Why Is An Estate Plan Important For Your Income Type?

No matter how old or young you are, creating an estate plan is vital for the future of your financial state. Even if you are not a millionaire, creating an estate plan is essential to ensure that the proper people inherit the assets you have accumulated over a lifetime. Assets are more than just a house or car; assets also include medical plans and insurance policies. Estrada Legal is able to help you create a well-designed estate plan that fits any income level.

Estate Planning Affects Many Facets of Your Life

Medical

Creating a plan for future medical care in case something was to happen to you is vital to your health. Naming a person to make medical decisions and manage your finances in case of incapacitation is a part of creating an estate plan.

Probate

If you become incapacitated the court system may become involved and have to appoint someone to make decision on your behalf. Without advance direction the court may select someone you would otherwise not prefer.

Also if you should pass away without a will, the court system will follow Arizona statutes to distribute your assets, which may not mirror your preferences. Writing a will or living trust will help to avoid court probate.

Family Feuds

Avoiding arguments among family members is a great reason to creating an estate plan. After writing a will or living trust it is important to discuss with your family the wishes you have for the distribution of your assets, so your entire family will understand the reasons behind all of your decisions, thus helping to avoid family feuds.

Beneficiaries

IRA’s, life insurance policies, retirement plans and annuities must be governed by beneficiary forms, which state specifically who will receive these assets when you pass. We can help you fill out the appropriate forms to ensure that the money you earned through these investment forums will be passed on to the right people.

Children

If you have children you need to decide who will care for them if something was to happen to your or your spouse. Many people may also choose to use trusts in order to protect money left to their children and ensure it is used for productive purposes and not spent frivolously.

Estrada Legal PC

Estrada Legal PC believes your family is your most important asset. Planning for the future and protecting assets is something everyone needs to take the time to do. Please contact us today for more information on the basics of estate planning.

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