In our everyday life we meet so many people in different situations. Think of how many people you have seen, met or talked with just in this past week. In my regular schedule of errands and appointments last week, I had the pleasure of getting to know more about Sarah, a receptionist at my doctor’s office. For whatever reason, as we visited this time, our friendly chatter turned to more personal issues. It actually turned to planning for the future.
Sarah is young, and most would say too young to start thinking about estate planning. Yet Sarah has some issues in her life that have caused her to plan ahead. In my conversation with her, I discovered that she has already made plans in the event something tragic were to happen to her. She had made vital decisions about who would raise her kids, how they would be taken care of and where the money for their care would come from. She even mentioned that she is starting to teach her kids the value of planning now.
Sarah is way ahead of most people her age, but in talking to her further, even with all of this planning she has done, there could still be some problems. See, Sarah only has a will, and even though she has stated in her will all of her wishes upon her passing, her estate will still have to go through probate court. Most likely, her wishes will eventually be fulfilled, but her children and their caretakers will face the problems of expenses, delays and exposure of the probate process Almost everyone would be more comfortable avoiding court involvement.
If Sara were to make the little extra effort to create a revocable living trust, the probate process could be completely avoided. Furthermore, Sarah and her children could have much greater protection in the event she became incapacitated. She could protect against taxes, other expenses and exposures. And she could ensure that what funds remain for the care of her children will be protected against her children’s creditors, ex-spouses, bad habits, immaturity and other eventualities.
I feel lucky I was able to have that conversation with Sarah, to get to know her better, and also to inform her that while the planning she has done is good, there is a much more effective step that she can take to ensure that all of her wishes are carried out exactly as she has planned.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.