Many people believe that estate planning is only for the elderly. However, a thorough estate plan that complies with the law is essential for everyone. Without one, ensuring that your wishes are adhered to may become legally complicated for your loved ones. A skilled attorney could assist you with this process regardless of your stage of life.

If you are ready to start planning for the future, a Tucson estate planning lawyer is ready to help. To discuss your unique circumstances with a skilled attorney, contact Showard Law Firm today.

Understanding Estate Planning

A comprehensive estate plan can help ensure everyone, from loved ones to business partners, is provided for following an individual’s passing. This process allows a person to make plans for their assets, their debts, their business interests, their children, and even their pets. Some of the tools frequently used in the estate planning process include:

  • Trusts
  • Wills
  • Life insurance policies
  • Payable-on-death accounts
  • Advanced medical directives
  • Business succession planning
  • Tax planning
  • Powers of attorney

A knowledgeable attorney can help individuals in Tucson understand the uses of these estate planning tools and craft a tailored plan for the future.

Beginning with a Last Will and Testament

The primary building block of most estate plans is the last will and testament. More commonly referred to as a will, this legal document sets out a person’s wishes following their passing. A seasoned Tucson estate planning attorney can assist with drafting a will that meets one’s wishes and the requirements set by state law.

Under state law, wills must be completed in writing. The creator is required not only to sign the will, but to do so in front of two witnesses who must also sign it. The decision to sign the document must be made freely and voluntarily by someone at least 18 years of age or older. The creator must be of sound mind in order for the will to be valid.

A will may cover a wide range of issues, such as how a person’s property should be divided after their passing. These documents can also appoint someone to serve as executor of the estate or guardian of a minor child.

The Importance of Tax Planning

The primary focus of most estate plans is to ensure that a person’s assets are divided among any surviving heirs as the creator intended. However, a vital aspect of estate planning is resolving tax issues before they may become problematic for the estate or its heirs.

There are several tax issues that could come up in such cases. In addition to estate taxes, it is also necessary to navigate issues surrounding gift taxes, capital gains, and other taxation issues.

With careful planning, it can often be possible to avoid problematic aspects of the estate plan that result in unnecessary tax debt. The steps to address these issues are often complex, but an experienced attorney can help. Not only can legal counsel develop an estate plan that complies with the law, but one that also avoids any tax issues.

Discuss Your Future with a Tucson Estate Planning Attorney

The estate planning process is much more complex than simply creating a will or trust. It is necessary to carefully review every aspect of the plan to ensure it complies with the law and meets your needs.

With the help of a dedicated legal professional, you can develop a plan for your future that protects your interests and those of your loved ones. Set up your free consultation with a Tucson estate planning lawyer to get started.