Prescott Law Group, PLC – Prescott, AZ Law Firm

Estate Planning Attorneys in Prescott, Arizona

Although everyone eventually passes on, this is not something we like to think about, much less talk about. However, planning for an unfortunate event is critically important when it comes to determining how your assets and possessions are to be handled. Making arrangements surrounding the ends of your life can have a drastic impact on the lives of your surviving relatives.

In many cases, the loss of a loved one can leave families torn apart as they try to determine what property is to be given to which person. Rather than leaving these complicated decisions for your loved ones, you can benefit greatly by reaching out to an estate planning attorney in Prescott who can help to guide you while making these very important decisions.

The estate planning attorneys at Prescott Law Group, PLC in Prescott are experienced and highly proficient in this area of law. Our teams can walk you through the process step-by-step to ensure you fully understand all of your legal options and rights moving forward.

Handling all of your estate planning needs will provide you with great peace of mind in knowing that, in the event of an unlikely tragedy, all of your affairs are in order and reflect your true interests and desires. Contact our law firm today to schedule a meeting with our estate planning attorneys in Prescott at your earliest convenience.

Estate Planning Services We Provide

When it comes to providing guidance on how your affairs should be handled once you pass on, it is best to create an estate plan. These plans are drafted in a set of cohesive documents that tell others how your assets and belongings should be handled. However, estate plans can include much more information.

Whenever people think of estate plans, they typically think of the process of transferring assets upon death. Although this is a very important part of an estate plan, these documents generally aim to preserve the maximum amount of wealth possible for the intended beneficiaries. Additionally, estate plans help to preserve flexibility for the individual before they pass away.

Estate plans provide people with an exceptional way to designate the financial powers of attorneys, incorporate living wills, and designate the medical powers of attorneys. All of these aspects are critical when it comes to creating advanced decision-making or appointing others to make decisions on your behalf should you become incapacitated and unable to do so for yourself.

Additionally, estate plans provide you with an opportunity to select who you want to be the guardian of your minor children. Our team at Prescott Law Group, PLC provides an array of estate planning services that can help to ensure all of your affairs are in order. Some of the services we provide for our clients include:

Living Trusts: These legal documents provide you with the ability to transfer the legal ownership of assets into a trust during your lifetime. However, you are able to continue using and controlling the assets throughout your life. After your death, the assets are transferred to those specifically designated by you.

Wills: Wills provide the testator, or the person creating the will, to provide for their children, spouse, and other designated parties after they pass on. Without a will, the state is charged with determining what happens to your assets.

Spendthrift Trusts: These trusts are designed to prevent both the involuntary and the voluntary of a beneficiary’s interest. Generally, these trusts prevent beneficiaries from transferring their interest in inheritance to anyone. Creditors are also unable to take any of the funds designated in these trusts.

Special Needs Trusts: These trusts are designed to benefit one or more parties who suffer from disabilities. These trusts are created to provide financial support to those suffering from medically determinable mental or physical impairments.

Community Property Agreements: Arizona is one of the few states that recognize community property in divorce and under family law. As such, community property laws control the division of all marital estate assets. Drafting a community property agreement can help to ensure your property goes to the appropriate parties.

Beneficiary Deeds: These forms allow for the property to be automatically transferred to the intended beneficiary once the current owner passes on. These documents prevent the need to go through probate and provide the current owner with the ability to control the property until their death.

Power of Attorney: A power of attorney is a legal document that provides another adult the authority to act on your behalf. These documents can target a specific task, like the sale of a vehicle, or they can designate someone to control all of your assets and personal needs. Working with a responsive estate planning attorney in Prescott can help to ensure your POA documents accurately reflect your needs and interests.

Guardianship & Conservatorship: Guardians are appointed to care for the health and wellbeing of incapacitated parties. Conservators are generally selected to tend to the incapacitated person’s financials and assets. Our team can help you petition to become a guardian or a conservator, or we can help you decide who will best provide these services to you should you become incapacitated in the future.

Asset Protection: In order to manage and reduce the risks of losing your personal and business assets, it is crucial that you seek the legal guidance of a knowledgeable estate planning attorney who can help determine the most trustworthy options for you.

Charitable Planning: There are many instances where people want to leave part or all of their assets and property to charitable organizations. In these cases, our team at Prescott Law Group, PLC helps our clients draft the proper forms to designate the property to ensure it is handled correctly once the designee passes on.

