Estate Planning Lawyers in Surprise Helping You Prepare for the Future
At The Dodds Law Firm, PLC in Surprise, Arizona we understand the importance of having a comprehensive estate plan in place for yourself and those you love. Our experienced estate planning attorneys provide personalized advice structured to meet each individual’s needs so they can have peace of mind knowing their affairs are taken care of should something happen to them or their loved ones.
Our team takes pride in offering high-quality legal services with compassion and understanding during this difficult time. Helping families navigate through what can often feel like an overwhelming process by taking the time needed for each client and their families. With years of experience serving residents throughout the area, we are here for you as well. Call (623) 267-0026 to get started.
Why is Having an Estate Plan So Important?
Having an estate plan is one of the most important steps you can take to protect yourself and those you love. Estate planning offers peace of mind by ensuring that your assets are distributed according to your wishes in the event of your death or incapacity. An estate plan also allows you to make decisions about medical care, financial matters, and other important issues while you’re still alive.
This isn’t just for wealthy individuals. Everyone can benefit from having a plan in place. An estate plan ensures that your assets will be protected after your death, providing financial security for loved ones. It can also reduce the burden of taxes, legal fees, and other expenses. You can create a will that outlines how you would like your assets to be distributed after your death. You can also set up trusts, which are more complex legal documents that allow you to manage assets during life and after death while avoiding probate court proceedings.
When Is the Right Time to Create an Estate Plan?
The right time to begin planning for your future will depend largely on the complexity of one’s personal situation and the goals you wish to achieve. It is generally recommended that everyone 18 years or older should have some sort of basic estate plan in place. It sounds like an early start but it is recommended to update every five years or so.
For those with substantial assets such as real estate holdings, investments, business interests, or large amounts of wealth, estate planning is even more crucial as it can help to protect and distribute one’s assets most efficiently. If you have minor children, creating a will or trust should be an important part of your estate plan. The document allows you to designate a guardian who would take care of the children should something happen to you and your spouse.
What Happens to Your Assets If You Die Without an Estate Plan in Place?
If you die without an estate plan in place, your assets will be distributed according to the laws of your state of residence. The specific laws that apply vary from state to state, but generally, the distribution will follow a hierarchy that prioritizes certain family members such as a surviving spouse and children. If there are no living relatives, then your assets will go to the state.
For married couples with minor children, it is especially important to have an estate plan in place to ensure that the surviving spouse can continue providing for their children if something were to happen. Without one, they could lose control of some or all of their assets depending on how their state’s laws are written.
Having an estate plan in place also allows for other important provisions like appointing a guardian for children, designating who will manage the estate, and setting up trusts to protect assets. An experienced estate planning attorney from our firm can help ensure that the right documents are in place.
How Can an Attorney Help With Estate Planning?
Estate planning is an important process that helps prepare you and your family for the future. It is a way to ensure that your assets are distributed according to your wishes, while also providing legal protection in case of incapacitation or death. Estate planning involves creating wills, trusts, powers of attorney, healthcare proxies, and other documents that allow you to make decisions about how your estate will be managed after you pass away.
While estate planning can be done without the help of an attorney, having a qualified estate planning lawyer to guide you through the process can be invaluable. Call (623) 267-0026 to set up a consultation about your possible estate plan.