What is an estate plan? Estate planning is the process of designing and creating a legal document that will guide your family’s succession after your death. This document can help ensure that your loved ones are taken care of financially, and protect your assets from the probate court.
Types of Estate Plans
If you are looking to create an estate plan, there are a few different types of plans that you can choose from. A will is the most common type of estate plan, and it is important to make sure that you have one if you are planning on leaving any assets to someone else. If you want to create estate planning in Chandler, AZ you may visit https://www.danalegalhelp.com/location/chandler/.
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A trust can also be a good option if you do not want your assets distributed immediately after your death. Last, a power of attorney gives someone else the authority to make financial and legal decisions on your behalf.
How An Estate Plan Works
Estate planning is an important step in protecting your loved ones after you die. There are a few different ways to do estate planning, but the most common way is to create a will. A will grants specific amounts of inheritance to your loved ones.
A trust allows you to avoid probate, which is the court process that determines who gets what from your estate. You can also create a revocable living trust, which gives you more flexibility in how and when your assets are distributed.
What to Include in an Estate Plan
Here are a few tips for creating an estate plan:
1. Have an up-to-date will. A will is the most important document you'll create as an estate planner—it determines who gets what if you die without one.
2. Create a trust to manage your assets outside of probate. A trust can be a helpful way to protect your assets while avoiding probate court proceedings and other legal hassles associated with transferring property into and out of trusts.