Lawyer Referral Service

LRS Blog


Posted by: Maricopa Lawyers on May 4, 2015

last will and testimony arizonaAlthough it’s not a fun or easy subject to approach, planning for the inevitable event of your death is an essential part of providing for the well-being of your family. Most people don’t consider the subject until they’re close to 50 years old, but there are several reasons why an estate plan should come into your picture much sooner. Any time is a good time to think about where your personal assets would go in the event of your death, but here are some times when doing so is especially crucial.

When your marital status changes. This is a time when your beneficiaries will change, and it’s important to include your new spouse or remove your former spouse to reflect what you want in your will. Generally, a will made before marriage are cancelled automatically unless specified otherwise. Also, if you’re in your second marriage, that presents unique estate planning issues.

When you have children. While the laws on dying without a will ensure that your children will receive at least a portion of your estate, having an estate plan in place ensures that they receive what you want them to receive. Also, having estate documents in place allow you to name a guardian for your child if both you and your spouse die while they’re still minors. As your family grows, the needs of your family will change.

When you buy a home. When you purchase a home the value of your estate changes significantly. Any change in the value of your estate will affect your beneficiaries. When you buy or sell a large asset, that’s another event when creating or updating a will becomes more important.

When you start a business. When you open your own business, the value of your estate changes again. Family businesses may also include several generations, so estate planning is important to make sure your share of the business goes to the successor you want.

Even if you don’t think so, you have an estate, and writing a will and using other estate planning tools can assure that your estate goes where you want it. Although you can write a will on your own, it’s important to know the laws and procedures of passing on an estate in Arizona. Talk to an experienced estate attorney today to make sure your family is protected.