Those who have assets they wish to protect for their future heirs have several estate planning tools at their disposal. One of the most popular planning tools is the use of trusts. These require proper planning, or they may not fulfill the intended purpose. Arizona residents who are considering how to plan for their heirs will benefit from avoiding a few common mistakes.
Over the past few years, there have been a number of stories in the media regarding what has happened to the estates of celebrities who died unexpectedly. It is often assumed that the wealthy have detailed estate planning handled long before their heirs will need it. Unfortunately, simply having a will may not be enough to protect one's assets for the intended heirs. Arizona residents who are considering how to provide for their heirs should begin the process sooner rather than later.
A person's goals and situation can change greatly over time. So, it is not uncommon for individuals to find themselves in a situation in which a will they formed no longer fits their wishes. Thankfully, wills can be updated to meet a person's changing goals and needs. Today, we'll go over the two main ways a person can change his or her will.