When Should You Hire An Estate Planning Attorney Chandler?
Are you thinking about hiring an estate planning attorney in Chandler, AZ? Here are some things you'll need to consider as you get started.
Are you part of the 67% of Americans who haven't created an estate plan yet? This number might be surprising considering over half of all surveyed agreed it's important to do.
What's keeping adults from taking care of such an essential thing for their future and their loved ones?
When looking into their estate planning, people might think about the cost of an estate planning attorney in Chandler, AZ. Some will worry about cost or taking the time. Some don't like the idea of considering their mortality.
The truth is that you should look at the bigger picture and how it will affect your family in the long run. You want to look at it as a way of helping your children, your spouse, your siblings, and anyone else who might rely on your will after you're gone.
Read our blog article to learn more about estate planning and what you should consider as you create your estate plan.
What Does It Mean to Create an Estate Plan?
When you make an estate plan, you plan for the future, including for a time when you're no longer living.
Most people know that an estate plan includes a last will and testament, designating who inherits from you. It also includes planning for your assets and care should you become ill or incapacitated.
Many people plan to do an estate to designate how they want their affairs handled, including what might happen with a business. Other reasons to create an estate plan include:
- Designating guardians for any dependents
- Limiting estate taxes by setting up trust accounts in the names of beneficiaries
- Naming an executor
- Creating or updating beneficiaries on plans such for things like life insurance, IRAs, and 401(k)s
- Designating charitable giving
- Setting up a durable power of attorney (POA) to direct other assets and investments
- Making funeral wishes known
While you might understand how an estate plan matters after your death, you also have an important role while alive.
Who Should Make an Estate Plan?
Many people haven't completed estate planning because they believe they aren't wealthy enough or have enough assets to merit a plan. The truth is that all adults should consider doing Arizona estate planning
Who should make an estate plan?
- Do you have a retirement plan?
- Do you have life insurance?
- Do you own a home or have a mortgage?
- Do you have dependent children?
- Do you own your own business?
- Do you have personal items that hold sentimental value to you or others?
- Do your loved ones know your wishes if you become incapacitated or ill?
- Do your loved ones know your wishes for a funeral?
- Do you hope to support a charity with your assets after death?
Setting up an estate plan allows even the smallest amount of assets to be protected from taxes and probate.
What Should Be a Part of Your Estate Plan?
As you prepare to meet with your estate planning attorney in Chandler, you might wonder what things should be a part of your personal estate plan.
Of course, every estate plan is different, based on your needs and wishes. Work with your estate planning attorney to discuss your specific goals in estate planning.
Last Will and Testament
Your will is one of the most critical parts of your estate plan. It designates guardianship and asset distribution. It names beneficiaries to assets and also designates an executor for the estate.
A Will does not necessarily avoid probate, which is expensive and time-consuming for your heirs. A Will combined with a type of beneficiary deed, and also some extra steps to make sure all your assets are properly designed may avoid probate. A Will Attorney can help you if you think that is the right strategy for you.
Many people prefer to create a living trust as part of their estate plan. A Living Trust can be revocable or irrevocable. It can also be created to end after you pass away, and distribute the assets, or to keep existing as a Dynasty Trust.
While it can protect your heirs if created to do so, a misconception about a living trust is that you give up control of your assets when you move them to the trust.
In fact, you can remain in control of the trust while alive and designate a trustee to take over when you're no longer able.
Advanced Healthcare Directive
An advanced healthcare directive allows you to define your medical wishes for yourself so that it's clear what you want if you ever get to the position where you're unable to say precisely.
An advanced healthcare directive allows you to decide what medical care you want as you near the end of your life. You can also designate a person who has the authority to make decisions on your behalf.
A living will will have your Advanced Healthcare Directives, which you shouldn't confuse with a last will and testament.
Power of Attorney
Another vital component of most estate plans is the power of attorney designation. This gives legal authority to a person you name to make decisions on your behalf.
A power of attorney can almost act like you when you're unable to make decisions or do things related to your finances or your healthcare needs, for example. Usually we recommend creating a Durable or Financial Power of Attorney and a Healthcare Power of Attorney.
Some estate plans will include information about your charitable intentions. You might include this as part of the will or living trust.
If a particular charity or organization is important to you, you can decide how your assets might support this charity when you're no longer able.
Hiring an Estate Planning Attorney
While there are many decisions to make when planning your estate, estate planning lawyers can get to know you and your specific goals for creating an estate.
It's essential to communicate with your estate planning attorney so they can be sure to create an estate plan that meets your needs and wishes but also protects your loved ones once you're unable to.
Start Planning Today With an Estate Planning Attorney in Chandler, AZ
While it might feel daunting to think about your estate and even depressing to consider not being around, creating an estate plan is the right thing to do for your loved ones.
If you're looking for an estate planning attorney in Chandler, AZ, Citadel Law Firm can help. Contact us today to set up your free consultation and discuss your estate planning needs. Click here to schedule your free consultation or call (480)565-8020.