What’s the Purpose of an Estate Plan?

 

Estate planning is a personal topic. Many people shy away from thinking about and taking action on their future, specifically, their death. 

 

It’s not a fun topic but it’s a necessary topic. Without proper planning, you could leave your family and loved ones with a mess.

 

Estate Planning Protects Everyone

 

While most people think of a will as the largest or only component of an estate plan, in reality, a will is just one piece of a full and complete estate plan. Having a will is a minimum for everyone. But depending on your circumstances, a will itself may not be enough.

 

With a will, you can direct that your personal representative give certain assets to specific people. If you have a niece who loves your collection of crystal ware, you can leave those items specifically to her. If your son loves the watch you wear each day, you can leave the watch specifically to him.

 

It’s important to specifically name who gets what assets. If you don’t, your personal representative may not distribute your belongings the way you intend.

 

Trusts are an Option

 

Depending on your circumstances, a trust might be an additional document needed to complete your estate plan. Contrary to popular belief, trusts are not only for the uber wealthy.

 

Trusts are an important component to any estate plan. Trusts give you the authority to have more control over your assets and how they are distributed. For example, say your niece is very young and you don’t want to give her your crystal collection at such a young age. In your trust, you can direct that your trustee hold the crystal until your niece reaches a certain age or graduates college. You can put almost limitless controls over your assets.

 

This is what makes trusts such a great tool in the estate planning arsenal. Using trusts correctly can help to preserve your assets over a longer period of time.

 

Don’t try to do Your Own Estate Plan

 

Many people think they can draft their own will and courts will stand by it. Unfortunately, that’s not always the case. There are certain requirements which must be met in order for a will to be valid. If your will isn’t valid, no one will know until after your death. And at that point, it’s too late.

 

Contact us Today

 

As your estate planning attorney, we will meet with you to get a complete understanding of your life and your goals. We know this topic is uncomfortable but we will do everything in our power to make sure your experience is pleasant and your goals are achieved. You deserve to use the services of a trusted and seasoned estate planning lawyer to guide you in putting your estate plan together.

 

Contact an estate planning lawyer for more information.

 

Thanks to Citadel Law Firm, a estate planning lawyer in Chandler, AZ, for their insight into estate planning and alternatives to probate.