FINANCIAL
ESTATE PLANNING: KNOW THE BASICS! By Libby Banks The Law Office of Libby Banks, PLLC
D
o you wish you knew more about estate planning? Here are a few basics to help you understand what it is and what you might need in the way of an estate plan. WHO NEEDS ESTATE PLANNING? When people hear the words “estate planning,” many think it doesn’t apply to them, saying, “I don’t have an estate!” I think this comes about from a misconception about the word estate. It makes us think of the show Lifestyles of the Rich and Famous where Robin Leach showed us massive estates and excess spending by the ultra-wealthy. But Merriam-Webster says an estate is “all of the things that a person owns.” That’s your property: your home, bank accounts, stocks, cars, and personal property. Big or small, most adults have an estate. If you don’t plan for it, don’t worry. The state has a plan for you, but it might not be what you want. Couples with young children should remember their estate includes their life insurance policies. It’s crucial to have a plan for how that money will be managed and spent for the children! ESTATE PLANNING IS MORE THAN DISTRIBUTING WHAT YOU OWN AT YOUR DEATH While your estate plan provides for how your estate will be distributed at death, a good estate plan does much more. An estate planning attorney will ensure that you are protected if you become incapacitated – by creating a plan to assure your choice of an executor is able to manage your assets and your financial affairs if you can’t. Proper planning avoids the timeconsuming, expensive, and public probate, guardian and conservatorship proceedings that your loved ones must file to be appointed by the court to care for your assets. thescottsdalestandard.com
ESTATE PLANNING IS MORE THAN WRITING A WILL As you may have surmised, a Will alone isn’t enough. A Will is only effective once you have passed. If you are incapacitated, your family will have to go to court and ask to be appointed your guardian or conservator. Failing to have a suitable plan will end up costly and time consuming for your family.
Call us today to schedule your
FREE Estate Planning Consultation
O
ur Estate Planning in Phoenix and Scottsdale is highly customized to meet your unique family situation, assets, values, and personal goals. Our complimentary first meeting allows
THE REVOCABLE LIVING TRUST MAKES IT EASY ON YOUR LOVED ONES A Revocable Living Trust will avoid the need for a probate once you have passed and make it easier for your loved ones if you become incapacitated. Revocable Living Trusts are the best and most effective way to plan for incapacity and to distribute your assets. The Revocable Living Trust: • Is controlled by you until you are incapacitated or die. • Is readily accepted by financial institutions. • Provides detailed instructions and directions from you to your successor trustee. • Holds your successor trustee to a high fiduciary standard. • Allows your successor trustee to quickly and efficiently manage your assets if you can’t. LEARN MORE To learn more, schedule an appointment for a no charge consultation or review by calling 602-375-6752, or by filling out our website form at libbybanks. com/schedule-an-estate-planningmeeting.
you to get to know Libby, our Estate Planning attorney and talk about your unique situation and what plan will best fit your needs. Remember, when you choose Libby you are not only hiring someone to prepare your Estate Plan, you are choosing a seasoned Estate Planning attorney to guide you through this often complex process and raise questions you might not have considered. You are choosing an experienced professional to create a plan that serves your family in the way that you want and, after you are gone, a trusted advisor that your loved ones can depend on.
Come see us in our new, convenient office located just down the street at
5010 E. Shea Blvd, Suite 205 Scottsdale, AZ 85254 602.375.6752 | www.libbybanks.com | libby@libbybanks.com ASSISTED LIVING ~ MEMORY CARE
DON'T SETTLE FOR ORDINARY.
Ask about our Lifetime Pricing Guarantee. Pacifica Senior Living Paradise Valley Legacies™ Memory Care program provides those with Alzheimer’s disease and other related dementia with the support, care, and respect they deserve as well as an active, engaging, and enriching lifestyle. License #AL6981C
16621 N 38th St | Phoenix, AZ 85032 | PacificaParadiseValley.com
THE SCOTTSDALE STANDARD • June/July 2019 • 7
