Estate Planning

Planning and Handing off Your Legacy

It can be uncomfortable to think about, but every adult needs to think about how they want to distribute material possessions when they leave this Earth. There is no one-size-fits-all estate plan. What yours looks like will depend on the value of your estate, where your property and assets are located, your marital status, and who you want your beneficiaries to be, among other factors. 

The following are commonly used estate-planning tools in Arizona:

  • Revocable Living Trust: A family trust or a living trust ensures that assets are distributed in a predetermined manner without being subject to probate.
  • Certificate of Trust: A certificate of trust is an important part of creating a living trust. It is a summary of the trust document and is often requested by financial institutions when it comes time to fund your trust.
  • Last Will and Testament: A Will is used to formally state who you want to act as your executor after your death. The creation of a Will is an important part of estate planning.
  • Durable Financial Power of Attorney: A financial power of attorney is used to designate someone with the authority to act on your behalf if you are living but unable to manage your own financial affairs due to disability.
  • Durable Medical Power of Attorney: A medical POA designates someone with the authority to act on your behalf if you are unable to communicate your medical wishes on your own.
  • Living Will: A living Will clarifies your wishes with respect to life-sustaining treatment in the event you are unable to communicate those wishes.
  • Healthcare power of attorney: This estate-planning document names a representative, often a trusted family member, the authority to make crucial decisions about your medical care when you are no longer able. 

An important, and often complex, aspect of estate planning involves how you want your business handed off when you are no longer able to be its fearless leader. Many entrepreneurs like to “keep it in the family,” so to speak, while others may opt to sell. However you want to pass the torch onto the next generation, you will need the help of an experienced estate planning attorney who understands the nuances of business succession planning and how it intersects with business law. 

Get started on your personalized estate plan today by reaching out to Monahan Law Firm.