Many people think that drawing up a will is all that is needed to ensure the safe passing on of their estate after death. In simple cases this can be so, but as probate law changes between states you may find that the will you drew up is not legally binding – or rather the dependants who survive you may! For example, some states recognise an oral will, others insist it must be written, signed and witnessed, but even in cases such as this there may be problems.
What can you do to ensure that your estate passes to the people you intend it for, without any chance of a challenge? You could engage the services of an Estate Planning Attorney who will be able to help you draw up an estate plan, which will negate the need for probate and provide you with many advantageous benefits. You’ll be able to go on with life safe in the peace of mind that your estate will be divided or passed on as you wish with as little in the way of cost as possible. Let’s have a look at what estate planning is all about.
What Are the Benefits of an Estate Plan?
By using the services of a qualified, specialist estate planning attorney you get the following benefits plus many more:
- A tailored service to your individual situation at a bespoke cost with personal attention to detail
- They will set up a revocable living trust which does away with the need for probate and will – upon your death – ensure the assets are divided as you wish
- Minimized estate taxes thanks to careful treatment of assets in trusts
- Incapacity planning in the event of you becoming unable to manage your assets
- Health care directives for the use of your family and the medical practitioners involved
- Assertion of nominated guardians in the case where younger children are involved
- Powers of Attorney determined in advance in order you can be certain who will be handling your affairs.
The above are just a few of the many benefits of having an estate plan drawn up and it is widely considered a cost-effective and secure method of making sure your estate has no chance of going to probate. You want to avoid this explicitly as US probate laws can be complex and outdated, and may lead to the need for expensive additional attorney costs should you not have a plan in place. Also, going through probate is lengthy and can be distressing for the family and others remaining, while an estate plan is drawn up in advance and may be understood by all involved should you wish.
To start the ball rolling it is advisable to find a local Estate Planning Attorney with the knowledge, experience and specialist training that enables them to do the job smoothly and efficiently. If you live in or local to Phoenix, Scottsdale and the surrounding areas Libby Banks is an experienced such attorney who has drawn up estate plans for many locals, and who has a strong reputation for excellent service and attention to detail.
An Estate Plan needs experience to put together properly and the attorney will work with you to ensure that yours is tailored precisely to your requirements and covers all the necessary points to ensure safe and effective transfer of assets after your death.
If you want to talk to someone in more detail, why contact the Law Office of Libby Banks and see what they can do for you and give yourself that welcome peace of mind.