What Are the Complications That Can Arise in Estate Planning?
The primary aim of an estate plan is the protection of one’s legacy and fortune. Without a doubt, this is one of the most crucial endeavors in the life of an adult. Arizonians don’t have it any easier.
Just like everyone else, they have to navigate the complex regional laws and regulations that guide estate planning. Arizona estate planning requires precision, patience, competence, and an attorney. These are the metrics needed to guarantee your success in ensuring security for your assets.
We’ve curated a list of the most common problems that arise in estate planning, both within and outside Arizona.
Failure to update the plan
As time goes by, certain circumstances occur that change the situation. This may be births, deaths, divorces, marriages, et cetera.
If your estate plan is not frequently revised and updated, you’re likely to have a situation where dead people are listed as beneficiaries on the will. Or, possibly, some people’s names will be excluded completely because they were not present at the time of compilation.
Without a competent estate attorney, you would end up with a poorly drafted estate plan that does not cover all required aspects and instructions on critical matters.
These erroneous documents can fail to clearly express the intentions and desires of the estate planner. When this happens, there is a high chance that disputes will arise among your beneficiaries. Or worse, all your assets will be left at the mercy of the court.
Estate planning involves considerations of estate taxes, gift taxes, and potential capital gains taxes. If you fail to acknowledge any of them adequately, it will cause a financial strain on either you or whoever is meant to inherit your asset.
Like every other state, Arizona has state-specific laws that govern estate planning. The interstate succession law is the most common of these laws. This law establishes a predetermined order of priority for distributing assets.
This means that if a person dies without a will and has a spouse, by default, their assets are allocated to the spouse, whether or not the deceased wants it otherwise. If there are no spouses, the children are next in line. If none, the closest relative gets the fortune.
An estate planning attorney is trained to oversee the entire process. Their job is to help you understand complex legal terminologies and make choices that are beneficial to the upward scaling of your funds and assets.
The best part about an estate attorney is the moral support that they offer. Planning for the eventuality of your death can be an overwhelming experience. They know this, and they are willing to offer you moral support to scale through the process and do what needs to be done.
Estate planning is not a walk in the park. Several obstacles will arise during the process.
Without a competent estate attorney, you are likely to fall into the loopholes you encounter on your way. These attorneys will help you navigate the situation without breaking any laws.