ESTATE PLANNING PART 1

(FOUNDATIONAL CONCEPTS)

Larry Deason and Shawn Garner Estate Planning and Elder Law Attorneys in Yuma Arizona

Though You Do Not Necessarily Need to Have an In-Depth Understanding of Estate Planning Topics to

Create a Plan, Familiarizing Yourself with the Basic Issues Can Help You More Easily Understand the Process

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Some people believe that an estate is simply a large house or piece of property. So, when people hear the term “estate planning,” they

can mistakenly believe that an estate is something that only wealthy people have to worry about.

If you have ever heard an estate planning attorney talk about estate plans, you’ve likely

heard that attorney advise every capable adult of creating a plan as soon as possible.

But why is this? What is so special about estate plans that everyone needs to have

them? What is in estate, and what is so important about them? What kind of plans can

you make in relation to this estate?

To help you better understand some of the more important foundational concepts

surrounding estate planning, we are going to take a look at some key issues. Though

you do not necessarily need to have an in-depth understanding of estate planning

topics to create a plan, you should take the time to familiarize yourself with these basic

issues so you can more easily understand the process as you go through it with your

lawyer.

Your Estate

Some people believe that an estate is simply a large house or piece of property. So,

when people hear the term “estate planning,” they can mistakenly believe that an

estate is something that only wealthy people have to worry about.

While this is a common mistake to make, is woefully inaccurate. When lawyers talk

about estates, what they are talking about is the collection of property you leave

behind after you die. Regardless of the amount of property you own, everyone has an

estate.

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It’s also important to point out

that you can also leave an estate if

you become incapacitated. For

example, let’s say that you are

involved in a serious car crash. As

a result of the crash you are left

comatose for a significant length

of time. Because you are in a coma you are unable to manage your responsibilities, and

will need someone else to do so on your behalf. In this situation, you also leave behind

an estate, but it is one over which you can regain control should you regain your ability

to make decisions.

Your Estate Plan

If an estate is simply the collection of property leave behind after you die or become

incapacitated, estate planning is simply a collection of choices you can make now that

will control what happens to that estate in the future. To help illustrate the kinds of

choices you can make, let’s use the example of the car crash again. You are involved in a

car crash and are left comatose, or otherwise unable to communicate or make

decisions. What happens to your financial responsibilities when this happens? Who will

take care of your home, your pets, or your children? Who will pay your bills? Who will

speak with your doctors and make medical decisions on your behalf? When you create

an estate plan you get to answer each of these types of questions. Even though no two

estate plans are exactly identical, every plan will address some key issues that will arise

should you die or become incapacitated. Not only can you answer these questions in

detail, but you can also appoint other people to serve as representatives. The

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representative you appoint will protect your interests and make sure your wishes are

carried out to the best of their abilities. Even though you cannot control everything that

might happen to you should you die or become incapacitated, creating an estate plan

will give you the ability to look ahead to the future and make plans about what you

want to happen.

Estate Planning Choices

Let’s say that you don’t believe

an estate plan is right for you and

never get around to creating one.

This is actually a very common

situation. Though statistics are little hard to pinpoint, it’s estimated that at least 50% of

all Americans never get around to creating any type of estate planning tools at all.

So what happens if you should die or become incapacitated without an estate plan?

Well, the first thing you should understand is that the issues and questions that arise

because of your death or incapacitation will be there. Someone will still need to manage

your property, pay your bills, transfer property to your heirs, and make decisions on

your behalf. But who will that person be? What kinds of decisions will that person

make?

If you don’t have an estate plan, you have no way to control the answers. For example,

should you die without an estate plan, you have no way of choosing the kinds of

inheritances you want to leave behind. In fact, Arizona state laws already predetermine

who will inherit your property regardless of what you would have otherwise wanted.

This same type of premade choices will also apply to other issues that might arise out of

your death or incapacitation.

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Seek Legal Advice and Guidance

Now that you know little more about some of the foundational concepts underlying the

estate planning process, you are in a much better position to be able to more fully

understand what’s going on as you and your attorney develop your plan. In our next

discussion, we are going to take a closer look at some of the individual tools that most

estate plans use.

However, even if you spend hours and hours researching estate planning, studying the

different tools involved, and talking to people about your options, you will never be to

create the kind of plan that is right for your needs without the assistance of an

experienced attorney. Always speak to an estate planning lawyer if you ever need legal

advice, have a question you need answered, or want to begin creating an estate plan.

The attorneys and staff at the Deason Garner Law Firm have years of experience helping

clients create plans that fit their needs. If you haven’t begun estate planning and want

to start, you should call us right away.

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About the Authors

Larry Deason and his staff have been providing quality legal services for clients since 1971. Their mission is to assist people who are concerned about protecting their families from the devastating legal and financial impacts of disability, death, and taxes. Because he believes in the importance of an informed public, Deason spends considerable time educating consumers about Estate Planning issues. He writes a monthly Estate Planning column in The Sun, and the firm he regularly conducts Free monthly seminars on various Estate Planning topics. Deason and Garner, along with their staff, that in many instances, Living Trusts offer clients a proven and powerful tool for protecting their families from the expense and delay of probate, as well as a strategy for eliminating or minimizing federal taxes. Deason’s firm is staffed with paralegals and consultants who are experienced and trained in a variety of Estate Planning areas. The aim of each member of the firm is to help clients accomplish their Estate Planning goals while taking the mystery out of the whole process. We take pride in knowing that our clients feel “peace of mind” once the planning process is completed. The firm is always available for both Arizona residents and visitors alike to offer additional information about options with available with estate planning.

Deason Garner Law Firm 242 West 28th Street, Suite A

Yuma, AZ 85364 Phone: (928) 783-4575

www.DeasonGarnerLaw.com

Larry Deason Shawn Garner