Estate planning in Arizona is not a one-size-fits-all process. The best way to plan for your estate is to consult with an experienced estate planning attorney who can help you tailor a plan that meets your unique needs and objectives.
That said, there are some basics that everyone should know about estate planning in Arizona. Here are a few key things to keep in mind:
1. Wills are not the only way to transfer property after you die.
While a will is the most common way to transfer property after someone dies, it’s not the only way. Other options include trusts, beneficiary designation forms (for retirement accounts and life insurance policies), and transfers on death deeds (for real estate).
2. You don’t have to be wealthy to need an estate plan.
Many people think that estate planning is only for the wealthy. But even if you don’t have a lot of money or property, it’s still important to have an estate plan. An estate plan can help ensure that your wishes are carried out after you die, and it can also help avoid probate (a court-supervised process for distributing your property after you die).
3. You can’t wait until you’re on your deathbed to create an estate plan.
If you wait until you’re on your deathbed to create an estate plan, it may be too late. A valid estate plan must be in place before you die.
4. You can change your mind about your estate plan at any time.
If your circumstances change, or if you simply change your mind about your estate plan, you can always make changes to it. You can do this by revoking or changing your will, or by changing the beneficiary designation forms for your retirement accounts and life insurance policies.
5. There are gift tax consequences to consider when giving gifts during your lifetime.
If you give away more than $15,000 to any one person in a single year, you will need to file a gift tax return. And if the total value of all gifts you give during your lifetime exceeds $11.58 million, you may be subject to estate taxes when you die.
Arizona is a great place to live, especially if you’re looking for a warm climate and plenty of outdoor activities. But while the weather and scenery are great, it’s important to remember that Arizona is also a state with lots of sun and heat. That means that estate planning is something that everyone should do here, no matter how much or how little money you have. This article will give you a basic overview of estate planning in Arizona, including the different types of wills and trusts you can create. Keep in mind that this information is always subject to change, so it’s always best to talk to an attorney if you have specific questions about your estate plan.
Are You Looking for an Estate Planning Law Firm You Can Trust?
Probate law is a complex area of the legal profession that can be difficult to understand. At GillespieShields, our probate & estate planning attorneys have extensive experience in estate planning and will work with you towards an amicable resolution. 27 years of experience in estate planning and probate law means that our attorneys have helped many families navigate the legal system without any problems. We work with clients to find solutions for their reasonable goals, paying close attention along the way so they can feel confident about what’s happening legally throughout all stages of the process! Estate planning can seem like an overwhelming task, but it doesn’t have to be. With just a little time and effort you will find yourself prepared for anything that may come up! The best part about working together? All of our estate plans are customized with love by our talented team of lawyers! During our private, one-on-one consultation, we’ll take the necessary time to answer any and all of your questions surrounding Arizona’s estate laws, your family’s unique situation, and how you can preserve your wealth for the next generation. Contact us today for your consultation!
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