You don’t need a fancy house on a sprawling property to use estate planning. Your will and other estate planning documents can be used to designate who you would like to receive any of your possessions and real estate property. With an estate plan in place, your family members won’t have to argue about who gets what, because you will have already decided for them. You can choose who will receive your most important belongings, rather than being snatched up by greedy relatives or defaulting to the state.
If you don’t plan your estate before you pass away, your estate will be distributed according to Arizona’s intestacy laws. If you have a surviving spouse or children, grandchildren, etc., they will be the first in line to receive your estate. If you don’t have a surviving spouse or descendants, your estate would next go to your surviving parents, if applicable. If your parents predeceased you, it would next go to their descendants, or your siblings, nieces, nephews, etc. Relatives further from you on the family tree stand little chance to get any of your possessions through intestate succession. Friends and charitable organizations stand no chance at all.
Whether you have a family business, a large estate, or even a relatively small one, our Arizona estate planning attorneys have the knowledge and experience to help you achieve your goals for your estate. We can also help you amend your estate plan if you have experienced family changes like the birth of a child or a divorce. If necessary, we can coordinate with your accountants and wealth management team to make sure that your estate is planned as strategically as possible.