According to a 2011 industry trends survey of estate planners, one of the most common reasons clients engage in estate planning is to spare their family members and heirs the chaos and conflict that often occurs after their death. Another common reason that consumers engage in planning is to protect their children from mismanaging their inheritance, or to shield their children’s inheritance from creditors.
Estate planning is one of the most overlooked areas of personal financial management. More than 120 million Americans do not have proper estate plans to protect themselves or their families in the event of sickness, accidents, or untimely death. This costs many families wasted dollars and unnecessary hardship that can be minimized with proper planning.
In 2008, the National Association of Estate Planners and Councils (NAEPC) worked with Congress to pass a resolution proclaiming the third week in October as National Estate Planning Awareness Week. The resolution noted that “Many Americans are unaware that lack of estate planning and financial illiteracy may cause their assets to be disposed of to unintended parties by default through the complex process of probate.”
Estate planning is a thoughtful process and not merely a single legal transaction. As members of two nationally recognized estate planning groups, the American Academy of Estate Planning Attorney’s, our firm has access to state-of-the-art document drafting systems, a network of experienced colleagues throughout the country with whom we can collaborate, and superior educational resources to help us stay on the leading edge of knowledge.
Contributed by MH Arrowhead, Scottsdale and Phoenix Estate Planning Attorney and Partner, David T. Eastman.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. 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.