If you passed away today, do you know who would receive your assets? Who would take the lead in the probate process? How would your debts be settled? If you don’t have the answers to these important questions, you should reach out to us today to start creating a plan.
At The Webb Law Group, we have extensive experience guiding individuals and families through the difficulties of estate planning and probate. Schedule a free consultation with our legal team to discuss your options in Flagstaff or Page, Arizona. We represent clients in the surrounding areas, including Williams, Kingman, Cottonwood, Camp Verde, Winslow, and Holbrook, as well as the Navajo and Hopi reservations.
What is Estate Planning?
As its name suggests, estate planning is the process of creating a plan for the future of your estate. The legal documents that make up your estate plan will allow you to outline how your assets will be distributed once you’ve passed away.
Key Aspects of Estate Plans
A comprehensive estate plan will include a range of legal documents, including wills, trusts, advanced directives, and more. Depending on your specific circumstances, you may want to consider including these aspects in your personal estate plan.
A last will and testament is perhaps the most common estate planning document. When you create a will, you will have the opportunity to name an executor. This is the person who will be responsible for distributing your assets and fulfilling your final wishes after you have passed away. In addition, you can use your will to specify who should receive your assets, who will act as guardian of your minor children, and more.
If you experience significant life changes, you should update your will to ensure it reflects your current situation and your wishes.
If you choose only to include a will in your estate plan, your loved ones will still likely have to endure the probate process after your death.
If your ultimate goal is to help your family members avoid probate, consider establishing trusts. A trust is a legal entity that owns the assets you place into it. Upon your death, those assets will be distributed to the intended beneficiaries without the need for probate.
There are many different types of trusts that you can create, including living trusts, special needs trusts, revocable trusts, and irrevocable trusts. Reach out to our legal team today to discuss which type of trust is right for you.