Estate Planning is a Gift of Love to Your Family

By Libby Banks, The Law Office of Libby Banks, PLLC

With the arrival of Valentine’s Day, our thoughts turn to love, and we start looking for ways to show our family and those dear to us just how much we care. It could be roses, chocolates, jewelry, or a special item they’ve always wanted.

One way to show you care is to get a Will or Trust in place. This is a gift that will be there when you are no longer around. It can help ease the stress and grief by making the management of your estate smoother and avoid uncertainty, or worse, family fights.

Many of my clients come to put a plan in place after a stressful and difficult time handling the estate of a parent, sibling or other loved one who didn’t plan ahead. Anyone who has gone through the exhausting process of a probate court proceeding or wrapping up a messy estate knows just how important an estate plan will be to the family when the time comes.

Without a cohesive and thoughtful estate plan, your family will not have any guidance on your wishes. They will spend much more time and money trying to wrap up your estate if you don’t have a plan. If you’ve left a real mess, your family may have to spend a large sum of money and lots of time and effort to clean it up. Even worse, your family may end up fighting.

A good plan can also avoid disputes among the beneficiaries. Time after time when I handled family estate fights, clients said they would never speak to their siblings or stepchildren or stepparent again. Others lamented that the messy estate issues were breaking the family apart. I value family highly and these cases broke my heart. I went into estate planning to help clients avoid these messy fights.

For those who love you, it’s a gift to put an estate plan in place. Here’s how it can help your family:

A good plan avoids court proceedings to name a conservator or guardian for you if you are incapacitated and unable to manage your own affairs. These proceedings are expensive, time-consuming, and involve at least two lawyers for any case – and that’s if there is no fight among the family members.

A good plan avoids probate court proceedings. In order to wrap up your estate, your family may have to file probate proceedings and ask the court to appoint someone as your executor (personal representative in Arizona) – and that may be true even if you have a Will. Filing probate in court increases the expense of administering your estate, takes more time, and imposes more legal requirements before your family can finalize the estate administration and distribution.

A good plan distributes to your beneficiaries in the best way for them, and the way you want to see your hard-earned assets handled. If you have minor children, a good plan makes sure the right people manage the money for their benefit. We can plan for an irresponsible adult beneficiary, as well as for beneficiaries whose marriages may be troubled – making sure the money left to them will be there when they need it.

A good plan gives you peace of mind. Most of my clients feel a huge sense of relief when they sign their plan and know their wishes are provided for in writing. It is satisfying to know you’ve put a solid estate plan in place that will show your love to your family.

It’s not your typical Valentine’s Day present, but a proper estate plan shows your love. I’ve had many clients talk about what a gift their parents left them – not the money they inherited, but the plan that made it easier for them to administer the estate, with the certainty they were following their parents’ wishes.

Give your loved ones a meaningful gift by getting your estate plan in place. We give you the gift of a complimentary initial consultation or review of your existing plan. Call us at 602-375-6752, or visit my website at www.libbybanks.com.