Estate Planning is Essential
Categories: Estate Planning
Hi, I'm Beth Cohn, an attorney here at Jaburg Wilk and I help people plan their estates.
No matter where you are in your life, estate planning is essential. Estate planning includes wills, trusts, and powers of attorney. If you have just started your family and are at the beginning of your career, a will is critical. In the event of your untimely death, a properly drawn will protects your family, helping to care and provide for your spouse and children. Remember, life insurance and retirement plans have named beneficiaries and typically are not included in a will.
If you're hurt or become incapacitated, a financial power of attorney designates an individual to make financial decisions on your behalf. A healthcare power of attorney designates someone to make medical decisions for you, while a living will communicates your end of life wishes.
A living trust operates similar to a will. For couples that have been married for several years and are beginning to accumulate assets, a living trust establishes a joint estate plan. With a living trust, many of your assets are transferred to the trust during your lifetime and passed to your family without delay or expense of a probate. It has the added benefit of minimizing estate taxes. There are on-going changes in estate tax laws and as a State Bar of Arizona Certified Tax Specialist, I stay current with any estate tax changes. Whether you're starting out or you have accumulated assets, an estate plan will help protect you and your loved ones.
About the author: Beth S. Cohn is a shareholder at the Phoenix law firm of Jaburg Wilk. She chairs the business law department and is a State Bar of Arizona certified tax specialist and a CPA.