Many people avoid estate planning because the process can be complicated and involves considering unpleasant facts of life. However, those are exactly the reasons it is important to find a trustworthy Arizona estate planning lawyer to support you through the process.
Whether you know exactly how you would like your assets divided amongst your heirs or you need help defining your wishes, a confident estate planning attorney can give you legal guidance.
At Monahan Law firm, we understand the sensitive nature of this necessary process. Our team is dedicated to ensuring our clients' intentions are legally preserved in their absence.
How Our Firm Can Help With Estate Planning
A great way to think about estate planning is as an act of kindness for your loved ones. A detailed and legally binding plan about how your assets should be managed can help prevent conflict, burden, difficult decision making, and potentially thousands of dollars for your family. At Monahan Law Firm we can assist you with the following aspects of estate planning:
Last Will and Testament and Living Wills
A last will and testament is a legal document that outlines an individual's beneficiaries and division of assets upon their death. This can name heirs, care for minor children, donations to charitable organizations, burial, and funeral arrangements, and much more.
A living will is a legal document that outlines an individual's wishes if they were ever unable to make their own informed decisions due to a medical condition. This could name someone to make medical decisions on your behalf, chosen medical care providers and procedures, and the distribution of assets if you are not of sound mind.
A will planning attorney will help you review all of your assets including:
- Financial accounts and bank accounts
- Real Estate
- Real property and personal property
- Legacy
After your full estate has been assessed they will help you develop strategies for a contractual estate plan document to protect your family and your assets after your passing.
Trusts and Living Trusts
Trusts are outlines of how your assets are to be managed by a third party on behalf of your beneficiaries. Trusts are not needed or required in every situation. Trusts help protect your finances and ensure that your heirs receive the full benefit of the inheritance you have provided for them.
A legal team and qualified financial advisor will manage the trust and account for all income and expenditures. A trust can also protect the inheritance from lawsuits, taxes, and creditors.
A living trust is the management of assets for an eventual beneficiary before you have passed. Perhaps you set up a trust to benefit a grandchild at a certain age even if you are still alive. The main advantage of a living trust is that it is a way for your loved ones to avoid the probate process and it also makes it much easier to transfer your assets after your death. In the state of Arizona, the probate process is required in all cases unless all asset distribution is clearly defined.
Powers of Attorney
A power of attorney is a document that gives an individual the power to make decisions for a person if they are incapacitated and unable to choose for themselves. The person assigned power of attorney holds health care power, financial power, and legal power when you can not make decisions for yourself.
Contact one of our knowledgeable attorneys to discuss any questions about your estate planning options.
When Should You Begin Creating an Estate Plan?
Even if you are of peak health or do not have many assets, it's important to consider planning for what should happen with beneficiaries in your absence. This process should not be delayed.
Remember it is a courtesy to your loved ones. They should not have to be subjected to trying to guess your wishes in the instance of an untimely death. It will also give you peace of mind. Knowing that, although you cannot predict the future, you can protect your assets and look out for your family.
When to Update Any Estate Plans
Estate planning documents should be updated when any significant change to your assets or list of beneficiaries is made. Perhaps a divorce, a birth, or the sale of property. Perhaps you have been diagnosed with an illness that could lead to mental disability.
With any life change, it's important to contact your attorney about updating your estate planning documents.
Why You Should Have an Attorney Help With Estate Planning
The most important reason to have an attorney guide you is to ensure that all of your bases are covered and that it is legally binding.
An attorney can make sure you are listing all property, all finances, and adequate plans for your children. They will be familiar with the law, future obstacles, and unique situations. To make your plans thorough and concrete, seek legal counsel on the proper way to comprise a will, trusts, and power of attorney.
How to Find the Right Estate Planning Lawyer
At Monahan Law Firm, we value our relationship with our clients over all else. We seek to develop long-term and personalized relationships with each client and their individual needs.
Our legal team is here to support you with sensitive care throughout the entire process of planning for the future. Contact us today by phone or email to schedule a consultation.