Estate Plans for Arizona
If you think you don’t need an estate plan because you don’t have an excessive amount of assets, you should consider the fact that most people with estate plans aren’t juggling millions. Creating an estate plan can benefit you even if you don’t have a sizable nest egg, trust fund or real estate holdings. Regardless of what your “estate” includes, you should consider having an estate plan in place. It can be advantageous to you and your heirs.
Estate Plans in Arizona | Top 5 Reasons to Complete an Estate Plan
#1: Accidents: What will your family do if something happens to you? Having an estate plan in place means you’re covered for the unexpected. The first piece of the estate plan to put in place should be a life insurance policy. This provides your family with peace of mind immediately and security if an accident does occur.
#2: Designate Your Own Caregiver: Through an estate plan, you are able to appoint someone you know and trust to look after your wellbeing. You can set up a medical power of attorney in the event that you aren’t able to make the decisions on your own due to an incapacitating medical issue. Including this designation in your estate plan means you have the power to choose someone who will carry out your wishes in the event that it becomes necessary.
#3: Designate the Distribution of Your Assets: Regardless of the amount of money you have, there will be something to pass on to your heirs. Having an estate plan in place means you will be the one to decide how it will be divided up between your heirs. If you don’t have an estate plan in place, you don’t know if your possessions will end up going to the person you would choose.
#4: Avoid Leaving Your Heirs in Difficult Situations: Some of the nastiest legal battles occur when family members fight over money or property. In some instances, splitting everything equally can still seem unfair. Having a thorough estate plan in place means your wishes will be clear and there is a much lower probability that the decision about who gets what will fall upon your heirs.
#5: An Accurate Inventory of Assets: Putting an estate plan in place is one of the most efficient methods of taking an accurate inventory of your assets. Taking an accurate inventory of your assets is a great asset to you as you attempt to manage your retirement planning. During the planning of your estate, you are forced to consider how to maximize the value of your property.