Estate planning is primarily about how your property and wealth will be handled after death. It’s about making sure your loved ones are taken care of after death. Proper estate planning can assure your surviving family members can avoid the hassles and taxes of probate court. It can also assure that your wealth goes to your surviving family members rather than paying out to state and federal taxes.
Some important questions to consider when you are doing estate planning:
- Identify the person(s) who will be the guardian of your minor children.
- Will you plan to privately administer your estate, or leave it to the state government?
- If you became disabled, who will take care of you?
- If you became ill and disabled, who would make medical decisions for you?
- How will your family be taken care of should you become disabled?
- Do you have a family business succession plan?
- How can your plan help avoid family disputes after your death?
- Can you protect your surviving spouse from a new spouse who may become a financial predator?
- How will you leave your assets to the children of a blended family?
- How can you protect yourself from creditors?
These are just some of the questions to be considered during your Arizona estate planning process.