{"id":746,"date":"2018-04-04T07:52:15","date_gmt":"2018-04-04T14:52:15","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=746"},"modified":"2023-07-24T18:09:59","modified_gmt":"2023-07-24T18:09:59","slug":"estate-planning-basics-where-to-start","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-basics-where-to-start\/","title":{"rendered":"Estate Planning Basics &#8211; Where to Start"},"content":{"rendered":"<p>Property ownership, relationships, and lifestyle changes are what life\u2019s all about. When compared with the Kardashians, you may not feel your modest assets deserve mention in a will or a trust fund for the kids. But even if you don\u2019t own a Caribbean island or a fleet of collectible cars, you need to understand <a href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\">estate planning<\/a> basics.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-basics-where-to-start\/#Estate_Planning_Basics_What_Do_You_Want\" >Estate Planning Basics: What Do You Want?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-basics-where-to-start\/#What_Are_the_Estate_Planning_Basics\" >What Are the Estate Planning Basics?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-basics-where-to-start\/#Wills\" >Wills<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-basics-where-to-start\/#Holographic_Wills_in_Arizona\" >Holographic Wills in Arizona<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-basics-where-to-start\/#Living_Wills\" >Living Wills<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-basics-where-to-start\/#Trusts\" >Trusts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-basics-where-to-start\/#Our_5-Step_Estate_Planning_Process\" >Our 5-Step Estate Planning Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/estate-planning-basics-where-to-start\/#Protect_Yourself_Your_Property_Your_Loved_Ones\" >Protect Yourself, Your Property, Your Loved Ones<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Estate_Planning_Basics_What_Do_You_Want\"><\/span>Estate Planning Basics: What Do You Want?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>You need estate planning because everything in your life has <a href=\"https:\/\/ogbornelaw.com\/estate-planning-matters\/\">value<\/a>. But for many people, death and dying is an emotional subject, especially when you&#8217;ve recently married or had a child. What you want to avoid is <a href=\"https:\/\/ogbornelaw.com\/avoid-drama-estate-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/avoid-drama-estate-planning\/\">drama<\/a>. If you understand estate planning basics, you\u2019ll know why you should make provisions for your valued property \u2013 financial and nostalgic \u2013 by acting now. Estate plans are especially appropriate:<\/p>\n<ul>\n<li>After marriage<\/li>\n<li>Before marriage<\/li>\n<li>During divorce<\/li>\n<li>Following a child\u2019s birth<\/li>\n<li>Upon the death of one or both parents<\/li>\n<li>When you are facing health issues<\/li>\n<li>When you realize you are not immortal<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_the_Estate_Planning_Basics\"><\/span>What Are the Estate Planning Basics?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Wills\"><\/span>Wills<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Wills are documents in which you appoint a <a href=\"https:\/\/ogbornelaw.com\/consider-naming-guardians\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/consider-naming-guardians\/\">guardian for your children<\/a>, a conservator to manage your children\u2019s assets, and a representative to handle your money and property (your \u201cestate\u201d) following your death. In Arizona, a will may be valid if:<\/p>\n<ul>\n<li>You are over the age of 18.<\/li>\n<li>You are of sound mind and understand you are distributing assets to family and friends (beneficiaries).<\/li>\n<li>The will is in writing.<\/li>\n<li>The will is signed and witnessed.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Holographic_Wills_in_Arizona\"><\/span>Holographic Wills in Arizona<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>If the will is hand-written and signed (a \u201cholographic\u201d will) it is acceptable in Arizona. Holographic wills are probably most subject to be legally challenged. Even if a will meets legal requirements, holographic wills are \u201ca bad idea,\u201d says Estate Planning Specialist <a href=\"http:\/\/www.trusts-etc.com\/holographicwills.html\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"http:\/\/www.trusts-etc.com\/holographicwills.html\">Eric Holk<\/a>. \u201cOne of the most common problems with holographic wills is ambiguity. The intended meaning may have been clear to the testator (writer), but those who are reading the will can be left with great confusion.\u201d<\/p>\n<p><em>One man\u2019s holographic will left everything to \u201cMother,\u201d without identifying the person by name. The man\u2019s mother survived him. So did his wife, whom he affectionately called \u201cMother\u201d ever since their child was born. Which of these women was intended to receive his estate?<\/em><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Living_Wills\"><\/span>Living Wills<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>This document states how you want your body and your life managed if you can no longer make decisions for yourself. The other way to call it is \u201can advanced directive.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Trusts\"><\/span>Trusts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This is a financial document that gives a third party (called the \u201ctrustee\u201d) a directive to manage the distribution of your financial assets to your beneficiaries.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Our_5-Step_Estate_Planning_Process\"><\/span>Our 5-Step Estate Planning Process<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>You want to do what\u2019s best for your family, especially your children, so <a href=\"https:\/\/ogbornelaw.com\/begin-estate-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/begin-estate-planning\/\">estate planning basics should be discussed as soon as possible<\/a>. Estate planning is like insurance, and you should regularly review and change it when necessary. You can engage another family member to join you when you understand estate planning basics and are ready to act. Here\u2019s the 5-step process the <a href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\">Ogborne Law estate planning<\/a> professionals will employ:<\/p>\n<ol>\n<li>Assess \u2013 Let\u2019s discuss your family dynamics and evaluate your assets. What are your goals? What are your concerns?<\/li>\n<li>Plan \u2013 We create an initial estate plan that incorporates your goals for your family and addresses your concerns.<\/li>\n<li>Review \u2013 You\u2019ll review and edit documents, and we\u2019ll make required changes.<\/li>\n<li>Implementation \u2013 When the documents are exactly as you wish, you will sign-off.<\/li>\n<li>Check-up \u2013 So many changes can occur in just one year! Tax time is a good time to review your estate planning documents and update.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Protect_Yourself_Your_Property_Your_Loved_Ones\"><\/span>Protect Yourself, Your Property, Your Loved Ones<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Schedule your <a href=\"https:\/\/ogbornelaw.com\/schedule-a-consultation\/estate-planning\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/schedule-a-consultation\/estate-planning\/\">free estate planning consultation<\/a> today. We\u2019ve served the Phoenix\/Scottsdale area for 10 years and, as a result, our reputation for <a href=\"https:\/\/www.lawyers.com\/phoenix\/arizona\/michelle-lynn-niehaus-ogborne-34097895-a\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/www.lawyers.com\/phoenix\/arizona\/michelle-lynn-niehaus-ogborne-34097895-a\/\">integrity and trust<\/a> is notable among our clients and other Arizona law firms! At our first meeting, we\u2019ll discuss your needs and offer our professional advice. <a href=\"https:\/\/ogbornelaw.com\/contact\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/contact\/\">Contact Ogborne Law<\/a> if you have any questions about:<\/p>\n<ul>\n<li>Alternative dispute resolution<\/li>\n<li>Business law<\/li>\n<li>Collaborative divorce<\/li>\n<li>Estate planning<\/li>\n<li>Family law<\/li>\n<li>Marital agreements<\/li>\n<li>Mediation<\/li>\n<li>Trusts, and wills<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>You don\u2019t have to be financially wealthy to responsibly manage what happens to your property and minor children after your death. Put the estate planning basics in place before it\u2019s needed to avoid causing additional grief to the ones who love you!<\/p>\n","protected":false},"author":3,"featured_media":11520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-planning","category-37","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Estate Planning Basics - Where to Start - Ogborne Law, PLC<\/title>\n<meta name=\"description\" content=\"You don\u2019t have to be financially wealthy to responsibly manage what happens to your property and minor children after your death. 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