will receive your assets.
  • When will your assets be received by others.
  • Who will manage the assets, during your life and then after your death.
  • If you have children, who will be responsible for their care.
  • Who will make decisions for your care, if you are unable to make these decisions on your own.
  • The kind of funeral you prefer for yourself.

    Who Needs Estate Planning?

    Everyone will benefit from estate planning, regardless of the size of your estate. It is always important that someone is designated to manage your estate, and, in the event that you are unable to take care of yourself, make health care decisions for you.

    If you believe that your estate is relatively small, you may want to simply figure out who will receive your assets, who will pay your remaining debts and who will oversee your asset’s distribution.

    If it is determined that your estate is rather large, it’s especially important that you meet with a Phoenix estate lawyer. Cases like these may involve asset preservation for beneficiaries and potentially complex estate tax planning issues. Be aware: if there is no plan in effect after your death, a judge will be forced to appoint an individual for asset handling, in addition to your personal care. Accordingly, meeting with a Phoenix estate lawyer will permit you to gain much greater control over this entire process.

    The relative value of your estate is something that a Phoenix estate lawyer can help you assess. Again, this will determine many of the tax issues that may abound after your death. Of course, it’s important to make sure that there are adequate funds to cover any potential taxes. An Arizona estate planning law firm will help determine this.

    A Phoenix Estate Planning Attorney Makes Sense

    Most individuals who consult with a Phoenix estate planning attorney will have more peace of mind than someone who attempts to go it alone. Since estate planning is one of the most important aspects of your family and financial affairs, it only makes sense to work with an estate planning lawyer.

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