Estate planning is a crucial exercise for almost everybody, regardless of the complexity of your assets or the nature of your family relationships. In every life, at least a few issues are best resolved in advance of a person’s death or incapacity.
Even if you have little to nothing to pass along to children or other loved ones, these fundamental estate planning strategies can be helpful:
- Trusts: Various trusts can be used to designate funds to a specific purpose for a son or daughter or favorite organization, and trusts can provide significant financial advantages during the life of the parent. Special needs trusts can help a loved one with medical needs or other challenges by providing a steady source of funds for life’s essentials.
- Advanced Health Care Directives: By creating a living will to designate major health care decisions in the event of incapacity, a person spares others from having to make difficult decisions. Medical powers of attorney can achieve similar goals by appointing a trusted individual to handle affairs and make decisions in the event of a planned surgery or worsening illness.
Arizona have distinct laws regarding wills, trusts, health care directives, and other estate planning strategies. An experienced probate attorney can help you resolve even the simplest issues to avoid future complications.
Source: Estate Planning: What You Need to Know
At Morris Hall, we have focused our legal practice on estate planning for over 50 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, powers of attorney, business planning, succession planning, legacy planning, charitable gifting, and other important legal aspects. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead. 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.
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.
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