Living Trusts and Wills
A revocable living trust is frequently unnecessary for modest estates, but everyone should at least have a Last Will and Testament, a Healthcare Power of Attorney, and a Durable Financial Power of Attorney.
Why is Beneficiary Deed Necessary for Proper Estate Planning?
Every person who owns real estate should have an Arizona estate planning lawyer prepare a beneficiary deed that automatically conveys real estate to an owner’s beneficiaries upon the owner’s death. This is important because a will does not have to be probated with respect to valuable real estate that is automatically conveyed to a person’s heirs via a beneficiary deed.
What is a Medical Power of Attorney?
All Arizona estate planning lawyers will recommend that each of their clients have a medical power of attorney. This is a document that appoints a trustworthy person to make medical care decisions on your behalf. Without a properly drafted medical power of attorney, your life may “hang in the balance” when you are unable to communicate your medical wishes to health care providers.
What is a Living Will?
Every person should have a living will prepared by a competent Arizona estate planning lawyer. When a person is unconscious or unable to communicate and suffering a terminal condition, a living will provides guidance to medical providers whether to perform or cease life sustaining procedures.
Pros and Cons of Arizona Wills and Arizona Trusts
An Arizona estate planning lawyer can explain the pros and cons of wills and trusts. A person must consider legal costs, probate expenses, tax consequences and other methods of transferring property. Arizona estate planning is crucial to making these very important decisions.