Attorney Libby Banks founded the Law Office of Libby Banks because her passion is helping clients of all ages plan for what happens to them if they are incapacitated or pass away. It’s an important, yet difficult, topic that can impact both her clients and their loved ones for years to come.

“About 10 years ago, I began working with an attorney who specialized in the big fights over the money and estate of those who passed away without a will or with an invalid or poorly written estate plan. I value family above everything else, and my heart broke during these horrible court battles,” she says. “I saw families falling apart – families who would never be the same again after the fight was over. I finally decided to begin doing the estate planning – the preventative medicine so to speak – to prevent the problems that can destroy a family.”
Banks says that estate planning is something that you can do at any age once you’re over 18, and in any financial situation. “You need to think of what your current financial and life situation is,” she says. “For example, if you have children, you not only need to plan for your financial situation, but for who will take care of your children, as well as who will be their guardians. If you have a family history of dementia or Alzheimer’s, your estate plan makes sure someone you trust will take care of your finances – and you – when you can no longer do it yourself.”

“Estate planning is all about selecting someone to make sure your estate is managed properly and for planning how you will distribute your assets as well. The goal is to create a plan that fits your situation, and keep it updated so it grows with you. The plan you make when you are single changes when you marry, when you have children, when your children are grown and as you age.”

“What are some downsides to not planning? There are many including unforeseen consequences,” she says. “A family where each parent has separate children, for instance, needs to put a written plan in place if they intend for their children from previous marriages to inherit. If they don’t, the likely result is that the children of the last spouse to die will inherit everything. A sound estate plan helps you to take care of your loved ones and makes sure that your wishes are respected.”

“Something to keep in mind, too, is that an estate plan names the right person to make decisions for you if you’re incapacitated. It’s not just about planning for when you pass away,” she adds.

One misconception about estate planning is it’s easy to go online and create what you need or go to a paralegal or document preparer to do the work. However, like all important and vital tasks, it’s best to leave something this crucial to a professional, according to Banks.

“If you don’t do the job right and you may not know you’ve made a mistake, and it may well be too late before you – or more likely, your family – finds out,” she explains.

“Without proper estate planning, your family may end up in court, or the distribution of your estate may not happen the way you intended. If you are alive and incapacitated and your plan doesn’t cover you properly, your family may be required to take you to court to declare you unable to handle your affairs and appoint a guardian and conservator. That is a public proceeding, involving at least two attorneys. If you are deceased, they may have to file a probate to transfer your property to your heirs. If you left your assets to minor children, the court will be involved in the expenditures until the children turn 18 – at which point the children will receive all the money left to them. Any of these things can cause major headaches and great expense for your loved ones.”
As an estate planning attorney, Banks knows what to recommend based on your situation, your beneficiaries, your assets, and your goals and dreams. You may not know all the ways you can benefit your heirs with a well drafted plan, or all the ways you can cause problems for them with a poorly drafted plan.

While some may worry about the cost of the planning process, Banks assures that it’s well worth the price.

“The cost for a guardian or conservatorship if you are incapacitated (or for your minor children) and the cost of a probate on your death usually far exceeds the price of an estate plan put in place while you are alive and well,” she explains. “More important even than the expense is saving your family the time and heartache of going through these court proceedings and potential disputes. Knowing your loved ones will thank you for making it easier on them – that’s priceless!”

With the right estate plan, you can:
• Rest assured that if an emergency happens your family or friends can step in to take care of your health and of your finances.
• Avoid probate and provide for the right person to distribute your estate according to your directions without court intervention.
• Minimize taxes, including capital gains taxes.
• Provide a guardian for your minor children.
• Designate that a trustee governs the money spent on your minor children (that person can be separate from the guardian).
• Protect your inheritance from your beneficiaries’ creditors and from their divorcing spouses.

The estate planning process is a lot easier than some may think. With the team at the Law Office of Libby Banks, you can get started through a free-of-charge consultation in person, over Zoom, or even by phone.

Estate planning prices vary based on the situation. During the free consultation, a fee is quoted for the cost of the plan. Consultations are available with Banks or with her associate attorney, Travis Meyers.

While many of her clients come from the immediate area, Banks says that she can serve people from across the Valley.

In addition to her busy practice, Banks is actively involved in the local community. She is a supporter of the local nonprofit Don’t be a Chump! Check for a Lump!, whose mission is to “provide free breast health education, mammograms, testing, and direct assistance to breast cancer patients with wigs, support, and resources in Arizona,” according to the organization. She also serves on the board of Amanda Hope Rainbow Angels, a local nonprofit that works to bring dignity and comfort into the harsh world of childhood cancer and other life-threatening diseases.

“Being active in helping nonprofits keeps me connected to the local community,” Banks says.

In addition to her business and volunteering, Libby works with her husband of 35 years, Andy, at her law office. He serves as the business’ administrator and marketing director. “Clients and locals will often see him behind the scenes at my community seminars,” Banks shares.

The long-time couple have been in the Valley for 20 years and have three grown children. Two of their children, John and Emma, work at the law office as the firm’s paralegals.

“Between volunteering for local nonprofits, networking with other local businesses, and serving clients, it’s all about helping fellow Arizonans to me,” Banks says.

To learn more, including how to receive a free consultation and estimate, call 602-375-6752, or visit libbybanks.com.

This content is sponsored by the Law Office of Libby Banks.