In Holbrook, 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 usually one of the most important 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 reputable 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 Holbrook, Arizona?
Obviously, the answer to this depends on many factors, as well as your goals and preferences. But, most people, when deciding what type of estate plan they need, consider their health, age, and wealth.
If you are in good health, young, and not married, planning an estate is likely not a high priority. And at this time in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very hazardous jobs, or who are very wealthy.
If you are unmarried, but have a life partner in Holbrook, Arizona, estate planning is crucial, if you wish for your life partner to be treated as if he or she were your spouse (to the extent possible). In such a case, the estate plan should make arrangements to give your life partner power of attorney in case you become incapacitated. Your will should also precisely include your partner (if you wish for them to inherit any of your assets).
There is another large group of people who would benefit from having a good Holbrook, 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 involves facing some uncomfortable realities, it is important and unavoidable.
Do I Need a Holbrook, Arizona Estate Planning Attorney?
Estate planning in Holbrook, Arizona is not always complicated, but it certainly can be. In moderately-sized to large estates, with a significant number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.