3 Things To Avoid With Estate Planning in Phoenix, AZ
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There are definitely important things to include in all estate planning: making sure all of your assets are covered, naming beneficiaries, and reducing tax burdens are a few items among that crucial list. But you also want to be aware of what should not be included. At Phelps Law in the Phoenix Valley, we help each of our clients find the best of both worlds for their unique situation. Here are 3 things to avoid with estate planning in Phoenix, AZ
Not Planning for Disability
One of the biggest mistakes in estate planning is not planning for the accident or disease that could leave you disabled. You may be young and carefree right now and revelling in the adventures of youth. You may feel invincible and be convinced nothing will happen that you won’t be able to overcome. Or, you might be somewhere in mid-career, experiencing the blessings of healthy living. If so, we’re overjoyed that you love life.
However, as you get older and wiser, you begin to realize there are things in life that are beyond your control. For example, what would happen if you suddenly became mentally or physically disabled? How would your family fare? And who will make critical decisions concerning your finances or healthcare? Establishing a living trust that takes care of you and your loved ones is one way to bring peace of mind, no matter what life may bring.
Not Keeping Your Plan Up To Date
John Lennon said, “Life is what happens when you’re busy doing other things.” For most of us, it seems each year goes by faster than the year before. Babies arrive, grow up, and are off to college in what feels like the blink of an eye. Neighborhoods can change overnight, and careers can be as ephemeral as a desert stream. With so many changes in family and business, you want to make sure that what you leave behind ends up with the people you intend. In order to be certain your trust hasn’t become outdated, we advise a free review and update of your estate plan, every three years.
“There’s still time . . . I’ll do it tomorrow.” For some, these are famous last words. With estate planning, there is no better time to do it than NOW. The clock is ticking for all of us. Phelps Law wants you to have all the time in the world to enjoy life to the fullest. If you’re in the Phoenix Valley, why not avoid the stress and possible loss that could occur through procrastination? Come in and let us help you draw up an estate plan that is tailored to your life. Let’s take action regarding these 3 things to avoid with estate planning in Phoenix, AZ, and build a secure foundation for your future and the future of those you love.