Arizona Estate Planning Checklist

You spent a lifetime accumulating assets and personal items that you want to pass to your loved ones. Ensuring that there is no confusion about your final wishes is one of the most important goals of estate planning.

The Arizona estate planning lawyers at Brown & Hobkirk, PLLC have more than 20 years of experience helping people find the right approach to making their directives clear.

Without a solid estate plan, your property and assets could be drained or create painful family divisions after you pass. Our highly skilled legal team will provide strategic planning to protect your assets and preserve your legacy. Call or contact us today for a free consultation* with an experienced estate planning attorney.

What Are the Goals of Estate Planning?

Before starting the estate planning process, it’s essential to set goals to provide direction as you proceed. While everyone’s situation is different, there are four primary goals to keep in mind. A good estate plan should:

• Make sure your healthcare needs are met — If you become incapacitated and haven’t made your healthcare preferences clear, you could end up putting your family in a position of making heartbreaking decisions with no input from you. A Living Will, Advance Health Care Directive, Medical Power of Attorney, and other documents can make your wishes clear and designate someone to make crucial medical decisions on your behalf.
• Identify all your assets — You must catalog your assets during estate planning. That way, everything is accounted for, and your beneficiaries won’t be left squabbling over particular assets.
• Minimize debts and tax liabilities — You want to pass on as much of your estate as you can when you die without leaving your beneficiaries with a pile of debts. With proper planning, you can shield many of your assets from probate, as well as inheritance and estate taxes. This will make it easier for your beneficiaries to take care of any outstanding debts.
• Designate your beneficiaries — Many of us have heard of families splintering due to battles over someone’s estate. Proper estate planning can help prevent these divisions. You can use a will, trust, or other legal instruments to name your beneficiaries, make it clear how your assets should be distributed, and designate someone to administer your estate (called a personal representative in Arizona) after you’re gone.

Arizona Estate Planning Checklist

In general, estate planning involves:

• Drafting a will — Your will is the foundational document of your estate plan. It outlines your final wishes regarding care of your children, distribution of your property, and who should be the personal representative for your estate. Having a will is also necessary to avoid probate, which will help your heirs get their assets more quickly and help keep your affairs out of the public eye.
• Creating a trust — While you want a will as part of your estate plan, they’re somewhat limited in what they allow you to do. Trusts give you much more flexibility and will enable you to maintain more direct control over your assets. Placing your assets in a trust before you die or upon your death can also help your beneficiaries minimize their potential tax liability.
• Choosing which assets to include in your plan — Depending on your wishes and the size of your estate, you may not want everything to go to your surviving family members or other beneficiaries. You may choose to donate some assets to charitable organizations or use some assets to pay your debts. Selling off certain assets can also reduce the size of your estate to avoid specific tax penalties.
• Identifying your beneficiaries — You want to make it crystal clear who will be receiving assets from your estate to prevent any disputes among your heirs. It’s your estate. Your beneficiaries don’t have to agree with your decisions, but you don’t want to leave any room for doubt about what your wishes are.
• Naming someone as the personal representative of your estate —The personal representative will be responsible for ensuring your wishes are carried out. Make sure whoever you name to execute your estate is trustworthy. You should also verify that they are willing to serve as your personal representative after your death.
• Creating an Advanced Health Care Directive and Power of Attorney — Much of estate planning concerns what happens after you die, but it’s equally important to plan for the possibility that you’re incapacitated. This is what an Advanced Health Care Directive and Power of Attorney (POA) do. An Advanced Health Care Directive spells out what treatment you want if you become incapacitated. A Power of Attorney (POA) designates someone to manage your affairs and make decisions on your behalf. In some cases, you may want more than one POA, granting one person the right to make medical decisions on your behalf and someone else to manage your financial affairs.

Talk to an Estate Planning Lawyer in Arizona

The estate planning attorneys at Brown & Hobkirk, PLLC provide compassionate and knowledgeable estate planning services to individuals across Arizona. No matter the size of your estate, we have the experience and resources necessary to assist you as you plan for the future.

Call or contact us today for a free consultation with an Arizona estate planning lawyer.