You are thinking of doing your estate planning, but you just got married for the second time. Your first marriage ended in divorce. Is there anything you need to know about planning the second time around?
Do you think that at some day in the future you will need to pass your assets on to your heirs or other beneficiaries? Of course, the answer is yes. We are all going to pass away eventually and we need to transfer our wealth -- no matter how much or how little we have -- to someone else.
Do not make the mistake of assuming that your estate plan will stand forever just because you finally got it down on paper. This is not a one-time event. It's important to periodically review your plan and make alterations to ensure that it still fits with what you need it to do.
The best plans of mice and men don't always work out when it comes to estate plans. This is primarily because the person who creates an estate plan is not always the most skilled at doing it. He or she might not even have any of the requisite training for creating a legally sound and viable will. To avoid a serious problem with your estate plan after you're gone, here are three things you might want to think about:
Your will is the final message you'll leave to family members, and it dictates how your estate and other affairs should be handled after you die. Since every state has different rules and regulations that apply to the creation and signing of wills, let's take a closer look at what Arizona law requires for this vital estate planning document:
If you have decided upon creating a trust as a part of your estate plan, it's now time for you to think about the details. There are many trusts to choose from, all of which offer certain benefits and restrictions.
If you have a close family member who has recently passed away, it is likely that they left a will so that their assets could be appropriately distributed. If you were surprised by the instructions of the will, or if the will was updated toward the end of the person's life, you may wonder whether the person was mentally stable when they updated their will.
Many people, for one reason or another, decide to write down their will by hand, and when they do so, often they do not have it officially witnessed. This is not ideal from a legal standpoint because it can mean that the will can easily be challenged.
Many people understand the basic concept of the probate process, though they often do not know much about the specific timeline and the many steps involved. If you are starting to plan your estate in the state of Arizona, you may want to learn more about what exactly the probate process entails. This will help you to be better equipped with the knowledge that you need in order to make important decisions about your estate.
When two people are married, they have certain rights to inherit assets after one person passes away. This is because they are dependent on each other financially during the marriage, and therefore, the law has been designed and developed in order to protect the surviving spouse and help him or her to live to a similar standard going forward.