What Kind of Estate Plan Do I Need? [Infographic]
Estate planning quickly becomes complex, particularly when determining whether to distribute your assets via a will or a trust.
For this reason, finding an estate planning attorney who will craft an estate plan to meet your needs should be your first course of action.
To simplify estate planning complexity, here are some essentials to include in nearly any Arizona estate plan: • Last Will and Testament: This document is used to name guardians for your children and leave final wishes, such as naming who will inherit assets after your death. • Revocable Living Trust: This document is an invaluable tool for avoiding probate and provides protection for your loved ones against creditors. • Healthcare Power of Attorney: A document that authorizes a person or persons to make medical decisions on your behalf when you are unable to do so. • HIPAA Authorization: This form authorizes healthcare providers to give information about your care and treatment to whomever was named in your Healthcare Power of Attorney. • Financial Power of Attorney: This document allows an authorized person or persons to manage your financial affairs should you become incapacitated or unable to do so. • Beneficiary Designations: Naming a beneficiary for retirement plans, pensions and similar benefits is an important estate planning consideration. • Guardianship Designations: This need is a primary reason to create a will for anyone needing to name a guardian for minor children.
If you would like more information, contact the Phoenix estate planning attorneys at Tyler Allen Law Firm. We’ll help you determine what is best suited for your needs. Call 602-456-0545.