End-of-life planning, wills and trusts, and Estate Planning go hand in hand. Estate planning is primarily about how your property and wealth will be handled after death. It’s about making sure your loved ones are taken care of after death. Proper estate planning can avoid disputes among your surviving family members. It can also assure that your wealth goes to your surviving family members rather than paying to state and federal taxes.
If you’re wondering if you need an Estate Plan, ask yourself the following questions:
- Can you identify the person(s) who will be the guardian of your minor children?
- Will you plan to privately administer your estate, or leave it to the government?
- If you become disabled, who will take care of you?
- If you became ill and disabled, who would make medical decisions for you?
- How will your family be taken care of should you become disabled?
- Do you have or need a family business succession plan?
- Can your plan to avoid family disputes after your death?
- Does a Will or Trust help in this situation?
- Can you protect your surviving spouse from a new spouse who may become a financial predator?
- How will you leave your assets to the children of a blended family?
- How can you protect yourself and your estate from creditors?
These are just some of the questions to be considered if you're considering a Will or Trust for your Arizona estate planning process. Reach out to an experienced attorney for help today.