Some people believe that they do not have enough money or possessions to justify the creation of a will. However, if you want to make sure that your final wishes regarding your estate are preserved, it is vital to create a last will and testament. A will confirms that details will be in order for your loved ones.
The term “estate” refers to everything you own in your name alone, including financial assets, real property, and other possessions. A will should provide clear instructions in order to ensure your estate goes to the recipients or devisees, you select.
The Peoria wills and trusts lawyers at Mushkatel, Gobbato, & Kile, P.L.L.C. are experienced in all areas of estate planning. We will assist you with every detail necessary to create or modify your last will and testament. We can also review the benefits of establishing a trust for your loved ones. This type of estate planning will ensure that your finances, real property, and possessions are fully accounted for so that you may provide their maximum value to recipients of your choosing.
Contact us now to discuss your estate-planning needs.
Choosing to Create a Will or Trust
You may know that you need a will or trust. However, do you know what the differences are between a will and trust? Knowing those differences will help you to engage in effective estate planning with your attorney.
Wills are most easily described as a set of instructions you make for people who survive you. With a will, you can:
- Leave money to devisees in a lump sum or spread out over time;
- Distribute specific property to individuals;
- Name a charity or other organization as a beneficiary.
Trusts are legal entities established to provide directions on the administration of your assets during your lifetime and after your passing. Trusts can provide all the same distributive features of a will as well as:
- Avoid the necessity of a probate administration, if all appropriate assets are funded or transferred to the trust; and
- Remain private among the grantor and the devisees.
If you live in Peoria, Arizona or the surrounding areas, our knowledgeable estate attorneys and will contest lawyers at Mushkatel, Gobbato, & Kile, P.L.L.C. can explain more about wills and trusts and answer any other questions you may have.
What Happens If I Die Without a Will?
The legal term for dying without a will is intestate. If you die without a will, the state of Arizona has an intestate succession statute that will dictate how your estate will be distributed among your surviving family members. While intestate succession may sound like the simplest option, it does not take into personal situations including, but not limited to, the inclusion of stepchildren, exclusion of family members, and protection for devisees with disabilities, money management concerns, or substance abuse/addiction concerns.
What Is a Beneficiary Deed?
A beneficiary deed is a legal instrument that serves to distribute real property directly to a beneficiary or beneficiaries, without the use of a will or a trust. Similar to life insurance, the beneficiary deed designates who will be the new owner or owners of the real property in the event you still own the property upon your death.
The creation of beneficiary deeds, however, should only be done with the assistance of an experienced attorney. In worst-case scenarios, small errors or mistakes can lead to significant legal costs to your beneficiaries upon your passing. To avoid this kind of mistake, let Mushkatel, Gobbato, & Kile, P.L.L.C., help you to explore if a beneficiary deed might be right for you.
What is a Power of Attorney?
A power of attorney is a legal instrument that designates a third party to act as an agent to make decisions on your behalf in the event of your physical and/or mental incapacity. In estate planning, the two categories of powers of attorney are:
- Durable health care power of attorney – In this document, you specifically name an Agent to make your health care decisions, including mental health care decisions. You can further state which medical care decisions you authorize the agent to make on your behalf as well as decisions you do not authorize. This document often works in tandem with the wishes you state in a living will.
- Durable financial power of attorney – This document gives authority to an agent to manage all of your financial affairs including, but not limited to, paying your monthly bills, managing your investments, managing your mortgage, and filing your tax return. At the same time, you can place limits on the agent’s authority, such as whether or not the agent is permitted to give gifts on your behalf.
Our Peoria, AZ Wills and Trusts Attorneys Can Help You
The experienced estate planning and probate attorneys of Mushkatel, Gobbato, & Kile, P.L.L.C. can help you to prepare for the unknown by setting up a plan for your assets once you are gone. Contact us today to arrange a consultation. We will listen closely to you, learn your objectives and take immediate steps to meet your goals.
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