Everybody does some form of estate planning, whether they realize it or not. When someone chooses not to make out a will or make any other provision for the care of their children or the disposition of their assets, then estate planning consists of letting the state decide how to handle it all.
After someone passes, someone, perhaps a court-appointed stranger, will have to make important decisions about many different matters. Estate Planning Services in Gilbert AZ allow you, the person best qualified, to make those decisions.
What is Estate Planning?
In brief, estate planning consists of instructions that list those people that you would like to receive something, exactly what you would like them to have and when they should receive it. Both parents and grandparents want to ensure that their children and grandchildren are provided for, but they also want to know that an inheritance designated for college isn’t spent on a shiny, new sports car.
What Happens if Someone Dies Without A Will?
When someone dies intestate, or without a will, state law determines what will happen. A person’s assets must go to someone. In many cases, the estate will need to go through probate, a complex, lengthy and costly process. With proper estate planning, it can be possible to avoid the necessity of probate; for example, if a property is designated so that it passes automatically to another person, there is no need for probate. If an estate is large and complicated and there was no form of estate planning, the heirs could literally spend years trying to resolve all of the problems before they are able to inherit the property.
Your Children – the Most Important Reason for Estate Planning
If your children were suddenly orphaned, who would care for them? Would that person have the income to be able to provide for them? What if the best person to provide a warm, loving home for the children was awful at handling money? What if the best person to handle an inheritance would be a terrible substitute parent? If there are several children, they could be separated unless arrangements are made in advance.
The purpose of Estate Planning Services in Gilbert AZ is to protect those loved ones who would be left behind. The law firm of Janet R. Feeley L.L.C. has been providing legal solutions to family problems for over twelve years. Click Here for a free consultation.