I grew up in the Detroit suburbs. I knew I wanted to be a lawyer from the summer I turned 16. I worked for a law office that summer and other than breaking the copy machine, I loved being in that environment. It just clicked with me. Being a lawyer lets me do 5 things I love: chat a lot, meet people, write, figure out complicated situations and help people.
Sue Sandys Estate Planning Attorney. There are many reasons why an individual may want to disinherit children or family members in their estate plan ranging from personal to pragmatic.
While sometimes leaving an individual out of a will is simple, there are other cases where legal assistance is required. Below, we will uncover some of the most common situations where disinheritance occurs and special considerations that should be made during the process. Essential Estate Planning Documents. Our legal system is upheld by a seemingly endless supply of “important documents.”
Bank account information, life insurance policies, titles, deeds— all of these essential documents are how we prove what belongs to whom. They also are the foundation of knowing how to disburse your assets even after you pass away. In estate planning, there is not one legal document that is more important than the rest. Instead, you must understand your assets, your needs, and the needs of your family before putting together several documents that ensure your final wishes go according to plan. While estate planning is a large area of law that can also include revocable living trusts, healthcare powers of attorney, and other advance directives, this article will just explain the most basic asset management documents that can help most individuals.
Trusts and Wills. Estate Planning Basics: What You Need to Know. When talking about estate planning, many individuals don’t understand how it is relevant to their lives.
Because of a misunderstanding about the different challenges estate planning manages, it gained the reputation of something only the wealthy and elderly need. For most of us, that couldn’t be farther from the truth. Estate plans include many different types of documents such as advance directives and special needs trusts— documents that are not only important but often a good idea to set up early. As such, the following are some basics you should know about different types of estate plans and the documentation you want to have on hand during the estate planning process.
Estate Planning For Blended Families. As it is, estate planning is a complicated process for many individuals.
Many underestimate the emotional weight and financial nuances of such preparations, whether they are working with an attorney or going the DIY route (which we never recommend.) When you live in a blended family, these problems are only magnified. It is no longer sufficient to leave all of your assets to a surviving spouse and hope for the best, especially if there is a risk that this may negatively impact your children or family members in the long term. All in all, the complexities of blended families produce a lot to worry about, making working with an estate planner necessary. To read about where to start your journey and the top considerations estate planning attorneys recommend, read below. What Belongs to Who: Assets When individuals marry young, most assets they own are earned together.
In blended families, there is yours, mine, and ours. Asset Splitting and Children from Previous Marriages. Sue Sandys Estate Planning Attorney. When it comes time to make an estate plan, some want to try the DIY approach.
Many different kinds of softwares and forms exist– all making estate planning look simple enough. This is all with the benefit of completing it from home, quickly, inexpensively, and without the need for an estate planning attorney. In times where troubling life events are around every corner, these claims of a quick safety net seem like a necessary measure, but is it really the right choice? While the DIY approach looks good on paper, it rarely, if ever, works smoothly in reality. DIY plans are usually riddled with mistakes, missing assets, and incomplete information.
For each new challenge and mistake made, the more money is spent by your loved ones to try and put the pieces back together after the fact. Securing the Future: Wills and Trusts. In the early phase of estate planning, there is a fair amount of research needed to decide whether a will or trust is right for your assets.
As each document serves a separate function, the inevitable question arises: can you have both a will and a living trust? Not only is it possible to have both documents prepared, it’s highly recommended by estate planning attorneys. This is especially true for individuals with minor children or family members for whom you want to ensure special care. Do You Need an Attorney for Probate. If a loved one has died in circumstances requiring the state to distribute assets, do you need an attorney for probate?
Or do you doubt the validity of a will? It would likely be in your best interest to retain an Arizona probate lawyer, who can help protect your rights. Do you need an attorney for probate to administer an estate even if a loved one left a valid will or trust? Yes, it’s actually the most common reason for working with a probate attorney. No one in the courthouse can give legal advice other than an attorney, though court personnel and judges can answer basic questions.
Trust Beneficiary Rights in Arizona. Arizona Estate Planning for Snowbirds. “Snowbirds” is the affectionate term that refers to retirees in northern states who spend cold winter months in warmer places.
Arizona is a great place in the United States for snowbirds to visit, with hundreds of golf courses and luxury RV parks around the state drawing in crowds from across the country. Although estate planning is always an important topic to consider, there are some unique considerations that should be taken into account when you spend several months out of the year in another jurisdiction. How Much Does Probate Cost in Arizona? Probate is the legal process by which a deceased person’s assets are legally distributed to their heirs.
This process can be long and confusing as well as costly depending on the size of the estate. Living Trust vs. Last Will in Arizona. When you are estate planning, it’s important to understand how the different legal documents work, what your options are, and what’s right for you and your family.
Living trusts and living wills are similar, in that they can both distribute your assets after you die. How to Apply for SSI for your Disabled Adult Child. Caring for disabled loved ones can sometimes place a financial strain on families. The United States provides some financial assistance to disabled children and adults through SSI or supplemental security income. Applying for funds is an administrative process that requires patience, paperwork, and time. Definitions Before diving into the process, it’s important to understand different terms that you may encounter during this process.
The focus of this blog is supplemental security income (SSI), which is a need-based program administered by the Social Security Administration (SSA). Retirement benefitsHealth insurance for aged and disabled people (Medicaid), andState grants providing health insurance to low income citizens (Medicare). Approximately 20% of Americans receive social security benefits of some kind. Sue Sandys Estate Planning Attorney.