McDonald Warner - Probate, Elder Law, & Special Needs

How everyone benefits from estate planning

Arizona residents who don't have a spouse or kids may believe that they don't need a will. In fact, a survey found that 78 percent of millennials don't have one. In addition to a will, a medical directive and power of attorney may also be worth having. A power of attorney allows another person to make financial and other decisions on an estate owner's behalf when he or she isn't able to. The medical directive enables a designated person to determine how an individual is treated while mentally incapacitated.

Creating a will can make it easier to have greater control over assets while alive and after passing on. This is true of both physical and digital assets assuming that the will is put together properly. Without a will, the state may determine how assets are distributed. In many cases, the parents of those who die intestate, unmarried and childless will receive their assets.

While an individual may have intended to give everything to their parents anyway, this isn't always the case. Establishing the will makes it easier to ensure that an estate owner's last wishes are respected. For those who are just beginning the estate planning process, it is a good idea to consider who the ideal executor would be as well as who could be trusted with powers of attorney.

By creating a will or trust, it's often easier to settle an estate in a timely manner. The use of a trust can help some or all assets avoid probate, and that can be helpful as probate is generally a public process. Taking time to explain an estate plan can also prevent challenges by family or friends in court.

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