19 Oct The Three Estate Planning Tools Everyone Needs
Estate planning is an essential life task that will enable you to have the peace of mind of being certain that if you unexpectedly die or become incapacitated, your loved ones will be taken care of. Without proper planning, your loved ones will not only have to deal with the grief resulting from your death, but also the frustrations of losing time and money from the court’s involvement in the disbursement of your assets. Phelps Law has offices located in Gilbert and Scottsdale, where we provide effective strategic planning for the best asset protection possible.
There are a few key things to know that will benefit you and your loved ones in the estate planning process. Without proper planning, your house, car, and assets can end up in limbo for years. The following three are the best estate planning tools:
- Durable Power of Attorney: A power of attorney gives written authorization to the person you choose, allowing them to make financial and legal decisions upon your incapacitation or death. There are certain situations where a power of attorney can be enacted for a temporary period only, but you want to make sure that you have a “durable” power of attorney for the long-term.
- Beneficiary Forms: It is essential for the future of your loved ones and the protection of your assets for your beneficiary designation forms to be fully filled out and updated. These forms will assign the individual of your choice to be responsible for your assets.
- A Will or Trust: Putting a will or trust in place can be a fairly simple process, but it is essential that it is done in a manner in which your assets are protected from probate. A will and a trust are two separate types of documents that come into application upon your incapacitation or death. Each have their own unique aspects to them, and one may be more beneficial to you than that other. It is also important, that whichever you set up, you keep it as up to date as possible.
Contact Phelps Law today to discuss which estate plan will be the best customized fit for you and your loved ones. It is important to get the right information and be educated on all of your possible options in regards to asset protection. Phelps Law will help you to not only plan for your children’s future, but also for the future of your children’s children.
Images used under creative commons license – commercial use (10/3/2017) (Flickr)