It is estimated that that only 30 percent of adults have taken the time to settle their affairs. This indicates that most people have yet to tackle the important issue of estate planning. Though this task is often seen as irrelevant to all but the wealthiest, Arizona residents who do have plans demonstrate sincere concern for their loved ones.
The majority may believe that having an estate plan is for the express purpose of eliminating tax liabilities. While this can be one component of planning, it is seldom the main reason. Instead, not having any plans in place will often compound the distress that loved ones suffer when they lose a beloved family member. Some of the most critical components of estate plans include documents relating to one's care, and the handling of financial and health matters in the event of an incapacitating injury or illness.
It often takes a lifetime to accumulate assets and property. Those who take the time to record their final wishes are ensuring that their loved ones will be provided for in the future. If one does not have any formal plans, then there is the possibility that intended heirs will engage in legal challenges that can consume a significant portion of an estate through court costs. In addition, the state may have to step in and disperse property in a manner that was not desired, while other assets could be lost to taxes that could otherwise have been reduced or avoided altogether.
Along with estate planning, it is important to inform loved ones of the existence and location of such documents. Though many Arizona residents may believe that this task can be delayed indefinitely, the uncertainties of life could mean that one's heirs are unprotected in the event of unforeseen tragedies. An experienced attorney can provide guidance in drafting the plans that will meet an individual's unique needs.