Save Money and Headaches with Year-end Estate Planning
Phoenix, Arizona attorney, Ted Ashton shares must make estate-planning moves
No one wants to think about estate planning, especially during the holidays, but as one year ends and a new year begins, it is an ideal time to review or create an estate plan that will save your family members money, time, and headaches in the future.
“It’s a misconception that only people of certain means need an estate plan,” said attorney Ted Ashton of Arete Financial Services. “Everyone needs a strategy for receiving assistance if they become disabled, dispersing assets upon their death and establishing guardianship of any minor or disabled children. Having a plan in place provides significant peace of mind and can help reduce the likelihood of family strife, taxes, and potential costly litigation.”
When a person passes without a proper estate plan their estate will likely need to be probated. Probate is a legal process where the court establishes a person to serve as the personal representative of the deceased person’s estate and gives that person authority to administer the estate. Where a valid will is in place, the personal representative will follow the directions provided by the deceased person in the will. Where a person dies “intestate,” meaning without a will, the laws of the State will govern who will receive the property of the estate. The probate process is very time-consuming, often stretching for well over a year. The cost associated with a court probate can be significant, with court costs and attorneys’ fees of $4,000 or more for a simple estate.
While everyone should do a review of their current estate plans, certain life events will trigger a need to revise plans including marriage, birth of a child, death of a spouse, home purchase, retirement, or disability, among others.
Ashton is an engaging interviewee available to share the importance of year-end estate planning with your audience to ensure that:
Your assets are distributed as you wish
Conservators and guardians for any minor or disabled children are named
Instructions are given for successors on how to manage assets for named beneficiaries
Probate is avoided
Tax liability is minimized
Costly litigation is avoided
Family discord is reduced
To schedule an interview with Ted Ashton, please get in touch with Tess at tess@phxpr.com.
Arete Financial Services
Arete Financial Services is a boutique firm centered on providing individuals and businesses with complete financial wellness. The Arete professionals offer a wealth of financial services including tax, accounting, financial planning, and legal all in one convenient location. Arete Financial and Legal Services office is located in the West Valley.
