Arizona Estate Planning Documents
Do you already have an estate plan in place? Does the estate plan you have in place cover your needs? Has your specific family situation been taken into consideration alongside your estate details and financial status? Do you know what documents are included in your estate plan?
If you answered no to any of the above questions, you need to get in touch with an Arizona estate planning attorney today. Putting off the completion of a thorough and well thought out estate plan is never a good idea. The only good time to put an estate plan in place is right now – before you need it.
Arizona Estate Planning Documents | The Estate Plan
What are the Must Have Documents for Estate Planning?Last Will & Testament: This is the most well known element of the estate plan in which you spell out who gets what upon your death.Inventory of Assets: It might be extremely detailed and include charts and graphs and photos, or it could just be a simple list. However you want to get it done – it’s a must to include in your estate planning documentation.Power of Attorney: This document immediately provides another individual with the power to make financial and legal decisions on your behalf.Healthcare Power of Attorney: This will provide an individual with the authority to make healthcare decisions on your behalf should it become necessary.Living Will: This allows you to spell out your end of life wishes regarding prolonged medical care. Many who have chronic illnesses will tailor their living will to certain specifications related to their condition.Trusts: In cases of minor children, it is especially prudent to incorporate trusts and name trustees for any money that will be left for them. There are a number of types of trusts to choose from depending upon your specific circumstances.Guide to Digital Assets: Inclusion of passwords to digital accounts and assets has become standard in our digital age. Everything should be included from credit card accounts to email accounts. Many prefer to keep the process streamlined through the use of one of the many password storage services. This allows them to provide the executor of the estate with only one password that gives access to the full list of necessary passwords.Provisions for Funeral Arrangements: Many feel it necessary to add a provision to their will that outlines exactly how they would like their funeral to be handled (i.e. burial or cremation, location, etc.)Beneficiary Forms (i.e. life insurance policies, retirement accounts, etc.): Make sure all your beneficiary forms are up to date and keep copies in your possession.List of Contacts: It is surprisingly beneficial to keep a list of contacts from tax advisors to lawyers to bankers, and even utility and service providers to include in your estate planning. Your heirs will be very grateful that you did so.
For more information regarding what should be included in your estate plan, contact the Arizona estate planning attorneys at Hildebrand Law.