Estate Planning

An Arizona Estate Planning Lawyer Who Cares

Planning your estate can be a difficult and emotional decision. No one wishes to think about death and dying, but making an estate plan is the best way for you to insure that your wishes are carried out and that your loved ones are protected upon your death. An estate plan can also help your loved ones through difficult times by guiding them in making decisions with regard to your health care preferences.

Forms And Methods Of Estate Planning

WILLS

One of the first methods of estate planning is creation of a will, or last will and testament. A will is a written directive to your family as to where and to whom you wish your property, or estate, to be distributed. One advantage of a will is that you are directing the distribution of your property and to whom you wish the property to go. Another advantage is that your creditors have a limited time to make a claim against your estate or they are barred from their claim. One disadvantage is that some of your property might go into the probate court and might not be distributed until the probate is done. Probate can be a very costly and lengthy process. For this reason, many people choose to avoid probate by choosing an alternate method of estate planning.

TRUSTS

A second method of estate planning is creation of a trust. Trusts can be created in several ways and for several purposes. There are also different types of trusts which may suit individual needs or goals.

REVOCABLE TRUSTS

A revocable trust can be used to avoid probate and direct the distribution of the trust’s property while still maintaining control over the property. The disadvantages of a trust can be the cost of creating the trust document, and the expenses in transferring the property and the taxation of income in the trust or your estate.

IRREVOCABLE TRUSTS

An irrevocable trust can be used to avoid probate and direct the distribution of your property. The disadvantage is the loss of some control over the property and the costs of creation and transfer of property. An irrevocable trust will also assist in avoiding some of the taxing of your estate. Other trust instruments have advantages and disadvantages.

OTHER TYPES OF TRUSTS

One of our attorneys can advise you of the other types of trusts which may better suit your needs.

DEEDS

Another method of estate planning is the transfer of property through deeds. Real property can be transferred as community property, separate property, through joint tenancy or another arrangement. The choice of ownership determines the value to your estate plan. Also, deeds can transfer the right to receive the property upon certain times or events, such as incapacity or death.

LIVING WILLS AND HEALTH CARE DESIGNATIONS

An important consideration that must go into your estate plan is the type of medical treatment that you prefer. You can create a Living Will to designate your wishes concerning life support. You can also designate who you wish to make health care decisions with a Health Care Power of Attorney. You can choose who you wish to control your finances in your incapacity with a Durable Power of Attorney.

There are many considerations and methods to create an estate plan that best serves your needs.

Process Of Creation Of Estate Plan With Clark Law Offices

• Contact our office at 623-239-4481 for a brief telephone consultation.
• Our office will then mail intake forms to you or you may pick them up.
• Complete the forms and then return them to our office. After we have received the forms we will call you to schedule a consultation to review your options. Or you may call our office to schedule an appointment. Our office requires a minimum of four days to review your paperwork and prepare a proposal with regard to your estate planning options prior to the scheduled appointment.
• At the consultation an attorney will present a written proposal to you, explaining the suggested estate planning method(s). An attorney will then discuss this proposal with you to thoroughly explain your options to you.
• A draft of your paperwork will be mailed to you for review. Please return the approved draft to our office.
• The final documentation will be prepared.
• Our office will then call you to schedule a meeting to sign and notarize the final estate plan.
• You will receive the original instruments, which should be stored in a safe place.

Contact our office to schedule a free consultation with an attorney.