1st estate plan

Estate Planning Basics: Your First Estate Plan


The first experience doing anything new can be a time of tension and indecision. You are in unfamiliar territory without much of a map. You go online, you research as best you can, you seek advice from experienced friends; but in the end, you feel like you are pretty much on your own. The same thing happens when you want to create your first estate plan. What do you need? Where do you go? Who can you trust? Fortunately, in the Phoenix Valley, Phelps LaClair is here to help you understand estate planning basics and tailor the best estate plan for you and your family.

Online DIY wills or estate planning attorneys?

As a second-generation estate planning law firm with 40 years of experience, naturally, we advise all our potential clients to use a professional estate planning attorney. Why? Because there is so much at stake for you and your family.

An estate plan involves much more than a list of possessions stating who gets what when you die. With a comprehensive estate plan, considerations will be made for your present financial situation and your future goals and plans. In addition to listing tangible property, it will include all of your digital assets, financial, retirement, and investment accounts, and it can maximize tax saving advantages for your estate while you are alive and for your heirs after you’re gone. As you can see, every estate plan needs to be a custom-designed plan for you. There are no one-size-fits-all plans. You really need to get it right the first time, and no online diy will can do that for you.

Changes in the law & life events require updated estate plans.

Estate laws and tax laws are constantly changing. Unless you are an estate or tax professional, it can be extremely challenging to keep up with the most up to date governmental regulations. At Phelps LaClair, we have both estate and tax planning experts on our team. We stay current because we have to. Our clients depend on us.

Families grow and they also shrink. Family needs are never static; they change with every major life event. Marriage, divorce, windfall inheritances, higher education goals all create a need for adjusting your estate plan.

Along with these life events, your estate plan also should address how you want your loved ones to be cared for, and it should include an advance directive to state how you want to be cared for if you become incapacitated. You need to declare who will make your medical and financial decisions if you are not able. And you need to assign durable powers of attorney to those who will be responsible to carry them out.

We all realize that financial situations continue to evolve as the economy experiences ups and downs. The wild swings in stock markets and investment funds can drive us to distraction or lead us to insomnia. The same applies when you get a promotion or change careers. Will your estate plan continue to evolve to keep pace? With us, it will. We offer a free review for all our clients every three years.

Are you ready to start your first estate plan?

Your first estate plan sets the foundation for a secure future for you and your family. There is no online estate planning software or template that is sophisticated enough to do that for you. In fact, not every estate planning law firm can do all of that. It takes years of experience, dedication and hard work to earn the reputation that Phelps LaClair has gained among our peers.

Our estate plans have helped thousands of families like yours to have peace of mind knowing that their future needs are taken care of. If you want to have this same confidence, call us today for a free, no-obligation consultation. Our staff is friendly and our fees are affordable. And we will walk with you every step of the way as you navigate estate planning basics. Remember, the map to the future is yours to secure.



Images used under creative commons license (Commerical Use)  11/19/2020 Photo by Domenico Loia on Unsplash

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