Estate plans are about the family as well as the individual

Everyone in Arizona needs an estate plan of some type even if it is just a simple last will and testament. Those who die intestate, or without a will, run the risk of state intervention and potential claims from creditors or other outliers. Chief among these entities are actually government tax assessors; insulating assets from entities outside the family probably includes the government first and foremost. Having assets exposed for collection is not the only reason that a solid estate plan is necessary. There are additional family factors that matter as well.

Physical incapacity is one of the primary reasons that estate planning is necessary because someone must make medical decisions when a primary will maker is incapacitated. An effective estate plan will address this possibility, and an actual medical executor can be designated. Establishing a living will can be a good start, but it is always best when one person is assigned the duty of making an official decision as a medical power of attorney.

Fiduciary power of attorney is also an important part of a comprehensive estate plan regardless of the level of personal assets. Whether the situation is one of long-term incapacity or an untimely death, it is always best to have a designated individual who will make decisions regarding inheritance, ongoing allocations of wealth and the possible guardianship of dependent children. Young people with families need estate planning just like those in the later stages of life who are preparing for the eventual end. Calamities happen, and it is always best to be prepared.

The true goal of an estate plan may be to have the estate avoid the probate process completely, which might be accomplished with help from an experienced estate law professional who knows what can happen when people pass or become incapacitated with no will. Life can be uncertain, and being prepared helps reduce that uncertainty in the event of a calamity.