Probate & Estate Planning Attorney in Arizona
An estate is everything that you own: your car, home, real estate properties, personal possessions, and more. You probably want your assets to go to certain people or charities when you pass away. In order for this to happen, you must make an estate plan. This dictates who gets what and when they will receive it. Not only that, but an estate plan will instruct who should be named a legal guardian and manage inheritance for minor children if something happens to you, and what should be done in regards to your care and wellbeing if you become disabled before you die. Your estate plan should also include details about funeral arrangements and how other related costs are to be paid. If you wish to create an estate plan, contact a Arizona estate planning lawyer at our firm. With more than 20 years of experience, we can help walk you through the process and ensure that your rights are protected in all estate planning & probate cases.
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Estate Planning FAQ
We have provided an estate planning FAQ page for our readers. We encourage you to read our list of frequently asked questions and for more information, please feel free to contact an attorney from our office directly for further assistance.
Distribution of Assets
When someone dies with a will, they are able to have control over their distribution of assets and property. In the absence of a will, a decedent’s estate is distributed according to a fixed distribution plan under Illinois law.
A will is a legal document that lets your loved ones know who should receive which of your assets after you die. Without a will, the state will decide who gets what of your assets, and if applicable, who will be in charge of your minor children.
Change of Beneficiary
A beneficiary is someone who receives money, property, or other assets from a will, retirement accounts, insurance policies etc. It’s very important to make sure that all beneficiaries are easy to locate and that they are kept up-to-date.
Probate can refer to the administration of your estate—and how it is processed through the legal system—or when someone presents your will to a probate court for filing. Probate is meant to transfer your estate to designated parties.
Probate is defined as the validating of a will. The probate process is a court-supervised proceeding which involves the administering of an estate. First, the will is validated and second an executor is named. The executor is then responsible for administering the estate according to the directions set forth in the will.
Probate litigation is another term for a “will contest.” Whenever someone has a problem with the stipulations in the will or when someone is questioning the validity of the will, it is called probate litigation. Whether you are a beneficiary with a concern or if you are an executor who is defending the estate, it’s important to secure legal representation from an experienced attorney.
Trusts are documents created to hold property or assets for another person, known as a beneficiary. With a trust, a trustee manages assets according to your wishes until the assets are given to the designated beneficiary.
Revocable Living Trusts
A revocable living trust is created during the trust-maker’s lifetime. It allows the trust-maker to manage their assets during life, while transferring the hat over to a successor trustee when they pass away. A revocable living trust can be amended or changed, unlike an irrevocable living trust.
Special Needs Trusts
Special needs trusts are important tools that allow parents of special needs children to enhance their child’s qualify of life while not risking much needed government benefits.
Trust administration typically involves managing an estate after the trust-maker’s death. It involves numerous important responsibilities such as valuating assets, filing tax returns, paying the decedent’s debts, diversifying investments, managing trust assets, preparing detailed accountings, and distributing assets to the beneficiaries.
After a loved one dies, you may be named the executor in a will, or be appointed administrator by the probate court. This means that you are in charge of starting the probate process, inventorying the decedent’s property, using their assets to pay off any debts and taxes, and, finally, dividing the estate according to the person’s will.
Asset Protection Planning
Asset protection planning is the process of using financial instruments, forms of ownership, trusts and other vehicles to shield assets from creditors and other claimants. Domestic asset protection planning is especially useful for those who face professional liability and lawsuits due to the nature of their work.
Power of Attorney
Simply stated, a power of attorney is a document that gives a certain person authority to make decisions for you when you become incapacitated. These can be anything from financial to health to legal decisions.
Searching for an estate planning lawyer in Arizona?
At Ferris, Thompson & Zweig, we help our clients with every aspect of estate planning. We encourage everyone to strategize what will happen to their possessions and properties after they pass. Most people don’t like to contemplate their own mortality, but if an estate plan is not made, the government will control the division of your property and assets. The objects you wished to be distributed to a certain person may not receive such items if you do not make an estate plan. With an attorney who has a BV Distinguished® Martindale-Hubbell® Rating, our firm is capable of handling all of your estate planning needs. Contact us today to get started!
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