Strategies for Estate Planning

Regardless of the fact that how much money you have, most people should consider having some crucial legal documents in a place like an estate planning. The problem of a spouse or parent being confined or having passed away is often faced by spouses or children who wonder what should be done when the spouse or parent can no longer handle their affairs. In such cases, people look for lawyers in Mesa, AZ who can help them in planning the estate.

A standard estate planning consisting of the following documents can solve the majority of problems associated with the death and incapacity of a close family member:

Will

If a deceased individual owned an estate that was titled in his or her name, then the probate process administered through the state courts would be necessary so that his or her assets could be transferred to the heirs.

A deceased person cannot sign legally to sell or transfer an asset, such as a home, or to write checks on their bank accounts; for this reason, the probate process is required to grant the legal right to take control of the deceased's assets.

If there is land in the Will, the probate court will receive it and appoint the personal representative of the estate (or executor), and that person may then sell or otherwise transfer the property according to the probate court's authority. The property cannot be transferred without the approval of the probate court. A probate lawyer in Mesa, AZ can help you in this case.

The Revocable Trust

Most people work with an attorney to create a revocable trust to avoid probate. The trust is similar to a Will, but since a trust does not die, but instead gets a new trustee, he or she may take over the trust and can transfer or sell the property without having to go through the probate court system. Similarly, bank and investment accounts also fall within the same rules.

A will is a good first step, but it is a ticket to probate court. A trust may also be used to hold an estate for the benefit of children until they are old enough to handle inheritances, such as 21 or 25.

Despite having little wealth, many young couples with children possess life insurance that can be directed to the Revocable Trust to provide a trusted person with the option of administering that life insurance proceeds to benefit their children as they grow up, enroll in school, and work.

As a general rule, people recommend the primary beneficiary be the spouse and the secondary beneficiary by the trust.

Revocable trusts help one’s spouses or children to inherit the estate of the deceased when they are confined. It will be the responsibility of the successor trustee to make sure the mortgage, utilities are paid, etc. If a person becomes confined and cannot handle their affairs.

It is often necessary for the family to go to court if a person is confined without a trust in place, so that finances can be handled. This process can be contentious at times, leading to the property person being deemed a guardian being chosen by the court rather than the people themselves, posing more cost, delay, and aggravation.

By combining the trust and powers of attorney, the family can avoid the expense and heartache of guardianship. There is a lot of misinformation out there when we consult with clients. If you need estate planning advice, you should turn elsewhere.

An estate lawyer in Mesa can help you put in place the documents necessary. Putting together a trust using an online form looks appealing from a cost perspective, but the task can be very difficult. For example, we hire electrical contractors to rewire our homes in the same way we should consult an attorney when creating our estate plans.

Power of Attorney for Financial Matters

As mentioned above, your estate planning attorney in Mesa, AZ will usually assist in the preparation of financial and health care powers of attorney when you create your Will and trust. An attorney-in-fact is someone who is designated by you to act on your behalf for several legal and financial matters.

Putting in place a living will and health care power of attorney

When a person is confined to the point where he or she cannot make rational health care decisions, a health care power of attorney is vital. Likewise, most people don't want to be on life support indefinitely if they are in a coma or terminal state. A health care power of attorney allows you to designate someone you trust to make important decisions on your behalf when you are incapable of doing so.

Want an Estate Planning Consultation

Our experienced attorney can discuss your estate planning strategies or answer any questions you may have relating to setting up an estate plan when you contact Compton Law. Our team will help you with estate planning. You can get in touch with us, and our estate planning lawyers in Mesa will be happy to help you.