Estate Planning with Grayson Law
What is Estate Planning, and Why is it Important?
Estate Planning is preparing for the unthinkable; what will happen to me, my loved ones, and my belongings when I pass away or if I become incapacitated?
Estate Planning is important because without an estate plan in place, state law determines what happens to you, your loved ones, and your belongings when you pass away, or if you become unable to care for yourself. Estate Planning is also important because, if it is done properly, it takes some of the weight off of your loved ones to make some of the hardest decisions anyone has to make. Having a Living Will as part of your estate plan for example, states your wishes regarding end-of-life care should you become incapacitated.
Planning for When You Pass Away
When people hear Estate Planning, most think about planning for death through the use of a Last Will and Testament. Humans have been using the Last Will and Testament for centuries to direct how their property should be divided upon their death.
Trusts
More recently, many people have also started using trusts to direct the distribution of their property at the time of their passing. A trust is similar to a last will and testament, but a trust allows the trust maker more control over the distribution of their assets, whether by a specific schedule or with certain conditions. It also serves to protect your children’s inheritance.
Dying without a will or trust, also known as dying intestate, leaves the determination for who gets what exclusively in the control of state statutes. By contrast, if you pass away with a valid will or trust, dying testate, the will or trust determines how and when your belongings are distributed.
Probate
Passing without a will or trust will require a potentially lengthy and expensive, not to mention public, court process called probate. With a proper plan in place, your family could avoid most of the time and expense of the probate process, and it can also serve to keep private the affairs of your estate.
More Than Planning for Death
While estate planning is largely associated with planning for death through the use of a will or trust, a comprehensive estate plan covers much more than that. In addition to death planning, a proper plan contemplates what happens to your family and your belongings if you become incapacitated, or otherwise unable to care for yourself (medically or legally).
Through the use of powers of attorney, living wills, and guardianship designations, your plan can also dictate who can act on your behalf to make legal, medical, or financial decisions, in the event you are unable.
Without these documents, your family could be left filing requests to the Court for permission to act on your behalf. This can often lead to family infighting and can result in the court assigning a less-than-desirable representative to make your most important medical decisions or safeguard your financial wellbeing.
Estate planning takes the guess work out of this process and allows you to designate the best person to make those most important decisions. It also allows you to have a say in how you would like to have your health care, and end-of-life treatment managed.
Experienced Estate Planning Attorney in Phoenix
I have seen firsthand how difficult it can be on loved ones when someone passes without a proper estate plan. I started practicing estate planning after my father passed away without a proper plan. Losing him was hard enough, without the added stress of resolving his affairs and reconciling his estate. Having seen how difficult things can be without a plan in place, my goal is to work with you to ease your loved ones of that burden when the time comes.
Estate Planning FAQs
Can I just get a quick and simple will?
My goal is to make this process as quick and simple as possible for you, but I also want to make sure you have a complete plan that serves your needs. We will work together to explore and address your concerns and craft a plan that best suits your specific circumstances.
Do I really need all those extra documents?
A complete plan should include both planning for death with a testamentary document (either a will or a trust) as well as planning for incapacitation with powers of attorney and other power granting documents. These additional documents are just as important as a last will and testament because they ensure your medical and financial wellbeing are cared for if you become physically or mentally unable to care for them yourself. They also serve to reduce the potential legal fees and court costs associated with asking the court for permission to act on your behalf, if you do become incapacitated.
Do I need to have a trust?
It depends (sorry for the lawyerly response!). For some, a trust is a great way to manage assets and control distributions to their heirs over a predetermined schedule. While for others, a last will and testament is enough fully meet their own, and their family’s needs.
I had my will drafted 10 years ago. I should be good to go, right?
I recommend you have your estate plan reviewed and evaluated every 3-5 years and after any significant life changes (changes to the family dynamic, changes in employment, changes to your health, or buying/selling large assets). Please feel free to reach out to us to review your current estate plan.