Sun City Estate Planning Blog

Recently, this blog discussed estate planning in blended families. This post helps highlight the importance not only of initial estate planning, but also modifications of existing estates. After all, life changes all the time, and many of those changes can drastically affect your carefully laid out and documented plans. Therefore, to avoid estate distribution that is contrary to your wishes, you should be sure to revisit documents like wills and trusts to better ensure that your plan for your estate's future is perfectly encapsulated within those documents.

You'll need to exercise care when modifying these documents, though, as changes that are vague or ambiguous can lead to contention and even litigation later down the road. When it comes to wills, for example, many people choose to revoke a will and create a new one rather than creating codicils that change certain portions of an existing will. This is thought to minimize the risk of confusion.

Some people spend a lifetime saving and obtaining assets. When you boil it down, estate planning is about retaining control over your assets even after you pass away. For many Arizona residents, this means figuring out a way to best provide those assets to loved ones so that they can enjoy those assets for a long time to come. The most thought of, and perhaps the simplest, estate planning tool is the will. In short, a will lays out to whom assets will be left upon death. These documents can be as intricate as needed, but most of the time they are short and straightforward so as to avoid confusion and challenge later down the road.

Yet, the mere creation of a will is not the end of dealing with that document. Individuals often see significant changes over the course of their lives, and these changes may justify modifications of an existing will. For example, if an individual has remarried or develops a relationship with a long-term partner subsequent to creating a will, then one may want to change the will to recognize that relationship and dictate the distribution of assets accordingly. The same holds true with divorce, the birth of a new child to the family, the taking in of step-children, when new assets are acquired, and when one changes his or her mind about who he or she wants to inherit certain assets.

Planning can be challenging for some, whether it is making plans for the weekend, next month, next year or at the end of his or her life. Estate planning can be an intricate process that allows you to dictate every detail of how your estate will be handled upon your death. But what happens if you don't make it that far in good health? What if you suddenly become incapable of making important financial and healthcare decisions on your own? If you haven't addressed this in your estate plan, then you may be subjected to a guardianship where another individual petitions the court to assume legal responsibility for you and your affairs. While that might sound okay, the individual who winds up assuming guardianship may not be your first choice.

Fortunately, you can avoid this need by creating powers of attorney as part of your estate plan. In essence, these documents authorize another person to make important decisions on your behalf. These documents can address financial matters, healthcare matters or both. It is worth noting that the person named in your power of attorney must make decisions that he or she believes are in your best interests. Therefore, if you name someone you know and trust, then you can rest easy knowing that you will be well taken care of if the need arises.

A few weeks ago on the blog we discussed Aretha Franklin's estate and how it was not subjected to any wills or trusts. In short, Franklin neglected to engage in estate planning of any sort. This may leave her considerable estate open to dispute as well as increased taxes. This is something that everyone should want to avoid, including those living in the Sun City area.

While the estate planning process may seem overwhelming, it doesn't have to be. When you work with a skilled estate planning legal team like the one at the Moore Law Firm, you just need to be able to articulate your vision for the future of your estate and your loved ones. Even if you struggle to put your wishes into words, we can help guide you in the creation of your vision then work with you to bring that vision into reality.