Serving Queen Creek, Gilbert, Mesa, San Tan and the entire East Valley
The tragic recent death of Tony Hsieh, the 46-year-old former CEO of Zappos, reminds us of the importance of estate planning.
Every family has one–or maybe more–black sheep. They’re people who march to their own drum and handing them an inheritance could be problematic.
Debts, just like assets, are considered part of a person’s estate. When that person passes away, their estate is responsible for paying any and all remaining debts. The money to pay those debts comes from the asset side of the estate.
Even those with thorough estate plans might have neglected to discuss details with potential heirs.
A comfortable, secure retirement is one of the biggest financial goals you can strive for. Therefore, as you’re saving and investing in pursuit of it, it’s crucial to separate fact from fiction—otherwise, your plan could go off track.
If you pass away without a will, a state court generally decides who gets your assets and, if you have children, who will care for them.
My friend prepared his will and specified that his house would go to his girlfriend. She had contributed money to the upkeep, while they were together.
We need to make sure your legal toolbox has the right tools for the job and that you understand how each of them work, just like an owner’s manual.
Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.
You must now make sure that your loved ones have access to your digital assets should you die.
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