Sometimes you need a complete set to make things work. How would your car move safely down the road with only three tires? Where would the Beatles have been without Ringo? With estate planning, you need more than just a Will. The three basic estate planning documents are a simple Last Will and Testament, a durable power of attorney, and a health care power of attorney. There are other documents, too. Based on your own circumstances, your comprehensive estate plan might include one or more trusts, a complicated Will, and a business succession plan. Read the following suggestions to get you started on your path to a comprehensive estate plan.
Consider Your Overall Goals.
Once you jump the main hurdle – thinking about your own mortality – it’s time to consider what you want your estate plan to accomplish.
For some people, it’s all about wealth transfer. For others, incapacity planning may be at the top of their list. Still others are concerned about loved ones with special needs or just making sure the right people get their stuff when they’ve passed on. What would happen to your family if you didn’t make it home tonight?
Get Assistance from Knowledgeable People.
Your Aunt Gertie might be the smartest person you know. But she may not be the best person to go to when you work on your estate plan – unless she’s an estate planning attorney.
You may need the help of an experience Arizona estate planning attorney. Wealth management advisors and CPAs often advise people who are planning their estate. Again, your goals and your circumstances play a big part in determining whose help you will need.
Go On, Draft and Sign the Documents.
It’s so easy to procrastinate. But most people feel relieved when they’ve signed their Will and related documents. So, start now. If you feel you can handle preparing your own documents, we will be discussing how to create those documents in a future blog.
Once you have finished your documents, put them in a safe place. Then it’s time to discuss your estate plans with at least one family member or friend. They’ll be able to execute your wishes if the time comes.
Does Your Estate Plan Cover All the Bases?
Have you already signed a Will? If it’s been more than a few years, you’ve recently moved to Arizona, or anything major has happened in your life since you signed your Will, it’s time to review it. Make sure you get the complete package by executing a durable power of attorney and health care power of attorney also.
To discuss your concerns with an experienced Arizona lawyer, call us at (480) 418-8448 or check out one of our free seminars. We provide estate planning advice for clients throughout Arizona, including Ahwatukee, Chandler, Gilbert, Sun Lakes, Mesa, and Tempe.