Estate planning is a process that helps individuals create a will, create trusts, and make other important estate-planning decisions. It can help protect your assets and provide for your loved ones in the event of your death. There are a number of things to consider when planning an estate, including:
1. What kind of estate plan do you need?
There are three main types of estate plans: a will, a trust, and a holographic will. Each has its own advantages. It's important to consult with an attorney to determine which type of estate plan is best for you and your family.
2. Make sure your documents are updated and valid.
Your documents should be updated every few years to reflect any changes in your life or legal situation. If they're not up-to-date, they may not be valid in court if something goes wrong during your death or after you die.
The Different Types of Estate Planning
Regardless of what type of estate planning in Arizona you choose, there are a few things you should know…
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1. estates worth over $5 million require the involvement of an attorney.
2. You can create a revocable living trust as long as you have three witnesses who are qualified to witness a legal document (such as your doctor, lawyer, and notary public).
3. A will can be used to designate who will receive property upon your death, appoint guardians for minor children, distribute assets during your lifetime if you are incapacitated, and more.
What To Include in an Estate Plan
Here are some things to include in an estate plan:
-A will. This document sets out your wishes for how your assets should be distributed after you die. You must be legally able to make a will, and it must be signed by you and notarized.
-A trust. A trust is a legal document that helps manage your assets. You create the trust, give specific instructions about how it should be used, and then choose a trustee (someone who will handle the trust's operations).