Phoenix Estate Planning | Timing
When is the best time to begin your Phoenix estate planning? It’s actually never too early to start. If you have any valuable assets, either financial or emotional in nature, the time is now to get your affairs in order. More importantly, if you have children or other loved ones who rely on your for care and support, you should start your Phoenix estate planning right away.
Why Plan Early?
Putting together a Phoenix estate planning package takes careful thought and consideration. Protecting your loved ones and your valuables is something you do not want to take lightly. Or wait too long to do. Our estate planning attorneys at May Potenza can help you when you are ready to make decisions that affect the future of your health, finances, and peace of mind.
While we understand that most people don’t think about the need for Phoenix estate planning, the reality is that we do not have complete control of our future. Anything can happen to us at any time. And, you don’t want to get caught unprepared should the unthinkable occur. That’s why taking stock of your assets, such as investments, retirement accounts, insurance policies, real estate, and even your prize baseball card collection is essential.
Advantages of Planning
The advantages of Phoenix estate planning are many. When you take the time and effort to plan your estate, you will have the comfort in knowing that things will be taken care of in the event of your passing.
Here is a list of things that Phoenix estate planning can do for you:
- Provide for your family. One of our biggest concerns in life is taking care of our families. Through estate planning, you can ensure that your surviving spouse and children are provided for. You want to consider education, guardianship, and money for living expenses. You can also make provisions for others such as an elderly parent or a grandchild.
- Plan for incapacity. Because life is uncertain, you want to plan for any possible mental or physical debility. Living wills and durable health care powers of attorney allow you to make choices in advance about life support and who will serve as your agent with regards to medical treatment.
- Minimize expenses/reduce taxes. Planning ahead can help you keep costs down when transferring property to beneficiaries. It can also help give the maximum allowed by law to your beneficiaries instead of paying more money in taxes.
- Choose your personal representatives and trustees. Giving a trusted relative, friend, or associate the necessary authority will save money, lessen the burden on your survivors, and simplify your estate’s administration.
- Arrange for your final disposition. In times of grief, it is often difficult for survivors to plan for funeral and other necessary arrangements. Having your wishes in writing will help ease their burden. It is one of the greatest gifts you can give them during their time of grief.
- Support a favorite cause. You can plan in advance to support a charitable cause that is important to you. This is a great way to donate to an organization that is close to your heart.
- Ensure continued business operation. If you are a small business owner, you can provide for an orderly succession and operation of your company by indicating what will happen to your interest in the business.
As you can see, there are many things to think about when putting together your Phoenix estate plan. But, there is no need to be concerned. Our team of experienced attorneys at May Potenza can guide you through the process. Our goal is to help you today so you can care for others later.
For more information about Phoenix estate planning, please contact us at (602) 252-1900.