You have spent a lifetime building whatever wealth you have. Estate planning can help you preserve it to benefit the people and institutions you care about after you die, and legally avoid creditors and taxes while you are alive. Speak with a Phoenix estate planning lawyer about protecting your family and preserving your assets. Our attorneys can review your estate planning needs and assist with other aspects of your financial life, including tax controversy and business formation. Trust the Dayes Law Firm to be your partner in success!
Crafting a Will For Your Estate Plan
A will is typically the most basic document a Phoenix estate planning attorney can prepare for you, but it is an essential tool to ensure your wishes are carried out after you die. Without a will, the law decides who gets your property. When you create this document, you must name a person you trust to carry out its provisions. If you do not have a will at the time of death, the court will appoint someone to collect and distribute your property.
A will is essential if you have minor children or an adult child with a disability who requires full-time care. It can name a guardian to care for your children if you and your co-parent die before the children reach adulthood. Although a court must approve the choice after your death, naming a guardian during your estate planning phase can prevent your children from being put into foster care or turned over to the care of a relative you do not trust.
Trusts Have Numerous Benefits
Trusts are versatile estate planning tools that can accomplish many important goals. The person creating the trust, called the grantor, transfers property that they own into a trust and titles it under the trust’s name. A trustee manages the property—some of them allow the grantor to be the trustee, and others do not. The trust names beneficiaries who receive the property when the grantor dies, or at some later date, if it designates another form of distribution.
One of the important functions of trusts is that they allow property to pass to heirs without the delay and expense of probate. Some forms of trust protect assets from creditors, and some reduce the value of an estate for estate tax purposes. A Phoenix attorney can offer recommendations that help you achieve your estate planning goals.
Preparing for Illness or Incapacity in Your Estate Plan
No one knows when an accident or debilitating illness might prevent them from handling their own affairs. Being prepared for this eventuality can help you avoid conservatorship or guardianship and provide guidance, peace of mind, and asset protection for your family. Arizona Statute § 14-5501 allows any adult of sound mind to designate another adult to handle their financial affairs under a power of attorney. You may also create a healthcare power of attorney that allows another person to make healthcare decisions for you if you are unable to make them for yourself.
If you ever require long-term care or admission to a nursing home, the costs can deplete your savings and create hardship for your heirs. However, an estate planning attorney in Phoenix could recommend several strategies to preserve your wealth for your spouse and heirs while ensuring you get the care you require.
Maximize Your Financial Legacy with a Phoenix Estate Planning Attorney at the Dayes Law Firm
If you have significant assets or future beneficiaries, you need to prepare well in advance. A thoughtful estate plan reflects your needs at the time you create it and is easily adapted over time as your needs and goals change.
Speak with a Phoenix estate planning lawyer about how you can protect your children, preserve your wealth, mitigate taxes, and ensure you will receive the care you need if you become incapacitated. The Dayes Law Firm works with you on all kinds of financial matters, so reach out today to schedule a free consultation.
N/a
