It may not be the most exciting task to complete, but preparing for the inevitability of one’s future is extremely important. Between designating what will happen to assets and to family and friends upon one’s passing, there are numerous steps to take in securing one’s estate.
One-third of adults have said that they would rather do their taxes, or worse, sit through a root canal before they would draft a will. This is understandable considering that to do so, you must face the reality of one’s passing. However, this has lead to an astounding 51% of Americans age 55 to 64 who have ignored the need for a will.
For some extra incentive, it’s a good idea to hire an estate planning attorney who can walk you through each and every step of the process. Once setup with a lawyer, people will realize there are three main reasons for estate planning.
The first is to avoid probate to keep any property from being tied up for months and in turn paying for expensive attorney and court fees to resolve it. Even the best probate attorney must be paid out of the value of an estate. The next is to minimize any discord among beneficiaries of an inheritance. With so much money up for grabs, people will likely find themselves arguing over who gets what. For those individuals who do receive an inheritance, the third reason is to ensure they do not mismanage the benefits by being able to set up some plan of when and how much inheritance they receive at any given time.
There are a number of legal practices that one must make in their elder years including finding an estate planning attorney, a medicaid planning attorney, and working with them to draft all of the necessary documents and processes. In some areas it’s easier than others to resolve these issues such as with Arizona’s Long Term Care System (ALTCS) and numerous other organizations formed to expedite the process.
Besides the systems put in place to help any Arizona estate planning attorney, there are numerous legal entities who are well-versed and sensitive to the functions of elder law. They can make you feel comfortable and understand why it’s so important to get affairs in order before it’s too late.
