Financial

FINANCIAL

ESTATE PLANNING: KNOW THE BASICS!

By Libby Banks ESTATE PLANNING IS MORE The Law Office of Libby Banks, PLLC THAN WRITING A WILL

PLANNING?

aged and spent for the children! 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. As you may have surmised, a Will

Do you wish you knew more alone isn’t enough. A Will is only effecabout estate planning? Here are tive once you have passed. If you are a few basics to help you un- incapacitated, your family will have to derstand what it is and what you might go to court and ask to be appointed your need in the way of an estate plan. guardian or conservator. Failing to have WHO NEEDS ESTATE time consuming for your family.

a suitable plan will end up costly and

When people hear the words “estate THE REVOCABLE LIVING TRUST planning,” many think it doesn’t ap- MAKES IT EASY ON YOUR ply to them, saying, “I don’t have an LOVED ONES estate!” I think this comes about from a A Revocable Living Trust will avoid misconception about the word estate. It the need for a probate once you have makes us think of the show Lifestyles passed and make it easier for your of the Rich and Famous where Robin loved ones if you become incapacitated. Leach showed us massive estates and Revocable Living Trusts are the best excess spending by the ultra-wealthy. and most effective way to plan for incapacity and to distribute your assets. The But Merriam-Webster says an estate is Revocable Living Trust: “all of the things that a person owns.” • Is controlled by you until you are That’s your property: your home, bank incapacitated or die. accounts, stocks, cars, and personal • Is readily accepted by financial instituproperty. Big or small, most adults have tions. an estate. If you don’t plan for it, don’t • Provides detailed instructions and worry. The state has a plan for you, but directions from you to your successor it might not be what you want. trustee. Couples with young children should fiduciary standard. remember their estate includes their life • Allows your successor trustee to insurance policies. It’s crucial to have a quickly and efficiently manage your plan for how that money will be man- assets if you can’t.

ESTATE PLANNING IS MORE To learn more, schedule an appointment THAN DISTRIBUTING WHAT for a no charge consultation or review YOU OWN AT YOUR DEATH by calling 602-375-6752, or by filling While your estate plan provides for how out our website form at libbybanks. your estate will be distributed at death, com/schedule-an-estate-planninga good estate plan does much more. An meeting. • Holds your successor trustee to a high

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Call us today to schedule your FREE Estate Planning Consultation

Our 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 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

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