Estate planning is a process used by individuals, couples, and families to plan for their future by creating a will, living trust, and estate plan. An estate plan can help protect your assets and provide guidance regarding how your property will be distributed upon your death.
What are the benefits of estate planning?
The benefits of an estate planning lawyer in Arizona include ensuring that you have made provisions for your loved ones should you not be able to take care of them yourself, avoiding probate and costly legal battles after you die, and protecting your assets from unexpected taxes or lawsuits.
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Types of Estate Plans
There are a few different types of estate plans that can be created to provide the best possible care for your loved ones after you die. The most common types of estate plans are wills and trusts. Will allow you to specify how your property will be distributed after you die, while trusts protect your property and assets from creditors.
There are other options, such as living wills and health care directives, that may be appropriate in certain cases. A lawyer can help you create the perfect estate plan for your specific situation.
What to Consider When creating an Estate Plan
When creating an estate plan, there are a few key things to consider. Below are some tips to get started.
1. Create a will: This document outlines your wishes for your property and death taxes. It’s important to have a will in place if you want to avoid any potential conflict or disputes about your estate after you die.
2. Create trust: A trust can provide tax advantages and help protect your assets from personal creditors. You can also name someone other than yourself as the trustee, which can provide added security.
3. Plan for taxes: The government may require you to pay estate taxes and/or inheritance taxes when you die, depending on the value of your estate and the laws in your state.