Faith, Ledyard & Faith PLC
888-350-8767 623-806-8994
view our practice areas In the section

Taking the first steps in creating an estate plan

As you get older or as your children grow up, the importance of having a good estate plan will likely occur to you. Before you start estate planning, it is a good idea to make sure that you understand all the aspects that go into the creation of an estate plan, and what types of preparation should take place.

Planning your estate takes more than just administrative work. It also requires a great deal of reflection and consideration. It will likely take you some time to decide on the legacy that you want to leave.

Calculating the value of your estate

The first administrative task that is a good idea to take on is the calculation of your net worth. This will help you have a good overview of the types of assets that are in your possession. When calculating your net worth, you should think about retirement assets such as individual retirement accounts (IRAs) and 401ks, as well as collectibles, jewelry and cars. When you have calculated your estate worth, you will then be able to assess whether you will need to pay federal taxes.

Deciding how your wishes will affect your plan

If you would like to pass on your wealth to family members, it will be beneficial to avoid probate whenever possible. This is because the probate process is costly and it will take time before the assets reach your loved ones.

If you are starting to plan your estate in the state of Arizona, it is a good idea to look into the ways in which you can avoid going through probate.

Source: The Balance, "Learn the Steps to Creating a Good Estate Plan," accessed May 09, 2018

No Comments

Leave a comment
Comment Information
  • Lead Counsel Rated LC
  • Paul Faith David Ledyard Distinguished AV | Peer Review Rated | LexisNexis Martindale-Hubbell | For Ethical Standards & Legal Ability

919 North Dysart Road
Suite F
Avondale, AZ 85323

Toll Free: 888-350-8767
Phone: 623-806-8994
Avondale Law Office Map