Phoenix Estate Planning Attorney
William S. Graves, P.C.
At the Law Offices of William S. Graves, we help clients form estate plans that make sense for them. Each client is different and requires an approach that includes input from them and their advisors in a collaborative effort to accomplish the best result for the client. By maintaining a thorough knowledge of current laws, and learning about you, we can design a personalized estate plan that enables you to maintain control while achieving your hopes and vision for your family and loved ones. After discussing your wishes, we can create wills, revocable trusts, various irrevocable trusts, life insurance trusts, limited liability companies, partnerships, and other structures and strategies. We also focus on the protection and preservation of your property from creditors and predators.
Proper estate planning involves more than executing a simple will. It should establish who will receive your assets at the time of your death; provide asset protection for your spouse and beneficiaries, provide divorce protection for your spouse and beneficiaries, minimize or eliminate the cost of probate; minimize or eliminate estate taxes; provide detailed instructions for your care in the event of your disability; determine who cares for minor children at your death, and allow you to maintain control of your assets both during your life and after your death. Competent representation for such issues is a necessity. I will develop a customized estate plan that is unique to your objectives and particular circumstances by listening to you to understand all I can about you and your family, and by teaching you relevant aspects of tax and trust law. My goal is to educate you about estate planning by explaining, in understandable terms, your options and opportunities and then implementing your choices. Take advantage of my experience and ongoing study of this important field to assure that your wishes are followed the way you planned.
William S. Graves, P.C. is a law firm that believes our clients deserve a plan that will actually accomplish the goals that they express to us, and we are committed to making sure that happens by maintaining involvement through the process even after the documents are signed.
If you or someone you know in Phoenix, Arizona or the surrounding cities and counties, needs the assistance of an experienced estate planning lawyer, contact William S. Graves today at 866-635-9846, or use the contact form provided on this site to begin your consultation with a trusted Arizona estate planning attorney.
Estate Planning
TRUSTS:
Trusts are legal entities that can replace or supplement wills, as well as help manage property during your life. Most people set up trusts in order to try to avoid probate. Unfortunately, most trusts fail to do this because they are not properly funded. However, it is also possible to accomplish many things with a trust that you cannot with a simple will. A trust can contain instructions regarding your wishes in the event of your disability and manage that privately rather than through court. A trust can manage the distribution of property for your beneficiaries and can minimize taxes and therefore, leave a larger inheritance to your family and loved ones. A trust can also be used to protect assets that you want your beneficiary to enjoy rather than those who may have claims against your beneficiaries. A trust also can reduce the beneficiary's tax and allow the assets to grow over time. They can also be established for the benefit of charitable organizations.
WILLS:
The primary purpose of a will is to give directions on how your property will be distributed upon your death. Property distributed by a will requires a Probate and is distributed directly to the beneficiaries at the end of the probate. At that point, the property belongs to the beneficiary and is subject to any debts or obligations the beneficiary may have. Wills can also contain instructions regarding the care of minor children, gifts to charity, and foundations. In order for a will to be legally valid, you must sign the will in the presence of two witnesses, you must be mentally competent, and not acting under duress or under the controlling influence of another.
POWERS OF ATTORNEY:
Powers of Attorney are governed by the law of agency, a branch of common law concerned with the delegation of power from one person (the principal), to another (attorney-in-fact or agent).
When a person becomes mentally incapacitated, the government or the court often steps in and appoints a guardian or conservator to represent and make legal decisions for that person. One of the ways to avoid this is to use a Power of Attorney. A Power of Attorney is a written document stating that you give another person the full power and authority to make decisions on your behalf if you become mentally incapacitated. Generally, there are two types of Power of Attorney; one covering financial matters and one covering health care decisions. Both are very important.
PROBATE:
Probate is the legal process of transferring property following a person's death. If a person dies “Testate” (with a Will), or “Intestate” (without a Will), a probate is required to be opened and monitored by the appropriate local court. Once a probate is opened, it also becomes a matter of public information. Although probate customs and laws have changed over time, the purpose has remained much the same: to make sure that your intentions regarding the transfer of your property at the time of your death are followed. Your property is collected, inventoried and appraised, certain debts are paid from the estate and the property is distributed according to your will after debts and taxes are paid. However, most probates can be costly, time-consuming, and complicated.
TRUST ADMINISTRATION:
Trust Administration is the legal process of transferring property owned by a trust following a person’s death. However, if a trust was properly prepared and “funded” (assets transferred into the name of the trust), the process of opening a probate and involving the court becomes unnecessary. This eliminates the cost of probate and keeps the administration of the estate and transference of property a private matter that can be completed much more efficiently.
WOULD YOU LIKE MORE INFORMATION ON THESE TOPICS?
If you would like more information on these topics, please call my office for a complimentary audio CD that explains these matters in more detail and that all of my clients have found extremely helpful in understanding the opportunities that exist for them in this area.
If you or someone you know in Phoenix, Arizona, or the surrounding cities and counties, needs the assistance of an experienced estate planning lawyer, contact William Graves today at 866-635-9846, or use the contact form provided on this site to begin your consultation with a trusted Arizona estate planning attorney.
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