Although it might seem a bit morbid to plan what will happen to a person’s belongings after they die, doing so is essential. In fact, family estate planning in Scottsdale AZ is really a straightforward process that typically only requires a person a significant amount of time and attention once. After the plan is in place, it merely needs to be reviewed periodically to ensure that any required updates are put in place.
Estate planning also helps a family avoid the stress of probate. A lengthy probate can take a toll on a family and may have an impact on the amount of assets left over to give to heirs. Settling an estate requires much more than paying taxes and other debts. Transferring remaining assets to family members could be a lot easier on the family with the help of a lawyer. Unfortunately, hiring a lawyer will cost the family money. They might be able to mitigate this by being proactive and transferring assets into a trust.
With a trust, a family can assign assets to particular family members, friends and even charities. Instead of waiting for the probate process to be completed, beneficiaries can often get these assets right away. This option can also allow a parent to restrict the amount of money any of their children receive at one time. Parents who are concerned about their children having access to too much cash before they complete their education often use this option to help their children succeed.
Anyone interested in learning about how to set up a trust or how to use other estate planning tools to make life easier for their loved ones after their passing should visit Braun Siler Kruzel PC. An experienced attorney can give advice to help a family make appropriate plans for their estate, so their children and other loved ones won’t have to deal with an extensive probate process or unforeseen delays and fees in receiving an inheritance.