The majority of us would agree that our most valuable treasures in life are our family members and close loved ones. We show our love for them by spending our entire lives providing support and comfort for these precious people.
Yet, it is common for adults to live out their lives without ever creating a proper plan for after they pass away. The failure to provide an effective estate plan can prove to be devastating to surviving family and loved ones.
If a person passes away without documents such as a will or a trust, their assets will be distributed according to state statutes instead of according to the desires of the deceased. Sometimes these default rules result in distributions that in no way resemble the actual desires of the person who passed away. Failure to create a plan can also result in expensive and lengthy probate proceedings that can delay the distribution of your assets and create a hardship for your loved ones.
A properly executed plan can fix that. It can minimize taxes, collect all of a person’s assets into one place, and distribute them according to a person’s wishes. Another significant feature of an estate plan is to appoint trusted persons to be in charge of not only your material assets, but also the care of your minor children.
This February 14th, you can go the traditional route—showing love with a bouquet of flowers, a special card, or box of chocolates. On the other hand, this could be the year that you give your family the gift of planning—a “Family Valentine” that truly endures.
Contact our office for a free consultation at 480-921-0626. Our Estate Planning attorneys will meet with you face-to-face to help you create a customized plan.