It’s a misconception that only the wealthy and elderly need estate planning. In fact, if you are a young professional who has just purchased your first home or a senior enjoying retirement, consulting an estate planning attorney in Gilbert will be the best way to ensure that your will is respected, and your family members are cared for.
Understanding Estate Planning Beyond a Will
It’s a common belief among the people in Gilbert that estate planning is only about making a will. However, the reality is that it is much more than that. For example, under the laws of Arizona, different methods can be used, such as beneficiary deeds (A.R.S. §33-405), which allow the owner of a property to designate the person to whom the property will pass after their death without the need for probate. A Gilbert estate planning lawyer can assist you in utilizing these legal devices to keep your assets safe in an effective manner.
How Estate Planning Changes as You Get Older
As you enter your twenties, you might be mostly thinking about setting up a healthcare directive and, if the time comes, appointing a guardian for your children. When you are already in your middle age, it is a must to concentrate on protecting your business and putting your wealth in order so that it will be passed on to the next generation. Retirees often consider making their asset distribution easier while reducing tax liability. At every stage, you need to be assisted by a qualified estate planning attorney in Gilbert who knows state laws inside out.
Securing Your Legacy and Healthcare Wishes
Through the use of Arizona’s small estate affidavit, estates of less than $200,000 in personal property can be efficiently administered without formal probate (A.R.S. §14-3971). However, planning ahead can mitigate the risk of problems. Setting up powers of attorney and healthcare proxies guarantees that a trusted person will be there to make important decisions on your behalf should you become unable to do so – these are the protections that every Gilbert resident must have.
Taking Your First Step
Whenever there is a change in your life, you need to have your plans reviewed and updated. Weddings, divorces, the birth of new children, and moving to Gilbert all mean that your legal documents need to be re-examined. If you take the opportunity to work with a professional estate planning attorney in Gilbert, you will be assured that your plan will always be in line with your changed circumstances and that it will be there to safeguard what is really important to you at every stage of your life.
