Your estate plan is a comprehensive and forward looking approach toward ensuring both yourself and your assets are protected. A comprehensive estate plan in Arizona can come in numerous forms, but will normally include a durable (financial) power of attorney, health care power of attorney, mental healthcare power of attorney, living will, last will and testament, and a trust or beneficiary deed.
EACH DOCUMENT WORKS TOGETHER TO PROTECT YOU IN DIFFERENT WAYS:
The durable/financial power of attorney allows an agent of your choosing to assist you with your financial affairs in the event you cannot manage them yourself.
The healthcare and mental healthcare powers of attorney allow an agent of your choosing to assist in making medical decisions for you when you cannot speak for yourself.
The Last Will and Testament allows you to name who will receive your assets (although it won’t necessarily get you around probate) and who will act as a guardian for your child in the event the unfortunate occurs.
A beneficiary deed is an option in smaller estates that allows you to pass a house directly to a named beneficiary in a way similar to insurance beneficiary designations.
A Revocable Living Trust, also known as a Revocable Trust, Living Trust, Probate avoidance trust, etc., allows you to move around probate court to pass your assets privately. The trust is a straw man who holds you assets, the terms of the trust dictate how they will be distributed. Among other things, a trust is beneficial because it allows you to avoid probate, and to place restrictions on how your assets will be distributed.