Like other young Arizona families, you might not think that you need estate planning yet. Wills and trusts are just for older people, right?
Hearing the term "inheritance" probably puts a thought of entitlement in your mind. This doesn't make you an entitled person -- it's just that it is perfectly natural to assume that you will be the recipient of assets when you are included in a will. Inheritance is inherently about accumulating assets or benefits to a beneficiary. But to the grantor, inheritance is an important part of passing his or her lifetime of assets on to the next generation.
A couple of weeks ago, we wrote a post about wills and their incredible importance to your estate plan. More specifically, we talked about how updating your will frequently is critical because if you don't update this document, you risk having clauses and provisions in there that don't reflect your current mindset about your estate and your beneficiaries.
Life would be so much simpler if you could predict the future. You could comfortably set up your life to fit in with whatever twists and turns life originally had planned for your non-prophetic ways. But of course, no one can see the future and nothing is done for you to make things easier for you. Sometimes you have to do some difficult and tedious tasks to ensure that your future is protected.
Going to class, studying and finding the best party of the weekend might all be on a college student's agenda, but one very important thing usually is not -- their wills. Estate planning might not seem necessary for young adults who may not, otherwise, have much to their names, but there are real consequences for failing to create a comprehensive estate plan. At the college age, young adults in Arizona and their parents might need to take into account what can happen if a student becomes suddenly ill.
Probate is a process that everyone estate goes through. But what most people try to do is limit their loved ones experience in probate by establishing trusts to shield certain assets from the probate process, or by clearly defining how they want their assets to be divvied up when they pass away. Without a will, the probate process will proceed under basic rules and procedures, thus reducing the chances of a timely and cost-efficient process.