There is a common misconception that estate planning is only for the rich and famous. This is far from the truth. Estate planning can provide many benefits for individuals and their families, regardless of wealth, age, and whether or not you have children.
A comprehensive estate plan can help you:
- Choose who will inherit your assets and properties: You have the power to decide who will be your beneficiaries and who will inherit which asset. You can also appoint a person you trust to manage and distribute your estate according to your instructions. Providing clear guidelines for your estate can help minimize family feuds and make sure your loved ones are taken care of after you pass away.
- Plan for illness or incapacity: In the event, you become ill or disabled, who will care for you? Estate planning can allow you to state your end-of-life choices, healthcare preferences, and designate a person to manage your financial and medical affairs. Having your preferences in writing can spare your family from having to make difficult decisions.
- Plan for death: Life is unpredictable, and in most cases, we cannot predict when death will come. Make sure that you are prepared for all of life’s unexpected, even uncomfortable situations such as death. At the most basic level, everyone should have a will and leave instructions regarding the care of minor children. An attorney can also help you prepare a trust and other documents that you need.
- Avoid unnecessary estate taxes and protection from creditors: With proper planning, you can minimize estate taxes and shield your assets from creditors. By avoiding unnecessary taxes, you can maximize the assets you leave for your children.
Estate planning does not have to be complicated. An attorney can review your current situation and help you find a customized estate planning solution.
Protect Your Legacy with Experienced Phoenix Estate Planning Attorneys
Taylor & Lihn, PLLC has a team of responsive and compassionate estate planning lawyers in Phoenix who can walk you through each step of the process. We provide unique estate plans that are tailored to meet your specific needs and goals. If you have questions about whether you need a will, trust, how to apply for Medicaid, or other estate planning concerns, we can help you answer them. Schedule a free consultation and let’s work together to protect your future and legacy.