Why Everyone Needs an Estate Plan

Who Needs to Make an Estate Plan?

The answer is simple: everyone. Life care planning is just a different type of insurance, one that protects your interests and your assets both during your lifetime and after death.

Nearly everyone falls into at least one, which is why estate planning should be on your to-do list now.

At Desert Rose Estate and Elder Law, we work with clients to identify ways that estate planning can help them feel safe and protected, both personally and with regard to their assets. We carefully review each client’s circumstances, present options for protecting their interests, and can later update the tools used if and when circumstances change.

Do you fall into any of these categories:

You travel for business or pleasure

You have bills and other financial obligations that need regular tending

You have assets you wish to use or enjoy but would like to protect them from creditors

You have specific wishes regarding healthcare decisions

When to Start Estate Planning

The short answer is “now.” An estate plan is much more comprehensive than a will directing the disposition of your assets. It also includes tools that provide peace of mind for the planner and the planner’s loved ones well before a will comes into play.

By starting your estate plan now, you could authorize someone to manage your financial affairs while you are traveling or otherwise out of reach. You can protect your assets from creditors while you continue to enjoy their use. You can even name the person to make medical care decisions for you if you should become unable to do so. An experienced estate planning attorney from Desert Rose Estate and Elder Law can help you craft the plan to meet your particular needs.

Estate Plans Assist during Your Lifetime

Arizona estate planning laws provide different ways to protect your interests during your lifetime in addition to defining the handling of your estate after death.

Traveling or extended stays away from home can make managing your property and finances at home more difficult. Having a power of attorney in place to allow one or more chosen individuals to handle identified affairs in your absence can help protect your assets—and your credit—and make your trip must less stressful.

A medical power of attorney, also called a health care directive, gives you the security of knowing that those whom you know and trust best will be making decisions about your health care in the event you are incapacitated. Accidents and illness can create emergency situations that leave no time to make these arrangements. Having a medical power of attorney in place in advance gives you the opportunity to express your wishes about treatment options and end-of-life treatment if such becomes necessary because of severe illness, neurological or brain injury, or communication or cognitive problems.

The trust, another estate planning tool, can protect your assets during your lifetime, after your death, or both and name future beneficiaries after you’re gone. By placing some or all of your assets into a trust, you can direct who may use them—including yourself—while removing the risk of attachment by creditors. An inter vivos trust shifts ownership of assets now and names who may enjoy the benefits of those assets. A testamentary trust transfers the listed assets into a trust upon your death, allowing you to direct how they may be used and by whom after you’re gone.

Estate Plans Assist during Your Lifetime

Arizona estate planning laws provide different ways to protect your interests during your lifetime in addition to defining the handling of your estate after death.

Traveling or extended stays away from home can make managing your property and finances at home more difficult. Having a power of attorney in place to allow one or more chosen individuals to handle identified affairs in your absence can help protect your assets—and your credit—and make your trip must less stressful.

A medical power of attorney, also called a health care directive, gives you the security of knowing that those whom you know and trust best will be making decisions about your health care in the event you are incapacitated. Accidents and illness can create emergency situations that leave no time to make these arrangements. Having a medical power of attorney in place in advance gives you the opportunity to express your wishes about treatment options and end-of-life treatment if such becomes necessary because of severe illness, neurological or brain injury, or communication or cognitive problems.

The trust, another estate planning tool, can protect your assets during your lifetime, after your death, or both and name future beneficiaries after you’re gone. By placing some or all of your assets into a trust, you can direct who may use them—including yourself—while removing the risk of attachment by creditors. An inter vivos trust shifts ownership of assets now and names who may enjoy the benefits of those assets. A testamentary trust transfers the listed assets into a trust upon your death, allowing you to direct how they may be used and by whom after you’re gone.

Estate Planning Tools Provide Assurances for You and Your Loved Ones

Nothing in life is guaranteed. We buy insurance to protect against identified risks like illness and car accidents. Estate and life care planning provide a different kind of protection, ensuring the safety and security of your personal wishes, and safeguarding your assets and estate.

By working with an experienced estate and life care planning attorney, you can document your wishes in a legally enforceable manner. The management and protection of your assets and the authorizations you confer to carry out your wishes regarding your assets and your health care decisions give you and your loved ones security and comfort.

Who Can Help with an Arizona Estate Plan 

Estate and life care planning require deep knowledge of the estate planning tools available in Arizona and which are best employed to meet your goals. Whether you’re securing the protection of your home and assets early in life, in retirement, or planning the distribution of your estate, an experienced estate and life planning attorney at Desert Rose Estate and Elder Law can help. To learn more about the options available to protect your present and your future, schedule a consultation with us by calling (602) 644-1406 or completing our online contact form.