Our Comprehensive Estate Planning Services
Approaching the estate planning process with trepidation and hesitation is understandable. Looking ahead to a time when you are gone and considering how your family will manage can be a difficult task. Fortunately, an estate planning attorney can offer you peace of mind as you take measures to provide for your loved ones for many years to come.
At Donaldson Cunningham, P.C., we help Chandler individuals to create custom estate plans that best serve their objectives. Our attorneys will work closely with you to ensure that your goals are met as we explore all of your available options.
A Personalized Approach
Each individual’s estate planning needs are unique. While some may only require a will, others may benefit from the use of a trust or power of attorney. Our law firm offers a variety of estate planning services, including:
- Wills and living wills
- Trusts
- Designating powers of attorney
You have worked hard to accumulate your assets. Our attorneys will work hard to help you decide their future. When you consult with one of our attorneys, you will experience an attentive and personalized approach that will put your best interests first.
Frequently Asked Questions About Estate Planning
There’s an understandable amount of stress for people who are planning their estates. Part of the way we can help with that stress is by removing uncertainty and answering important questions, such as:
What is the difference between a will and a trust in Arizona?
Wills and trusts are both estate planning tools that help ensure your assets are distributed according to your wishes after your death. While they often accomplish similar goals, they work in very different ways.
A will is a legal document that directs how your assets should be distributed and names the person responsible for carrying out those instructions. A will takes effect only after death and is generally simple and cost-effective to create. However, assets distributed through a will typically must pass through probate, a court-supervised process that can add time, expense, and public record requirements to the administration of an estate.
A revocable living trust is a separate legal arrangement that can hold ownership of assets during your lifetime and after your death. Unlike a will, a trust becomes effective as soon as it is created and funded. Because assets owned by the trust are not part of the probate estate, they can generally pass to beneficiaries without going through probate. Trusts may also provide additional benefits, such as planning for incapacity, maintaining privacy, and, in some circumstances, reducing estate tax exposure.
The right choice depends on your assets, family circumstances, and goals. For some individuals, a will provides all the protection they need. For others, a trust offers advantages that justify the additional planning and cost.
Do I need to update my estate plan after getting married or remarried?
Yes. Marriage or remarriage can have a significant impact on your estate plan. If you already have a will, trust, or beneficiary designations in place, those documents should be reviewed to make sure they still reflect your wishes.
This is especially important in second marriages and blended families, where careful planning can help provide for a spouse while preserving an inheritance for children and other loved ones.
How does a prenuptial agreement affect my estate planning?
A prenuptial agreement and an estate plan do different jobs, but they often work together. A prenup can determine which assets belong to each spouse and can limit or waive certain inheritance rights that a spouse would otherwise have. This can be especially helpful for people who have children from a prior relationship or want to keep certain assets within their family.
Even if a prenup limits inheritance rights, you can still choose to leave assets to your spouse through your will, trust, or beneficiary designations.
How can I protect my children’s inheritance in a second marriage?
Blended families often face unique estate planning challenges. With proper planning, you can provide for your spouse while also protecting an inheritance for your children. The right strategy may include a combination of wills, trusts, beneficiary designations, and prenuptial agreements, depending on your family’s needs and financial situation.
There are many ways to do this, and the best way will be to speak with our attorneys about your goals for your estate plan.
Do Not Wait To Start Planning Your Estate
An estate plan needs to start as soon as possible to protect your wealth, assets and family. It can be uncomfortable to talk about these things, but it will be worse in the long run to put it off. Call our firm today at 480-792-9770 or send us a message.