Congratulations! You didn't know it but you already have an estate plan. This is because each state has laws that apply to EVERYONE. This "default" plan is often inefficient, expensive, and may result in an outcome you would not want.
"So, if I have an estate plan why do I need you guys?"
Really the answer to this question hinges on whether you are willing to accept the default plan OR if you want to make your own.
Estate plans can be simple or they can be complex. In either case we believe an estate plan should be personal to you and not force fed upon you by state bureaucrats.
When a person makes their own estate plan they are often using a combination of structured documents. Some of these documents may be:
Will and/or Trust
Durable Power of Attorney
Healthcare and Mental Healthcare Power of Attorney
Advanced Healthcare Directive
All of these documents can be used in conjunction to give instructions to "authority figures" about how you want your health and finances to be managed, and your assets to be dispersed, in the event you become disabled or die.
"Ok so maybe I see the value of creating my own estate plan but I am still young, shouldn't I wait till I am older?"
It is your choice. But somethings to think about are:
1) Do you have minor children? If so, do you want a say in who and how they are cared for in the event you cannot care for them anymore? Because if so, you may not like the "default rules" when it is necessary to appoint a guardian for your child(ren).
2) No one is immune to the havoc that life can sometimes bring to your doorstep. Natural disasters, accidents, medical emergencies, and more can happen at any time and are unpredictable.
There really isn't a good reason to wait to create an estate plan. A wise person once said "The best time to plant a tree was 20 years ago. The next best time to plant a tree is now."
Wente Law - Estate Planning
Serving the west valley area of Phoenix Arizona, including Goodyear, Buckeye, Surprise, Avondale, and more.
The material on this site is provided by Wente Law. All material on this site is for informational purposes only and does not constitute legal advice nor create an attorney-client relationship.