Why Should I Have An Estate Plan?
An estate planning attorney knows that many people put off making estate planning arrangements. Life gets busy and discussing end of life issues is not a topic people like to make time for.
We know there can be negative consequences for families when their loved one dies without having any will, trust, or other important documents in place. We have been helping clients with all of their estate planning needs and know there are many reasons why you need to take the time to meet with an attorney, like an estate planning lawyer Phoenix, AZ relies on, who can assist you with all of your needs.
Some of the more important reasons include:
- You are in control of who your assets will go to. Without a will, a court will make the decision on who your heirs should be. This means that anyone who can claim relation to you can make a claim on your estate, including relatives you may never have even met before.
- You are in control of who will administer your estate. The law requires that a person is named to administer distribution of assets, paying debts, taxes, and any other issues that need to be addressed on behalf of your estate. You can also name a person to be guardian for your minor children and even your pets. If you do not have a will designating who these people should be, the court will again make these decisions for you.
- You do not have to be rich to have an estate. There are many items that make up an estate, not just money in the bank or real estate. Even if you only rent your home, you still have furniture, jewelry, and other personal items. Your vehicle and digital assets are also considered part of your estate, so it is important that your family know what should be done with all these items should you pass.
- You will make life easier on your family if you have already made these decisions and they do not have to. Your estate planning documents will specify what your wishes are. The worst thing that can happen to a grieving family is having to second-guess what their loved one would have wanted and making those decisions. It not only adds to their stress, but can often cause family rifts if they can’t agree on what those wishes should be. Instead of fighting, they can focus on supporting and helping each other get through a very difficult time.
Let an Estate Planning Attorney Help
Putting together an estate plan is not a complicated or expensive process and it does not have to take a lot of time. It is important to have your plans in place before something happens and you are unable to physically articulate what your last wishes are.