About two-fifths of Americans have a living trust or a will. Many will have their assets distributed by state eventually, and their families could end up fighting over the future. This can be avoided by making estate planning early. A trusted estate planning attorney in Phoenix will guide you through the process. Many people wish to organize their assets but “haven’t got around to it.”
Protect your assets
It is possible to assume that estate taxes will reduce your family’s inheritance or that creditors will seize large amounts of your assets. It doesn’t have to be this way. To protect your assets, you will need to talk to a real estate lawyer in Phoenix (or in some cases a tax attorney) about setting up trust. However, there are many ways to make sure your legacy is preserved and that your family has the authority to manage your assets.
Protect your children
Multi-fold. You will need to create a will that outlines who will be the guardian for any minor children you have in your care. You can also protect your children by naming another family member to manage their trust. Once your children reach a certain age, you can give them access to the trust. This will ensure that your money is well-used and that your children are provided with the best financial and physical care after your death.
Avoid probate
One in five people look into estate planning in Phoenix to avoid probate. This involves a lawyer (such as a real-estate attorney) who will prove before a court that your testament is valid after your death. This public process involves the distribution of your assets, paying off debts, and valuing your property. The probate process will expose your financial history and can cost you about 5% of your estate’s value. Having a lawyer represent you in advance will save your loved ones and survivors from learning the intricacies involved in probate law later.
Once you have your affairs in order you can rest assured that your assets and property will be protected upon your death. Do not wait until you become incapacitated or are unable to plan your estate. You will never get around to planning your estate if you keep telling yourself that you will.
