Faq About Estate Planning For Seniors

Many people neglect the importance of estate planning, leaving their heirs to deal with high taxes, probate, legal fees, and other problems. Look here for answers to frequently asked questions about estate planning in Scottsdale Arizona for seniors.

What if I pass away before I've made a will?
The laws of the state you live in will determine who inherits your estate. If you don't have a will, there will be additional legal red tape to go through, which will eat away at your estate (in some cases, up to 50 % of the value of the estate may be paid in legal fees, taxes, probate costs, and other costs).

A friend recommended that I set up an Arizona living trust, but I don't know if that would help anyone but the rich. My whole estate (home, cars, and a condominium in Florida) are worth about $300k. Is it worth it?
Yes, if your property is worth $100k or more, you will save a lot of money in taxes, court costs, and other fees if you set up a living trust. Your family and heirs will benefit from your foresight.

Is it really worth it to go through estate planning in Scottsdale? How much does the probate process cost my heirs, if I don't set things up to avoid it?
Probate alone is only a part of the costs your heirs will need to pay. Probate, on average, will cost your heirs 3% to 5% of the value of your estate. If you set up a living trust, your estate will not go through probate. If you have valuables that are not part of the living trust, a sub trust needs to be set up or they will go through probate. In addition to probate, there are many other fees (such as court fees, attorney fees, taxes, and other costs) that your heirs will have to pay if you don't plan your estate carefully with a Scottsdale estate planning expert.

My friend's husband passed away, and the estate went to probate. It has been 4 months, and it does not look likely to settle anytime soon. Is this common?
Yes. The probate process often takes 4 to 6 months in the state of Arizona. Sometimes it takes even longer. In some cases, the probate process does not even start for up to two years after the deceased person's death. The probate process slows down inheritance, and can prove a big burden and an obstacle at a time when funds are needed. You can set up an Arizona living trust and the probate process can be completely avoided.

About the Author:
(http://www.connorlegal.com/) The Connor Law Firm PLC specializes in Estate Planning Scottsdale, Trusts, Wills, Probate, IRA Inheritance Trusts, Elder Law, Busines Law, Personal Injury and other legal protections.

Article Originally Published On: http://www.articlesnatch.com

Tags: Estate planning Scottsdale

, Arizona living trust

, IRA Inheritance trust

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