Acquiring large assets and wealth in your life can become problematic for your family members when you are not around if you did not make any plans for them. It can lead to legal fighting among your family members as well as your assets will be subjected to heavy taxes and can even go under the state's possession till the time matter is settled.
Estate planning is the way with which you can save your assets and prevent a possible bickering among your heirs. It is performed in many ways such as creating trusts, wills, powers of attorney that will deter the government from taking control of your property and help your family in settling out all the matters reasonably and amicably.
Estate planning is carried out with the help of an efficient Scottsdale estate planning lawyer who has all the knowledge of prevailing laws of the state as well as country.
According to the existing laws, if you die without doing estate planning, all of your assets will naturally go to the state for a probate, which means your heirs will have to prove their ownership of your assets in the court. Probate can be avoided if you have already prepared a will during your lifetime, which accurately mentions the proportion of your assets that each member is going to get after your death.
If you trust one of your family members more than the others, you can give him the power of attorney to make decisions in your absence. Additionally, if you choose to create a trust of your assets, it will help your family members to save taxes levied by the state. But, failing to do any of these things will lead to infighting among your loved ones and eventually, the assets will be taken over by the state.
As mentioned earlier, experienced lawyers can help you make a good estate plan by clearly mentioning all the terms and conditions that your family members need to follow after your death.
They will list out all of your assets consisting of property and other monetary investments followed up by your debts and liabilities so that there is a clear picture of everything that you have for your family.
If you are in need of estate planning attorneys in Scottsdale, you can try to find them online. Some of the established law firms are operating through their websites and allow you to get in touch with them for any of your legal requirements.