Estate planning in Chandler entails making decisions that impact your life and the lives of those you care about most. It goes beyond simply writing a will. It first enables you to specify who will get your assets in the event of your passing. It can also shield your assets from probate. Thirdly, it allows you to plan for medical care if an illness or injury hinders you. Whichever estate planning strategy you decide on, the most important thing is to create a customized estate plan. Continue reading to find out more.
Decide what your estate plan needs to include.
Listing your assets—real estate, bank accounts, investments, enterprises, and everything else you own—is the first step in estate planning. Take into account the following as you compile the list:
- If I were to die, who would I want in charge of collecting these assets, settling any claims made against my estate, and allocating the assets to my heirs?
- Who should receive each asset when I pass away?
- Do I want to establish any restrictions on when they can get the assets or standards they must meet before they can have the assets?
- Who would I trust to make my healthcare decisions if I was incapacitated?
- Are there any aspects of my life that need special consideration? For instance, a blended family, international assets, special needs beneficiaries, etc.
Develop an estate plan tailored to your requirements.
There is no standard approach to estate planning. You have distinct requirements, objectives, and circumstances. Remarried spouses, for instance, require specific wording in their trust to prevent the children of the first person to die from being disinherited.
This is when the knowledge and experience of an accomplished estate planning lawyer in Chandler becomes useful. An estate planning lawyer may talk with you about your particular case and assist you in resolving the estate planning issues that your family is now dealing with. You can visit website here to learn more.
Understand the essential estate planning documents.
Many documents, each serving a distinct purpose, are involved in the estate planning process in Chandler. The essential documents include a living will, beneficiary deeds, a durable power of attorney (POA), a health care POA, a trust agreement, and a will (sometimes known as a final will and testament).
Engage an estate planning lawyer.
You may feel the need to handle estate planning on your own. However, working with an experienced estate planning lawyer is your best bet since they know what questions to ask and how to create a thorough estate plan unique to your objectives and those of your family. Ultimately, the estate planning requirements of each client are unique. They can also periodically evaluate your estate strategy. This is crucial since laws and regulations may change over time, which could affect your goals.
Plan for significant life shifts
Making an estate plan is a continuous process. You should revise your estate plan when significant changes occur in your life. Always inform your estate planning lawyer if a critical event occurs in your life so that the paperwork is updated to reflect the new circumstances.