Phoenix Estate Planning Attorney
What is included in an Estate Plan?
Simply put, an estate plan is a set of documents used to reflect an individual's wishes once death and/or incapacitation occur. Within an estate plan, there are many options to consider:
Last Will & Testament- Often referred to as a "Will". A will is a powerful tool used to set forth the wishes of a given individual's personal assets, along with designations of who will receive certain assets. Because a will can be drafted for an unlimited number of purposes, your will should be drafted for your specific needs.
Powers of attorney ("POA")- With your permission, you can designate a trusted friend or family member to look after you, your assets, and your medical decisions. The POA typically comes into play if you ever become incapacitated; however, the POA should also be drafted to your preferences.
Intestate succession- The term" Intestate" just means "without an estate plan". The old phrase of certainty involving "death and taxes" applies here. In the case of an intestate death, the State of Arizona has the power to manage and assign your assets. With the power of a specialized estate plan, you decide what happens to your home, finances, and personal property - not the government.