Estate Planning FAQ
Throughout the Scottsdale, Arizona, area, clients with estate planning questions turn to us here at Nearhood Law Offices, PLC. They know they can rely on us for the tested legal judgment born of more than 50 years of combined legal experience.
They also know they can count on us for the individually-tailored representation they need for an effective estate plan. We work with you in a one-on-one setting so we get to know you and build the long-term relationship that often makes for the best estate plans.
For all of those reasons, we caution you in the use of any FAQ page, including this one. The FAQ page addresses some generalized concerns, but not in a way that can constitute actual legal advice or any kind of attorney-client relationship. Real legal advice requires actually sitting down with an attorney who can get to know you.
Therefore, when reviewing this FAQ page, keep in mind that FAQ pages are useful as starting points. With the FAQ page, you can often begin the process of articulating the questions you might already have but haven’t yet put into words. You might even be on this page in the first place because the words you used to search online also appear on this page.
Use These Questions to Begin Your Estate Planning Process
People often wonder in particular about the following questions:
What are the advantages of estate planning?
There are a variety of advantages, including the ability to provide for estate and/or business succession, to support a special needs family member, to distribute your assets as you see fit, and, if so desired, in a private administration, or to manage tax liability, just to name a few.
What documents are necessary to have in an estate plan?
Estate plans can involve a number of important documents:
- A will
- A trust
- Powers of attorney (durable, financial and physical and mental health care)
- Designations of beneficiaries and guardianships (if any)
- Letter of intent
You will want to consult with an attorney, of course, to see how these documents would be tailored best to your circumstances.
How often and when should I update my estate plan?
Periodic updates help ensure that your estate plan reflects your current circumstances and goals. Most people review their documents every few years, but major life changes like these may require immediate updates.
- Marriage or divorce can alter your intended beneficiaries and decision-makers.
- The arrival of a child or grandchild may prompt you to add guardianship provisions or adjust distributions.
- Significant financial changes, like buying property or selling a business, can affect how your plan functions.
- Relocating to a new state may trigger plan revisions because estate laws vary across states.
Regular reviews keep your plan aligned with your needs and Arizona law.
How do I name a guardian for minor children?
You may name a guardian in your will, allowing someone you trust to care for your children if you and your co-parent pass away. Many families prioritize factors like stability, parenting style and willingness to serve when selecting a guardian. Some parents also name a separate conservator to manage a child’s finances, which can provide additional oversight.
Do business owners need a different kind of estate plan?
Yes. Business owners benefit from additional planning to address personal and business interests alike. A standard will or trust may not fully address issues like business succession, management or valuation.
Owners often create a buy-sell agreement to outline what happens to the business if they die or become incapacitated. Using trusts to help ensure continuity and protect business assets is also an option.
Proper coordination of personal and business documents helps prevent disruption and supports long-term stability for employees and partners.
How can gifting work as part of an estate plan?
Gifting can reduce the size of your estate and support your loved ones during your lifetime. Some people make annual gifts to family members to transfer wealth gradually. Others use charitable gifts to support causes they value while receiving potential tax benefits. Trusts can also facilitate structured gifting for beneficiaries who are young or need oversight.
Why do you need to talk to an attorney for estate planning?
Not surprisingly, generic documents cannot be responsive to your particular situation. Further, lay people are generally not trained to identify potential problems (let alone existing ones) in an estate plan. A lawyer’s livelihood is committed to learning your circumstances and, like a doctor, diagnosing your situation and then recommending solutions.
Schedule An Appointment With Nearhood Law Offices, PLC
Discuss your estate planning questions with our attorneys. You can make an appointment for an initial consultation by calling us at 888-428-2609. You can also contact us online.