A will is a written directive which provides instructions for disposition of property owned by the testator. For an individual who has minor children and under Arizona law, a will is the directive under which he or she may nominate a guardian and/or conservator for the minor child. Often people believe that if they do not own any assets, they do not need a will. This is simply not accurate. For instance, there are assets that would be owned by a decedent's estate long after he or she has died. Insurance proceeds, and proceeds from claims that may accrue long after the individual's demise are a few examples of these type of assets. When a person dies leaving no will, Arizona instestate statutes govern the disposition of the estate. A properly drafted will ensures that your estate goes to those you really care about.
A trust is a legal instrument used not only to achieve the private distribution of assets, but also to administer an estate without the need of public disclosures often associate with a probate proceeding. A trust typically contains specific instructions for asset management during the life of the trustor and upon the demise of the trustor. It provides for an orderly succession of the power to manage the trust assets and for the ultimate distribution of those assets. If the trust is properly funded, a probate proceeding will not be necessary.
|POWERS OF ATTORNEY|
As part of our comprehensive estate plan approach, we draft financial durable powers of attorney,
healthcare powers of attorney, mental health care powers of attorney, living wills, and HIPPA
releases for our clients. These documents should always be part of a comprehensive estate plan.