Many people believe that they do not have an “estate” because they do not have a lot of money or maybe even because they do not have children. What most people do not realize is everyone (every adult, that is) already has an “estate” for estate planning purposes.
But not everyone has a plan for their estate.
What is an Estate?
Regardless of how much money you may have in your bank account, or how many children you may have (or not have) every adult has an estate. An estate is simply things you own: like a car, a boat, checking accounts, social media accounts, phones, life insurance, a house etc.
If you do not believe that you have an estate, just consider this: if you die without making an estate plan, in other words if you die without a will (called “intestate”) the state in which you live (for example, Arizona if you live where we practice), will divide up your assets according to the intestacy laws. And if you have children but no will, the state will appoint someone to raise your children. The state does not care how much or how little you have, it will apply its own “estate plan” to all your assets.
It will also decide for you if you become incapacitated, whether or not to put you on feeding tubes or keep you alive artificially, unless you execute the proper documents to let your wishes be known.
A Plan for Every Estate.
You do not have to let the state decide what to do with your assets or make personal, financial or medical decisions for you. All you have to do is speak with a trusts and estates attorney and have an estate plan put in place for you. A Legacy Estate Plan includes a Lifetime Estate Plan which anticipates your healthcare desires and potential end-of-life needs. By executing certain health care documents and powers of attorney, you can decide who will make financial and medical decisions on your behalf if you become incapacitated and how you want your life sustained.
As experienced estate planning attorneys, we believe it is far better for you to make the decisions about what should happen to you, your property, or your children, instead of leaving it up to the State to decide.
We Can Help.
No matter how large or small your estate is, you should have a Legacy Estate Plan for the sake of your loved ones and your peace of mind. We are experienced trusts and estates attorneys. We offer free consultations. We have offices in Sedona, Arizona and we serve all of Arizona. Call us at 928-282-1483 or contact us here. E-mail us or connect with us on Facebook , Twitter or LinkedIn.