Answering Frequently Asked Questions About Arizona Estate Planning
Estate planning can be a complex topic, with the appropriate solutions completely depending on your goals and needs.
At Lincoln & Wenk, PLLC, our attorneys have over 25 years of combined experience in estate planning for Arizona individuals and families. We understand that a topic that concerns the most important things in your life can provoke many questions. To address such concerns, we have addressed three frequently asked questions about estate planning below:
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.
Get Your Questions Answered By An Experienced Lawyer
Your estate plan can protect your family and your future. We will identify how to accomplish your goals and meet your needs. Contact our Goodyear, Peoria or Phoenix offices to schedule an initial consultation. Call us at 623-748-4890 or send us an email.