Phoenix Estate Planning Lawyers Walking You Through All of Your Options
So you have your retirement planned out; traveling around the country or even around the world, spending time with your family, and investing in the home you intend on living in until your final days. Planning for all the fun things in your future can be joyous but it’s also important to plan the overlooked details of the years to come. Putting together a solid estate plan can help you with your peace of mind and put your family in a terrific position should anything happen to you in the future. An experienced estate planning attorney in Phoenix has the proper insight you’ll need to make the best-informed decisions when coming up with your estate plan. Contacting a law firm that handles estate plans for clients can maximize the efficiency of any estate plan you begin to put together.
Why is an Estate Plan Important?
Estate plans can save you and your family significant time, effort, and money in the future. Estate plans consist of wills, trusts, and Medicaid plans that can help the logistics of your needs when the time comes. It can’t be understated how bothersome dealing with paperwork and hearings can be for your family if you pass away. While they are trying to grieve, they would also have to deal with handling any assets you left behind. It can make matters complicated if you don’t have a proper will or a trust to make things easier for your family.
An estate plan assures you that your family won’t have to be burdened by the technical side of your passing. An estate plan can also provide you tremendous benefits while you are alive and well. A living trust can be set up to help facilitate the transfers of any assets or property and well as designate beneficiaries of the person who set up the trust. Having all your assets under a living trust will allow for simplicity when needing to distribute property. An experienced estate planning lawyer will consider all your needs when helping you construct the right plan.
What is Power of Attorney?
A proper estate plan can also help you set up a power of attorney. Power of attorney is a legal form that gives someone you appoint to act on your behalf in case of an emergency. For instance, if you become ill to the point where you cannot give consent or authorization to pressing matters, the person you designate can act on your behalf. This is hugely important when transfers of assets or property are needed and you are unable to authorize it. An estate planning lawyer can aid you in setting up a power of attorney, assuring no complications arise in the future
What is an Executor?
An executor is a quintessential part of an estate plan. Whoever you designate as an executor will be the person that overlooks and handles your estate after you pass away. An executor is supposed to uphold any wishes that you listed in your will or any stipulations you set in your trust. Think of an executor as a conductor and your estate as an orchestra. Your executor will make sure all the parts of your estate are handled as you desired after your passing. There are times when things may get contentious between an executor and any beneficiaries.
For example, if you pass away and your son believed he would be getting a cherished possession of yours only to find out you left it for another family member, your son may have a dispute with your executor claiming that that possession is rightfully his. These disputes can get messy. It’s important to know that on top of helping you select an executor, an experienced estate planning attorney can also help settle any disputes between an executor and beneficiaries.
Can an Estate Planning Attorney Help Me?
On top of setting up a plan for your estate, a law firm experienced in estate planning can also advise clients and represent them in probate, help them with trust administration, and modify any existing estate plans. Israel & Gerity, PLLC excels with estate law and treats their clients with compassion. Thinking about your future is not always easy but you can breathe a sigh of relief when you are in the hands of Israel & Gerity, PLLC. To schedule a free consultation, reach out to Israel & Gerity, PLLC at 602-274-4400.