Today, over half (55%) of adults in the U.S. do not have a will or any other type of estate planning. Many people feel that they are too young or do not have enough money to make Probate And Estate Planning in Mesa AZ necessary. In truth, almost anyone could benefit from some type of estate planning. It’s really only a form of family protection, like a security system for your home.
Estate planning provides many important benefits.
Peace of Mind
Knowing that everything possible has been done to protect loved ones is a very good feeling. It’s very rewarding to complete an estate plan.
Protect Your Children
Wills are not all about money. Parents of minor children could protect them by naming the person who should assume guardianship if it became necessary. While this guardian is often a family member, the best person to take care of the children could be a close friend. This decision is too important to leave to a judge.
Estate planning is also useful for preventing a child’s access to his or her inheritance when they are too young to handle it properly. A trust can be established with a person of your choice named as the trustee of the funds to be used for a specific purpose, such as college. A certain age, such as 25, can be established as the time when the child gets full control of their inheritance.
Prevent Family Fights
When the distribution of assets is set out in writing, such as in a revocable trust, a lot of bitter family infighting can be prevented. Without estate planning, the state decides who gets which assets, not you.
Avoid Costly and Time-Consuming Probate
Anything owned in your name alone is subject to probate, which usually takes at least six months and may be costly.
Keep Assets in the Family
Many people worry that if their current spouse remarried, their assets would be used by a new spouse instead of passing to the children and grandchildren. This can be prevented by leaving assets to your spouse in a trust, rather than being owned outright.
The law firm of Janet R. Feeley L.L.C. is ready to advise you on the best ways to protect your family. It’s never too soon for Probate And Estate Planning in Mesa AZ. Visit the website to learn more and contact the office.
