No one enjoys contemplating their own demise. Sadly, it's true that one cannot avoid death or taxes, but careful estate planning can alleviate much confusion for loved ones. Arizona residents who are preparing to undertake this task may benefit from learning what common mistakes can undo their best intentions.
It is human nature to put off important tasks at times. In reality, life is unpredictable, and it is often more prudent to have a plan in place for how to take care of one's needs in the event one becomes incapacitated or dies unexpectedly. Arizona residents who are unsure of how to begin estate planning may benefit from learning more about the basics behind this essential task.
During the holiday season, people spend much time and effort on finding the perfect gifts for friends and family. It's also a good time to ensure that one's estate planning documents are current and reflect one's final wishes. Arizona residents who have documents in place may benefit from revisiting those plans to check that they still provide for their intended heirs.
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.