Whether you are old, young, married, single, wealthy or just starting out in life, you need an estate plan. Creating an estate plan is something that every responsible adult needs to take the time to do. Only through your estate plan can you make choices about important issues that will affect you and your family, both now, and in the future. A good plan is something that will change with you over time and give you options that you might not have realized you needed.
What Does Estate Planning Entail?
An “estate” is the legal term for the collection of property and concerns you leave behind after you die. Estate planning, therefore, is making choices about what you want to happen to your affairs, and then making sure that you make those choices in a legally recognized manner. Estate plans address numerous issues and include a range of legal tools. Some of estate planning issues include:
- Last Will and Testament. The most basic, and essential, of all estate planning tools is the last will and testament. As a legal document, your will must meet the requirements imposed under the laws of the state of Arizona. Your will allows you to make inheritance decisions, as well as few other important choices. If, after creating a will, you change your mind about the decisions you made, you are free to update or revise your will whenever you choose.
- Powers of Attorney. There may come a time when you need someone else to make decisions on your behalf, or to represent your interests. Because of this, estate plans typically include one or more powers of attorney. Through your power of attorney you can name an agent to represent your interests and make decisions for you if and when you lose your ability to communicate or make reasonable choices.
- Advance Medical Directives. Should you become incapacitated, you will also want to be sure that your doctors will follow your medical wishes. To do this you will have to create advance medical directives, such as a living will or healthcare power of attorney. Through these documents you can be as clear as you like when it comes to accepting or refusing medical care in the event you are no longer able to make choices or communicate.
Crafting a Plan With Your Attorney
Every estate plan has to be individually tailored to meet the needs of the person making it. Knowing what you need, what steps you have to take and what your options are is only possible by seeking the advice of an experienced estate planning lawyer.
If you haven’t already done so, contact Deason Garner & Hansen Law Firm immediately at (928) 783-4575 in order to begin the estate planning process with our attorneys, Shawn D. Garner and Adam D. Hansen. Our firm hosts monthly free estate planning seminars to share information about estate planning in Yuma, Arizona. Our firm is here to help you make the first step towards protecting your assets and your legacy!
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