Will Lawyer Chandler, AZ
As people get older, they tend to think about what will happen to their loved ones after they are gone. Although it is easy to say that things will take care of themselves, this is not always the case, and having an estate plan is one of the best ways to plan for your family’s future. If you have been hesitant to set up a will and/or trust for the division of your possessions and finances after you are gone, consider connecting with a Chandler, Arizona will lawyer to help you finalize these important decisions.
Custody Arrangements in Wills
If you are a parent to children under the age of 18, you should have a written statement of your wishes of where you would like your child to be placed in the unfortunate event of your untimely death. This can make things so much easier for a child that has lost his or her parents, and knowing your exact wishes can help your family members ensure that your child is well taken care of. A Chandler, AZ will lawyer can help you with all the legal issues surrounding custody and help you feel at ease about the safety and care of your child if you were no longer there to support him or her.
Division of Assets in Wills
Chances are that you have accounts, assets, and possessions that will need to be managed and/or distributed after your death. It is a prudent practice to have these items listed in a will along with your intentions for each asset. This can clear up any confusion after your passing and help your Chandler, AZ will lawyer disperse everything according to your wishes. Family members can feel more at ease knowing exactly what you intended to be done with your estate, and they will not have to worry about dividing your things themselves. This can be a great relief for many families during times of grief.
Planning for your family members’ lives after your death is not a topic that many people want to consider. It is a depressing one, to say the least. However, planning is a necessary part of living, and helping your family while you still can is a way to show that you care. After your passing, the time and dedication that you take in estate planning will not be for nothing; it is a great step in helping your family in the aftermath of an unexpected death. If you have been considering estate planning, connect with a Chandler, AZ will lawyer at Citadel Law Firm PLLC today to set up an appointment to discuss your specific needs.
Assets That Go Through Probate
When a Chandler, AZ will lawyer helps you create your estate plan, it’s helpful to be aware of the assets which will be subject to probate and which will not. This is most relevant if you decide to keep everything in your name and write a will for asset distribution.
Using a Will
The person you designate as your will’s executor will be responsible for opening a case in your local probate court to begin and conclude the proceedings. There are some common items that will go through probate, such as:
- Property with a title owned in your name alone, like real estate, vehicles, bank accounts, and investments (proper transfer-on-death forms allow the transfer of these directly to a named heir)
- A share of property owned with other individuals as an investment, known as “tenants in common”
- Any property not held in a trust
Be aware that if your beneficiary is a minor at the time that you pass away, the court will likely not pay assets directly to them and will have to create a guardianship for them. It is also not possible to have another person collect payouts for the child as this can lead to legal problems. These are issues a will lawyer in Chandler, AZ can help you address.
There are a number of significant assets which generally do not go through probate and these commonly already have a beneficiary named within them.
- Life insurance proceeds
- Retirement accounts that have a named beneficiary
- Pension distributions
- Any owed work wages up to a certain amount
- Anything held in most types of trusts (unless it’s a trust named in your will, like a testamentary trust)
- Money in a payable-on-death bank account and securities with a transfer-on-death form filled out
- Other assets with transfer-on-death forms such as vehicles and boats
- Assets jointly owned that are set up to automatically transfer to the other person
- Depending on the state you live in, your vehicles and household items may go to your
- immediate family
There are some other assets which can avoid probate, but it’s recommended that you speak with Chandler, AZ will lawyer Chandler to ensure your family is not met with an unpleasant probate surprise after you pass away.
Using a Trust
If you decide that a trust benefits your situation more than just a will, this entity allows you to remove any of your assets from your name and put them into the name of the trust. Thus, if you’re left with nothing in your name, or very few items, your beneficiaries will have a very short probate process to deal with or perhaps none at all.
Let a Chandler, AZ Will Lawyer Help
If you need help putting together an estate plan, or modifying an existing one, call Citadel Law Firm PLLC to meet with a will lawyer Chandler, AZ families trust.