The older people get the more they take estate planning seriously. They would love to leave a legacy for their family. A property they can call theirs. Estate planning Is an important part of your future and your loved ones.
To invest in estate planning, you need to have an estate Estate Planning Lawyers in Phoenix. They will handle everything you will need in relation to your estate.
Choosing an estate planning lawyer is a very delicate decision. Since you are literally putting your life’s work in their hands. You need to be calm and careful when choosing.
What is an estate planning lawyer?
Estate planning lawyers are those who are given professional licenses and also have deep knowledge of federal and state law in relation to the estate.
They also help their clients plan things they want to happen to their estate (the distribution of their estates) after death. This is somehow related to family law.
Additionally, they also help in managing your estate while alive. They are like your estate’s police. With them in place, your estate is safe.
What does an estate planning lawyer do?
Estate planning lawyers play an important role in estate management. The specialist who carries out estate planning according to how you want.
Here are the following documents an estate planning lawyer in Phoenix can do:
Trusts
Trusts are legal documents that enable someone to hold properties that don’t belong to them for the other person’s benefit.
Funds and assets can be transferred to the living trust. Here, a trustee is chosen to help manage the trust funds in case its beneficiaries are not available.
Trusts can be used to minimize taxes. It can also be a great help in managing the assets of a disabled person or a minor.
Last will and testament
Wills are documents that include the desires of a person to their property after they die. Dying intestate is the term used when an individual dies without working on their will. Each individual has the right to decide who they would love to give their property to after death.
In case the estate owner didn’t draft a will before dying. The estate lawyer can help in handling the estate distribution.
Living will
This type of will includes what you would like to happen when you can’t communicate your wishes or become ill. This may be your preferred funeral arrangements or something else.
Choosing beneficiaries
A beneficiary is a person who is said to receive the estate’s income that is subject to a trust. When opening a bank, insurance, or investment, you are always asked to input your beneficiaries’ details.
This is the person that has access to your account’s funds. Without being transferred to a trust, funds can be passed to beneficiaries outside probate.
Powers of attorney and advance directives
This gives someone else the right to make important decisions and directions on what you want to happen when you can’t care for yourself anymore. This includes those who will make your medical and financial decisions in your place. Also, they necessarily don’t have to be the same person.
Guardianships
At one point in a person’s life, you won’t be able to take care of yourself anymore. Decision-making, health care, and other relevant issues will be taken care of by someone else who is your guardian. The court can give another person the right to make designs on your behalf. But for this to happen you have to fill a guardianship petition form.
This inability to manage one’s self can be a result of physical or mental disability.
Just as senior citizens need guardianship, children are also in need of this. Especially when their parents can’t take care of them anymore.