We Are Here To Take Care Of All Your Estate Planning Needs
The uncertainty, confusion and grief associated with the loss of a loved one can be magnified if that loved one failed to establish a proper estate plan. Lincoln & Wenk, PLLC, can provide services for those seeking to discuss and establish their own estate plan and assist in the administration of the estate of a loved one who has passed, either with or without a plan in place.
Estate planning tools allow you to convey your wishes regarding the distribution of your assets, appoint trustworthy individuals to make financial and medical decisions for you during a time of incapacity and upon death, nominate guardians for minor children, designate caregivers for pets and establish provisions for your end-of-life care. Having these documents in place creates peace of mind that surviving loved ones have the instruction they need to avoid unnecessary pain, uncertainty and conflict.
Tailored Estate Plans And Trustworthy Probate Guidance
We are adept at analyzing the individual and unique needs of our clients and documenting their wishes accurately and logically. We also frequently help clients navigate the Arizona probate process as efficiently and affordably as possible following the loss of a loved one.
We provide sound and practical guidance to individuals seeking to establish an estate plan, including tools for probate avoidance. Regardless of whether a client’s assets are modest or more substantial, we fully explain and examine the tools available for each individual situation. We are also proficient in updating existing estate plans to accommodate changes in family structure or circumstance, including adoption or divorce. We are happy to serve a diverse client base, comprised of people across the cultural spectrum; and we proudly provide estate planning services for dozens of military personnel, current and retired, every year.
Let Us Assist In The Creation Of Your Estate Plan
At Lincoln & Wenk, PLLC, we offer our clients services that are based upon their individual needs; no two clients are the same and no two clients have the same needs for estate planning. If a simple, straightforward will can accomplish and serve your estate, then we will happily prepare exactly what you need.
If your complex needs require a more comprehensive plan, we will fully develop the details of your plan to actively accomplish the goals for your estate, while establishing a well-rounded set of estate plan materials. We welcome any inquires you have about estate planning, probate or probate litigation in Arizona. We will do everything possible to accomplish your specific needs.
Common Questions About Estate Planning In Arizona
We understand that end-of-life and financial matters can provoke many questions. To address such concerns, here are answers to a few commonly asked questions about estate planning.
Do I Need Anything Besides A Will?
A will is often the foundation of an estate plan. This essentially is used to transfer your property and assets to your loved ones, among other possibilities. A will may sufficiently accomplish your goals.
Depending on the complexity of your estate, goals and needs, you may require other documents or tools. For example, a trust may allow you more control and customization over the transfer of your property while powers of attorney or a living will can plan for the possibility of one day being unable to make sound decisions on critical matters. We can discuss the right options for you.
How Often Should I Update My Estate Plan?
We recommend updating your estate plan at least once every few years. When you experience a major life change, such as a divorce, marriage, death, birth of a child or more, you should swiftly update your estate plan. Failing to update your plan risks the transfer of your property to the wrong individuals.
How Are Revocable And Irrevocable Trusts Different?
The key difference between revocable and irrevocable trusts is that while revocable trusts allow for the creator of the trust to change, modify or revoke it at any point, irrevocable trusts do not. Revocable trusts, or living trusts, have the obvious advantage of being able to amend your wishes or even revoke the trust entirely.
Irrevocable trusts, although final, allow for additional protection of the property within the trust. Because the assets within these trusts are protected from confiscation by anyone, including creditors, they allow you to ensure your loved ones receive what you have intended for them.
Both trusts have the benefit of avoiding the probate process when the time comes to distribute the property. We can advise on which trust best fits your needs.
What Are The Benefits Of Having A Living Trust?
A living trust offers a way to provide for your family members after your death without the hassle and expense of probate. It’s a type of revocable living trust, which means you will retain control and management of the trust assets during your lifetime, and you can change or revoke it at any time.
The benefits of a family trust include:
- Greater flexibility in specifying the distribution of your assets under certain conditions
- Avoidance of probate for trust assets
- Flexibility to add or remove assets during your lifetime
- Control over the trust terms and assets during your lifetime
Talk to a lawyer about whether this type of trusts makes sense for your estate plan.
How Long Does Probate Take In Arizona?
At a minimum, Arizona probate cases take four to six months after appointment of the personal representative of the estate. Most of them take longer than this, however, due to taxation issues. The personal representative is required to notify creditors as provided by statute. Creditors then have a minimum of four months to pursue claims against the estate.
More straightforward probate cases may be resolved in six months to a year and more complex cases often take a year or more. Factors that influence the length of the proceedings include:
- The size and complexity of the estate
- Whether there are any disputed issues
- Whether there are estate taxes and the timing of tax payments
- Whether the estate is going through formal or informal probate
It’s understandable to feel a sense of urgency in wanting to wrap up your loved one’s affairs. A lawyer can help you keep the case moving and avoid unnecessary delays while also ensuring that important steps don’t get rushed or overlooked.
Discuss Your Estate Planning Needs With Our Attorneys
An effective estate plan is a gift to your loved ones and a source of peace of mind for you. Let us help you build an estate plan that meets your needs. To schedule an initial consultation, call 623-748-4890 or contact us online.
Review our testimonials page to learn more about the help we have provided to our past clients.