Posted by Dana Law Group on February 16, 2021
As we age and our assets raise in value, it becomes imperative that we properly allocate our assets and belongings through a comprehensive estate plan. With that being said, there is more to planning an estate than simply drafting our last will & testament. A successful and effectively drafted estate plan will incorporate provisions that give family members or trusted advisors control over our assets in the event that we are incapable of doing so.
In today’s discussion, we are going to highlight the documents most imperative to a complete estate plan.
According to a report published by the AARP in 2017, nearly 60% of adults in the United States at the time were without a last will and testament. This document declares who the executor of your will is following your death. Creating a proper will is crucial to proper estate planning.
Different Kinds of Wills
Drafting a comprehensive estate plan requires properly allocating powers of attorney for both Financial and Medical purposes. Let’s break down these two POAs into two definitions that are easier to wrangle with.
Additionally, some individuals will also have a Mental Health Care Power of Attorney to cover any and all mental health issues, should they arise.
A revocable living trust is put in place while a grantor is still alive, acting as trustee. This document will transfer some or potentially all the assets that a grantor owns to a trust following their death. In doing so, the trust becomes the purview of the assigned beneficiary.
Work with a professional attorney in Arizona to ensure that your living trust is properly assigned and documented.
When the time comes to put together the framework of an estate plan, make sure to turn to the team of 5-Star Estate Planning professionals at Dana Law Group. Prospective clients can sign up for a free initial consultation at one of seven prime locations throughout Arizona.