Why Should I Make a Will?
Wondering if you might need one of the top estate planning lawyers Phoenix, AZ has to offer? Look no further than Kamper Estrada, LLP. A lot of people think estate planning is only for the rich and old, but that’s just not true. Everyone can benefit from even a little bit of estate planning, including the following:
- Young Adults
- Middle Aged Adults
- Elderly Adults
- Single People
- Married Couples
- Divorced People
- Unmarried Couples
So, pretty much everyone over the age of 18. Now that we have established who needs estate planning, let’s talk about why you need estate planning.
Your Life Will Change
An estate planning lawyer Phoenix, AZ relies on will recommend you not only make a Will, but also to update it every 3-5 years or at any major life event. As you age, your life circumstances are likely to change. You might get married or divorced. You might have children. Your children may turn 18. You may experience the death of a loved one. You may fall ill or get injured. You may have a significant career change, purchase a home, file for bankruptcy, etc. As your life circumstances change, so will your wishes and desire for what will happen to you and your estate.
You Decide Who Oversees Your Estate
If you die without a Will, you will have no control and no say in who takes charge of your estate. With a Will, you get to choose the person who will be responsible for carrying out your wishes and obeying the laws of your state. An estate planning lawyer Phoenix, AZ respects can help you decide who the best person is to oversee your estate.
You Decide Who Will Take Care of Your Children
For parents of small children, this is perhaps the single most important reason to make a Will. You can appoint specific people in a specific order to serve as guardian for your children. Just as importantly, you can avoid the wrong people from serving as guardian. If you die without a Will, the court may take it upon itself to appoint a guardian for any minor children you may have.
You Decide Who Benefits from Your Assets
A Will lets you determine who receives what from your estate. It also helps to avoid family fights about your money and belongings.
. . . and Who Doesn’t Benefit from Your Assets
It is as important to say who will NOT receive any assets or distributions from your estate. This helps deter any estranged relatives from contesting your Will and making claims to your estate.
You Can Make Gifts and Donations
For those who wish to give back, an estate planning lawyer Phoenix, AZ trusts can outline a charitable gift or donation in your Will to help ensure that your legacy of philanthropy lives on.
You Minimize Estate Taxes
As assets are distributed from your estate to family, friends, and charity, the value of your estate diminishes. This is a good thing! It means your estate will have to pay less in taxes.
You Minimize Legal Frustration During an Emotional Time
The loss of a loved one is hard enough, and when funeral bills and lawyer fees start piling up, it can make things more stressful than necessary. Creating a Will today saves your family from dealing with legal and financial issues during their time of grief.
You Might Need a Living Trust
An estate planning lawyer Phoenix, AZ has confidence in can help you determine if your assets need the protection of a living trust. A living trust is an entity created during the Grantor’s life time to hold and manage assets. An experienced attorney can consult on whether a Will is sufficient enough for your estate.
You work hard for your money and for your family, creating a Will allows you to make sure both are properly cared for after your death. If you’ve been thinking about creating a Will, contact Kamper Estrada, LLP, an estate planning lawyer Phoenix, AZ is proud to rely on, for a free initial consultation.