Health Care Directives: There may be times when you are unable to make health care decisions for yourself due to being incapacitated. During these times, you can designate a specific person to make medical decisions on your behalf. Our team can help you draft the forms necessary to designate a specific party to make medical decisions, determine if you want to have a do-not-resuscitate plan in place, and more.

Family Limited Partnerships: These partnerships, also referred to as “FLP” are popular tools used to control assets while simultaneously reducing the value of the estate overall. These plans help save money that would otherwise be required to cover federal estate taxes. FLPs are invaluable in that they help families achieve their estate planning objectives quickly and concisely.

Regardless of your probate administration and litigation needs, our team at Prescott Law Group, PLC is here to assist you every step of the way. Our team provides full-service estate planning for our clients to ensure their best interests and specific needs are properly addressed. Contact our estate planning attorneys in Prescott at your earliest convenience to get started.

How an Estate Planning Attorney in Prescott Can Help You

Using a website that generates a will instead of retaining the legal guidance of a responsive estate planning attorney in Prescott can have negative consequences. Although you may believe that you are saving money, these actions are going to cost you in the long run.

Often times these websites do not typically include critical information you need to ensure your will is legal and truly reflects your needs and desires at the end of your life. Even the most comprehensive will planning software cannot predict problems, situations, and circumstances that may arise. As a result, many people endure an array of problems during the planning process. These problems include:

Notbeingabletokeepthewilluptodate:There are many changes that can impact you throughout the duration of your life. Having the ability to routinely update your will to best reflect your changing needs and interests will ensure your assets are properly taken care of. Whether you were married, divorced, a beneficiary passed on, or another birth occurred, it is crucial that your updated will best reflects these changes to avoid complications once you pass on.

Wills only determine what happens to your  assets:Although it is crucial that everyone over the age of 18 has a will, it is equally important to realize that there is more to estate planning. Working with a knowledgeable estate planning attorney in Prescott will help to provide you with valuable insight regarding what other areas need to be addressed.

Failing to protect your assets: It is imperative that you take various factors into consideration during the process of planning an estate. A responsive legal team will provide you with endless information surrounding tax laws, inheritance, and a variety of other aspects that may influence your will and its ability to be carried out as directed. Our team at Prescott Law Group, PLC strives to help you understand the laws applicable to estate planning and how to avoid facing unanticipated tax bills and overpaying taxes.

Insufficient witness statements: Our state requires each will to be signed by the testator and two witnesses. Without an adequate witness statement, the will can be rendered invalid in part or in total. It is imperative that the authentication of signatures is made to ensure what is written in your will accurately reflects your needs and desires. Working with a knowledgeable estate planning attorney can help to ensure the signatures are verified so your loved ones can avoid lengthy litigation in the future.

Poor wording and errors: It is essential that wills and other estate plan documents are properly written and drafted in a manner that is legible and comprehendible. Grammatical errors, poor wording, and other issues can jeopardize your ability to let others know exactly what your wishes are.

It is crucial that your estate plan accurately reflects your hopes and desires. Working with a knowledgeable estate planning attorney from Prescott Law Group, PLC in Prescott, Arizona can help to ensure your estate plan accurately reflects your needs, is up to date, and contains all the information necessary to avoid lengthy and costly litigation.

Prescott Law Group, PLC Can Help You With All Your Estate Planning Needs

Not knowing how to properly handle your end-of-life arrangements can be frustrating. The process of trying to draft these complicated documents on your own can be overwhelming, resulting in you putting off doing so until it is too late.

This leaves your family in a tough situation where they have to depend on the courts to determine who receives what from your estate. Not having a sound set of instructions in place can have severe consequences for your loved ones when it comes to their ability to obtain inheritance and entitlement to your property. Working with an estate planning attorney in Prescott can help to ensure all of your desires and wishes are carried out once you pass on.

Our team at Prescott Law Group, PLC has decades of combined experience helping clients in Prescott and throughout Yavapai County ensure the frustrations and expenses surrounding probate court are avoided. Our team strives to provide insight regarding rights and responsibilities to our clients.

We educate our clients so they are better able to make sound choices that accurately reflect their best interests. Whether you are interested in designating a power of attorney, drafting a will, or receiving assistance with another area of estate planning, our team is available to assist, educate, and guide you every step of the way. Contact our law firm today by calling (928) 445-1909 to schedule a consultation at your earliest convenience to get started.