Getting Started With Estate Planning Tucson: The Basics
Estate planning in Tucson, AZ, is a crucial step to take for any family. Still, it’s even more critical when you’re handling large estates.
Without estate planning, the task of settling affairs becomes much more complicated and time-consuming than necessary because there are various factors to consider- which means they’ll never get finished.
Typically, many would think that estate planning is only for the wealthiest among us, but it’s essential to make sure your plans are in place no matter what.
You can’t plan if you don’t know where or how much money will come from next – and even a low-income family should take care of their finances because emergencies may arise at any time.
Do I need an “estate plan”?
When we hear this word, our thoughts naturally turn towards large mansions filled with artwork from centuries past, antique furnishings that have been handed down through generations like treasured heirlooms, and other costly possessions such as real estate cars, yachts, businesses, and other expensive things.
Benefits of having estate planning attorneys and estate planning services
Avoid probate process
If you have a will, it’s essential to know how and where your estate must go once someone passes away so that their assets can be distributed according to plan without going through lengthy court proceedings with an expensive price tag attached.
Have expert knowledge about State and Federal Law and Recommends a Sound Legal Advice
You might not be aware that every year, new laws are being passed to protect your rights. Therefore, estate planning attorneys should have a thorough knowledge of legal issues in Tucson, AZ, and other AZ-related practice areas.
Changes could affect you or how an estate plan is carried out for years following its implementation date – so make sure they’re up-to-date!
Estate Planning Basics: A Guide to Your Personal Property
The primary step in creating an estate plan checklist is taking inventory of all the properties you own.
No matter how humble, everything a person owns should be considered part of their personal property and must have some protection from outside forces.
Or else it could put them at risk for theft/loss due either to others who might wish ill will towards your family line through forged documents claiming they are heirs if there’s no clear successor.
Preparing or planning for your estate will prevent future conflicts whenever unprecedented circumstances arise, such as natural disasters like fires where homes were previously located but now stand abandoned.
Taking stock gives everyone involved plenty of time to make decisions about what type of estate plan fits your situation, whether it’s a will or trust.
Estate planning is never an easy process to contemplate since the subject matter deals with death and mortality, typically unpleasant subjects no one wants to think about at length.
However, estate planning Tucson residents can take solace in knowing that sooner rather than unsettled estate affairs can leave havoc to those left dealing with estate matters after you have passed away.
For instance, if there is no valid will, it could take years of court battles to identify who should get a certain part of the estate since many claimants are involved.
In Tucson, AZ, Global Investment Strategies makes it easy for you to plan out your estates.
Whether you need a will or trust, our wealth coaches, estate planners, and financial coaches are here to arrive at strategic planning on your estates and resources.
The inventory of an estate is a list that every person should have.
The value and ownership rights in assets such as homes, cars, or jewelry should be recorded on this document, along with recent statements from banks about account balances.
Life insurance policies are also important when listing out any debts owed by beneficiaries named if something happens to you later down the line since it provides them financial security after your death.
Estate Planning Documents Checklist
After a thorough inventory, the next step in estate planning is determining which documents best serve to protect and distribute assets of an individual’s will.
These forms are essential for any checklist that hopes its planners’ affairs stay organized after death comes knocking on their doorsteps or goes missing unexpectedly due to accidents like fires or floods.
When deciding which type of estate planning tool is best for you, there are a few things to think about.
Does your loved one care more about privacy and avoiding probate? If they do, then it’s time to consider using trusts instead.
Asset protection should also be on everyone’s mind if that person wants their beneficiaries inheriting outright or receiving periodic disbursements from them at regular intervals.
The decision will depend entirely upon how much control the owner would like. But, either way, both types have pros and cons, so consult an experienced lawyer or a licensed estate planner before making any final decisions.
A living will, or living trust should be included in any estate plan.
A living will or living trust is sometimes called a healthcare directive. It specifies what actions should be taken if someone can no longer make decisions due to incapacity or incompetence, including refusal of life-saving medical treatment.
Who will ultimately be making decisions about your estate planning needs?
After deciding on a plan, you need to think about who should serve in each position.
If no relatives or close friends can do this for you, consider getting an attorney involved with drafting up documents specific to these roles so they’re explicitly tailored towards what’s best for your needs and situation.
Determining the right person to serve as your representative will help you feel confident and in control.
It is essential for people who are not organized or knowledgeable about finances, making it hard to find their way around a complex document like a will or trust agreement.
You should take into account that these decisions can affect life-threatening aspects such as healthcare power of attorney.
So make sure whoever takes on this responsibility shares similar values with those laid out by you.
Will vs. Trust, Which one is better?
Estate planning is not a one-size-fits-all proposition.
Sometimes, Wills makes more sense than trusts, or other times it’s the opposite. Clients should talk with their attorneys to find out what would work best for them personally and financially in consultation, of course.
Estate Plans are constantly changing.
You may have heard the phrase “will is worth a thousand words,” but it’s not just about what you leave behind. Your decision should be based on more than your wealth or how much stuff matters to you.
Various things are taken into consideration into making an estate plan work for everyone involved, including family members who might receive less money in assets because of potential inheritance taxes if left out of any written agreement before death occurs.
A Trust could solve these problems while still allowing existing relationships with loved ones at some point down the line.
How can Global Investment Strategies in Tucson, AZ help you with Estate Planning?
Estate planning is not just an exercise in passing on money and property.
It’s also about ensuring that your loved ones are protected should something happen to you, like death or disability.
Insurance can protect them against these things, too – but only if they’re covered by life insurance policies that act as part of the estate plan when creating one.
It can be hard to figure out the best way for your family’s future.
At Global Investment Strategies, we are here to help!
We have years of experience with estate planning. We will walk you through all of your options so that it is an easy-peasy decision time when selecting an option that meets both your needs and those who might need access down the line – which includes anyone from kids up until grandparents or even great-grandchildren one day if they’re bright enough.
It doesn’t matter what type of person should serve in each role because our friendly team has covered this.
Talk to Global Investment Strategies in Tucson, AZ for a Customized Estate Planning
Estate planning is a necessary process but can become overwhelming.
A qualified attorney with experience in this area will help you make the best decisions for your situation and ensure that all legal requirements are met without risking anything less than what’s desired by family members who depend upon it most- them.
Global Investment Strategies have years worth of knowledge about wills trusts, powers of appointment deeds living estates, intestate succession laws, probate procedures, etc. These could come up during estate proceedings or even just as part of their everyday practices.
Estate Planning Lawyers Help You with Smart and Strategic Estate Plan
Estate planning ensures your loved ones are taken care of when you’re gone. Still, it’s not an easy decision because each person has different needs and circumstances that determine what will work best.
There isn’t one “cookie-cutter” solution!
We know this can be difficult, so we’ll tailor our strategies accordingly no matter how unique things get in every situation at your house or business enterprise.”
Contact us today at (520) 360 – 8177 for expert Tucson Estate Planning Attorneys you can trust!
For more information, visit our website at https://glistrategies.com/.
