Updated: August 24, 2022
The prevailing misconception about estate planning is that it is exclusively reserved for the rich and famous. You might think that you don’t have that many assets, so crafting an estate plan would be a waste of your time. The truth is that every adult can benefit from a personalized estate plan that contains important documents like a Last Will and Testament, healthcare power of attorney, general durable power of attorney, and living/revocable trust. Monahan Law Firm has compiled a list of reasons why the average Arizonan needs an estate plan.
It Ensures Your Children Are Taken Care Of
Many people are prompted to create an estate plan after the birth of their first child. Nobody wants to think about their children living in a parentless world, but you need to be prepared for that remote possibility and name a guardian who would assume care of your children. If you do not name one, the courts will be forced to step in and appoint somebody. Also, you can specify exactly which items you want your children to receive and how much you want to distribute to them in the form of an inheritance.
It Reduces the Time Your Loved Ones Have to Spend in Probate
Depending on the value of your estate, your death would set off a potentially long and arduous process for your surviving family members in probate court, where estates are settled. Though your beneficiaries will still have to go to probate court to get your Will certified after your death, the process is not nearly as long. Living trusts, notably, are effective ways for your beneficiaries to avoid probate altogether. The less time your loved ones have to spend in probate court, the more time they have to grieve.
You Can Communicate Your End-of-Life Wishes
No matter your income or the size of your bank account, everyone will likely be in a position where doctors are faced with a dilemma on providing life-saving medical care. Whether you want doctors to take every step possible to keep you alive or you prefer the other end of the spectrum, creating an estate plan means your wishes are known ahead-of-time to the people you love. This reduces uncertainty, stress, and heartache.
Everyone has something to leave behind. No matter what stage you are in the estate planning process, Monahan Law Firm wants to help you craft a plan that achieves your goals and sets up your loved ones for life. Interested? Call the firm at 623-385-3190 today to set up a consultation.