Marielle D. Marne
CAREFREE – As a new year looms, Jim Hundman, of Hundman Wealth Planning LLC, said, “It’s a good time to discuss the importance of an updated estate plan.”
Why an estate plan at all? It’s necessary so as to protect, maintain and manage your property if you become ill or pass away. Additionally, it can help people assure any minor children are protected in the event of an emergency or minimize taxes paid on assets by beneficiaries. But keep in mind, a plan is not as effective if it’s outdated. Ideally, review and update estate plans after every birth, death, marriage or divorce involving members who play roles in your plan. Also review your plan every time a significant increase or decrease in your finances occurs or if any laws change that are directly related to your estate plan.
Hundman is available to help whether for a complimentary estate plan review or to establish one anew. He dispels the misconception that estate planning is for those who are older or possess considerable wealth as well as the belief the process will be complex, time intensive and/or pricey. In his vast experience, regarding trusts, he has found that “oftentimes, clients come to me with a trust, but over time, their assets have not been titled in the name of the trust.
If the trust doesn’t own their assets, the estate would have to go to probate.”
As life’s situations change and 2024 is on the horizon, your estate planning documentation should evolve. “At the very least,” he advised, “have your paperwork reviewed every five years.” With reviews or initial drafting of paperwork, Hundman wants to go over it, educate clients so they fully understand their options. “People really appreciate that,” Hundman added.
If you’re a new resident to Arizona, Hundman can guide you with your estate paperwork so your assets are protected and your family is cared for.
Hundman Wealth Planning (www.hundmanwealth.com) is located at 36600 North Pima Rd, Ste. 301 in the Pima Norte complex and may be reached by calling 480-625-3134 or emailing [email protected].