Why Should You Create Your Estate Plan?

When it comes to protecting your legacy and securing your family's future, professional guidance is essential. Based in Chandler, Arizona, The Golden Rule Law Group^Ⓡ serves families in Chandler, Gilbert, Phoenix, Scottsdale, Fountain Hills, and throughout Maricopa County with personalized estate planning solutions.

Estate planning is a crucial step designed to protect your legacy, provide for your loved ones, and ensure that your wishes are honored. Life is uncertain. Here are some compelling reasons why you should consider creating your estate plan without delay:

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1. Provide For Your Loved Ones

A well-drafted estate plan provides clear instructions on how your assets should be distributed, ensuring that your loved ones are taken care of according to your wishes. This can help prevent disputes and provide peace of mind for your family during the difficult time after your passing. As years pass and things change, you can make changes to your plan so it stays up to date.

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2. Minimize Taxes and Expenses

Proper estate planning can help reduce the taxes and administrative costs associated with transferring your assets. By utilizing strategies such as trusts and gifting, you can maximize the value of your estate for your beneficiaries and, in many cases, even protect them from creditors.

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3. Ensure Guardianship for Minor Children

Most people don't think they will die young, but if you're the parent of minor or disabled children, it would be wise to prepare for the unthinkable. This is where the will portion of an estate plan comes in. If you have minor children, an estate plan allows you to designate guardians who will care for them in the event of your passing. This ensures that your children are raised by individuals you trust and according to your values. If you die without having legal documents in place to designate a guardian, the courts will step in to decide who will raise your minor children or provide care for disabled adult children.

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4. Avoid Probate

An estate plan can help your estate avoid the lengthy and costly probate process. By setting up trusts and other mechanisms, such as beneficiary designations, you can ensure that your assets are transferred smoothly and efficiently to your beneficiaries. Also, having a trusted lawyer who is familiar with your plan means being able to get the advice you need in a timely way.

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5. Designate a Trusted Individual to Make Healthcare Decisions

Through documents such as a living will and healthcare power of attorney, you can specify your medical preferences and designate someone to make healthcare decisions on your behalf if you become incapacitated or terminally ill. This ensures that your healthcare wishes are respected in all circumstances. These documents can help avoid disputes and reduce the burden on your loved ones. Not all powers of attorney do the same things, however, even if they have the same name. A grant of authority can be as broad or limited as you want and the actual written provisions of those legal documents govern their effect. Having your own attorney make personal recommendations based on your particular facts, desires and the law will allow you to customize your powers and can help you avoid unexpected results that might be produced by a generic document.

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6. Plan for Incapacity

An estate plan includes provisions for managing your affairs if you become unable to do so yourself. By appointing an agent under a durable power of attorney, you can ensure that your financial and legal matters are handled by someone you trust. It is usually wise to name successors to these positions to be on the safe side, and that might necessitate choosing a professional “safety net.” We can introduce you to a number of professionals who you may be glad to know can step up if your first or second choices become unavailable for any reason. 

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Conclusion 

Being prepared is imperative if you want to stay secure in your home and in your life. Having a basic estate plan is no less important, and can be a great deal more important than keeping a flashlight or first aid kit handy for when the unexpected strikes. If you have not signed an estate plan leaving clear instructions with your desires, and providing for your loved ones, you are not prepared for what could happen every time you or your spouse get behind the wheel of your car. 

Creating an estate plan is a crucial step in protecting your security, safety and legacy, which should not be put off because of cost or convenience. Safety, security and convenience are not equally important. You have to make time. Set an appointment, and find out the cost. Our flat rates give you the assurance of knowing the full price before you agree to do anything or spend any money. The attorneys at The Golden Rule Law Group^Ⓡ are here to guide you through the process and ensure that your estate planning needs are met with care and expertise.

Our firm primarily serves the areas of Chandler, Gilbert, Phoenix, Scottsdale, Fountain Hills, and other areas around Maricopa County. Contact us today to learn more about how we can assist you with your estate planning needs.