Many people don’t think the words estate planning apply to them. This misconception probably comes from the word “estate.” It makes people think of LIFESTYLES OF THE RICH AND FAMOUS and the massive estates in Beverly Hills and the French Riviera owned by the ultra-wealthy.
But this is simply not the case. The Merriam-Webster Dictionary defines “estate” as “all of the things a person owns.” So your estate is the sum total of your stuff: your home, your cars, bank accounts, stocks and bonds, your boat, jewelry, artwork, coin collection and any other personal property. Whether it’s large or small, nearly all adults have an estate of some kind. And if you don’t plan for it, you won’t have to worry…the government has a plan for you. It just may not be the plan you want.
What young families should realize is that their “estate” also includes the life insurance policies they took out to protect their children. While it’s just a bill you must pay each month now, it could someday be the most significant asset in your estate. Planning for how it should be managed in order to protect and provide for your growing children is crucial, and not something that should be put off.
Attorney Libby Banks will custom tailor an estate plan to your family’s specific wants, needs and advantage, taking your unique situation and assets into account.
When putting an asset protection plan in place – such as an LLC, FLLP or a Domestic Asset Protection Trust – we consider all aspects of your personal, business and family situations, as well as your goals and legal risks, in order to create a plan that effectively protects and shields your valuable assets.
The cornerstone of most of our estate plans is the Revocable Living Trust. As the name implies, “revocable living trusts” are trusts you can set up that are fully revocable, or cancellable, upon your request. This type of trust can be changed, amended, completely revised or revoked as long as you are still living and mentally capable of making these changes.
When a loved one passes away, settling the estate can be a smooth and painless transition or an expensive, rocky road. Talk to LIBBY BANKS today about how she can help your family with Probate and Trust Administration, in order to successfully settle your loved one’s estate and transfer the assets to the rightful heirs.
A will is a critically important document that we will create together. It specifies who receives your property and possessions after your death, and how and when they receive it. If you die without a will, the State (of Arizona) will then determine how your property is distributed.
Together, we’ll make sure your wishes are followed.
Besides a revocable living trust, the Law Office of Libby Banks can create a variety of different trusts for you that may be necessary as part of your overall estate plan. Special Needs Trusts, Gun Trusts, Literary Trusts, and Protection for Minor Children are just some of trusts we establish (create) for our clients.
Libby was a great help!
Libby was a great help to my wife and me in setting up our Living Trust and other appropriate legal documents. While we didn’t an extremely complicated situation there were still many items that could have less than desired results if we did not set the up correctly.
Libby helped us through all those issues. She answered all our questions and helped us to develop a great plan!
Libby Banks knows her business.
She is one of the most patient and understanding people I have worked with. She has helped me on many projects for my business and personal life, keeping me protected as a person and a business owner. Thanks for always being there!
Andy and Libby Banks are terrific people.
They are ethical and will do anything to help you with your estate planning needs. I would recommend anyone to them including my own family. They will make sure everything is in place for you if something tragic does happen in your life.
Your estate plan will assure that your family is able to easily step in to care for you if you become incapacitated, and that your estate is distributed the way you want on your death.