Only 45% of adults in the US have estate planning documents, like a living trust or will. The rest don’t have a way of protecting and distributing their assets when they die.
Future planning is basically not a procedure, which starts when you get a serious illness and reach a particular age. It encompasses assessing the value of your assets and determining where they need to go.
Hiring an experienced estate planning attorney is the best place to start. There are many reasons hiring a good estate planning lawyer in Arizona comes in handy. Some of these reasons include the following:
1. Avoid Costly and Lengthy Probate Procedure
Probate basically refers to the court process of transferring the estate of a deceased to the legal beneficiaries and heirs. Going through the process is costly. It may also take two years or so, and could be public.
The probate process can be stressful. Even when you don’t a will, the process may not be necessary. You may avoid this when your estate is designated to the rightful beneficiaries.
Plus, if your assets are $50,000 worth, an affidavit can still be used to transfer properties to the rightful heirs. This is where your estate planning lawyer comes in handy. A good attorney in Arizona can help your family avoid the probate process.
2. Legal Compliance
Trust and probate laws are uniquely complex. And what’s more, they differ from one state to another. Not to mention, they are constantly evolving. Although DIY options provide the required instructions to complete documents, it leaves a bigger margin for mistakes.
Even when you are able to prepare estate planning documents to stay compliant with the regulations of your state, the changes to legal codes may need updates.
Entrusting your documents to an expert helps a lot to ascertain someone with enough experience and training to oversee their creation.
Plus, it ascertains that a lawyer monitors changing probate and trust laws for complete adherence to the phrasing and structure of your estate planning documents.
3. Reduce Taxes
Through planning ahead as well as paving the way for the rightful heirs or beneficiaries to inherit your properties, taxes they’re going to owe the government can be less than when you don’t pave the way for them.
Ideally, there are state and federal taxes, which may take a bigger chunk of everything that your heirs or kids can inherit. Plus, estate planning lawyers in Arizona know several ways of minimizing taxes amount.
4. Peace of Mind
Although you can manage everything by yourself, the legal complexity can elude you. Even minor legal mistakes may invalidate your hard work. This is why it is best to hire an attorney to have peace of mind.
With an experienced attorney by your side, you may rest assured that everything will be handled. This can guarantee you peace of mind, bearing in mind that your family’s welfare will be taken care of when you are gone.
In a Nutshell!
Creating a good estate plan is among the best things you may do for your whole family. Considering the legal implications that come with trust or will, you should hire an attorney.