An estate is the land and belongings you own. In general, your estate will pass to your heirs when you die. However, you can choose what happens with all or parts of your estate by creating a legal document called an “estate plan” or “will.” An estate plan outlines how you would like your property to pass on to your family after you’re gone. It also explains the kind of care and custody that should be provided for any children in your care until they become adults.
For instance, if one parent dies, the surviving parent may have full custody of the children but might not have enough money to take care of them on their own without help from someone else. In this case, a will would explain who gets custody of the children and how much money is needed from the estate to take care of the kids.
Estate planning is essential because it will guarantee your wishes are carried out. If you don’t plan, the government or a court will decide for you and your family. The choices they make regarding your estate and children may not be what you would choose if you had the chance to do so now.
For instance, with no written instructions from an estate plan, the state might take control of your kids after your death and place them in foster care or into another temporary living situation with relatives or friends. You probably wouldn’t want that to happen!
You also don’t want to leave a messy inheritance process if something happens to you before all of your assets have been passed on through a will or trust. Without a clear written path to follow, a court may have to figure out what you wanted, and if there’s a will, who should get your stuff. This could take a very long time.
In the end, your best estate planning in Scottsdale, AZ, is not just about money or material items. Your estate includes all your property – personal belongings, the money you’ve saved up, homes, cars, and other important possessions. It also includes things like intellectual property (patents), promissory notes, and future earning potential (like royalties from books that haven’t been published yet). Estate planning helps ensure that you determine how these assets are distributed after death.
