Gilbert, located within Maricopa County, was recognized as the “36th Best Place to Live in the Nation” in 2010. Increasing in population from 5,717 in 1980 to 208,453 by 2010, according to the 2010 census, Gilbert is becoming one of the fastest growing cities in the nation. Business is thriving in Gilbert and is cushioned by a very active, diverse community.
What You Need to Know About Estate Planning
People tend to avoid estate planning because of the difficult and final question, “what will happen when I die?” While the subject may be less than pleasant, those who plan appropriately find a great sense of relief knowing that a basic plan is in place for when they are gone. Estate planning protects you, your assets, and your heirs.
Generally, estate planning is to ensure you and your families’ financial goals are met after you pass away. No matter your net worth, a basic plan is a must. There are several parts that go into what is termed "Estate Planning." They include: a will, a trust (if your assets require one), assignment of a power of attorney, and a living will or medical power of attorney.
The golden rule is everyone needs a will. A will puts the world on notice as to what your individual wishes are for your assets. Dying intestate, or without a will, leaves you without control over the distribution of your assets and could end up being very costly to your heirs. A will is also where you want to name guardians for your children as it is the only instrument capable of nominating a guardian for dependent children. In addition, a trust may be a good mechanism to protect your assets from creditors and lawsuits by placing conditions on the distribution of your assets, depending on your personalized estate plan. While you cannot specifically avoid creditors through a trust, a trust does afford more control over your property and assets. Not only is a trust capable of holding onto property for much longer than a will, but it allows for direction over the property even after you have passed away. Whereas a will is only capable of holding property until your death. As you can see it is important to have the combination of documents to effectively plan for the inevitable.
In addition to having all proper estate planning materials in place, it is also important to discuss your estate plans with your heirs so there is no confusion upon your death. Family discourse is easily created during inheritance situations, and being upfront with beneficiaries, heirs and the like is one way to ensure there is no conflict about the state of your affairs.
Hiring an Estate Planning Lawyer
Let our experienced and skilled attorneys analyze your personal financial needs and formulate a plan for you and assist you and your family through this process. Platt & Westby, P.C., is located in the heart of Phoenix at the corner of 7th Avenue and Thomas Road. In addition, we have a convenient Gilbert location on Elliot just 1 block east of McQueen. Call 602-277-4441 today for a free and confidential appointment to discuss your future plans.