In Apache Junction, Arizona, "estate planning" refers to the process by which a person makes arrangements related to their property after their death. It can (and should) also include personal issues that might come up immediately before and after a person's death.
The drafting of a will, which simply states what you wish to be done with your property after death, is typically one of the most critical parts of an estate plan. Of course, it's rarely the only one. There are many other things you might want to include, depending on your objectives.
For instance, a reliable estate plan will include a living will, which gives your family members and healthcare professionals instructions about your medical care, to be followed in the event you become incapacitated. You should also include your funeral arrangements, and your preference with respect to organ donation.
Crucially, your plan should make arrangements for the care and custody of your children, if they are minors. Nonetheless you should initially discuss this matter with the person who you intend to take custody of your children in case something happens to you, to make sure they are willing and able to do so.
What Type of Estate Plan Do I Need in Apache Junction, Arizona?
The answer to this question varies largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
Unmarried young adults usually don't think much about estate planning. In most cases, this is fine. Unless you are very sick or have an unusually large amount of assets, estate planning is not something to really worry about at this point in your life.
There is one group of unmarried people for whom estate planning in Apache Junction, Arizona is absolutely necessary: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take various steps to secure these rights, such as authorizing power of attorney, and writing them into your will.
There is another considerable group of people who would benefit from having a good Apache Junction, Arizona estate plan: the elderly and those with a lot of money really need to consider making a comprehensive estate plan as soon as possible. While this necessarily includes facing some uncomfortable realities, it is critical and unavoidable.
Do I Need a Apache Junction, Arizona Estate Planning Attorney?
Estate planning in Apache Junction, Arizona is not always convoluted, but it certainly can be. In moderately-sized to large estates, with a substantial number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.