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Posted by: Maricopa Lawyers on Nov 13, 2015

If you’re wondering if it’s a good time to look into writing a will and developing an estate plan, then it probably is a good time. Many people don’t consider the subject until later in life, but there’s never a bad time to think about your assets and where you would like them to go. Here are some key points in life when it’s especially a good idea to look into estate planning.

When your marital status changes. Whether you’re getting married or divorced, the beneficiaries of your estate are going to change. It’s important to make sure that your estate plan (if you have one) reflects those changes to your liking. In general, if you wrote a will before getting married, it’s automatically cancelled unless you specify otherwise. Also, if you’re getting married for a second time, you’re going to have some unique estate planning issues.

When you have children. While Arizona laws ensure that your children will receive at least some of your estate, even if you die without a will, a more thoroughly developed estate plan will ensure that your beneficiaries will receive what you want them to receive.. This is also an important time to name a guardian for your child if both you and your spouse were to die while your child’s still a minor. A will will ensure that the person you choose will receive custody.

When you buy a home. This is an example of a time when the assets included in your estate have changed drastically. Obviously, the change in the value of your estate will affect your beneficiaries. This is a key time to create or update an estate plan.

When you start a business. Ownership of a business or a part of a business is also included in the value of your estate. Especially if you plan to pass on your business to your children, an estate plan can ensure that your share of the business gets carried on to your chosen successor.

While many people don’t realize they even have an estate, having assets means you have an estate. Arranging for a formal estate plan is the best way to pass along that estate as efficiently as possible. Speaking to an experienced estate attorney who is familiar with Arizona laws regarding passing on an estate can ensure that your wishes are carried out.