When planning for your future, it’s essential to consider all aspects of your well-being, including your medical care and financial affairs. In Arizona, a comprehensive estate plan should include important documents such as a living will and durable powers of attorney.
By incorporating these legal instruments, you can proactively prevent the need for a guardianship and conservatorship, ensuring your wishes are honored and your loved ones are spared unnecessary burdens. Read on to learn how these tools can safeguard your future.
Understanding the Living Will
One critical document to include in your Arizona estate plan is a living will. A type of advance healthcare directive, a living will enables you to express your wishes regarding medical treatment in the event you become incapacitated and are unable to communicate your desires.
By outlining your preferences for medical interventions, life-sustaining measures, and end-of-life care, a living will serves as a clear guide for healthcare professionals and loved ones. This legal document ensures your wishes are respected, and it relieves your family from making difficult decisions during a distressing time.
The Power of Durable Powers of Attorney
In addition to a living will, durable powers of attorney (POA) play a crucial role in protecting your interests. A durable power of attorney is a legal instrument that designates a trusted individual (known as an agent or attorney-in-fact) to make financial and legal decisions on your behalf if you become incapacitated.
With a durable financial power of attorney, you grant someone the authority to manage your finances, pay bills, handle investments, and make other financial decisions. Similarly, a durable healthcare power of attorney empowers your chosen agent to make medical decisions consistent with your wishes when you are unable to do so.
By appointing trusted agents through durable powers of attorney, you can avoid the need for a guardianship and conservatorship. This proactive step not only ensures your preferences are followed but also prevents potential conflicts among family members and saves time and expenses associated with court proceedings.
Arizona’s Legal Framework
In Arizona, the living will and durable powers of attorney are governed by specific statutes. The living will statute outlines the requirements for creating and executing this document, including the need for witnesses or a notary public.
Regarding durable powers of attorney, Arizona law offers comprehensive provisions to establish these instruments. It emphasizes the durability aspect, meaning they remain valid even if you become incapacitated. However, it is crucial to ensure that your chosen agents understand their responsibilities and are willing to fulfill them when the need arises.
Living Trust Disability Trustee
A lot of people assume that trusts are only used by wealthy people that have very complicated estate planning concerns. In fact, this is not the case at all. The revocable living trust is a highly effective and versatile estate planning tool that is a better choice than a simple will in many instances.
Living trusts provide a host of benefits, and we are not going to get into all of them here. However, there is a facet that is relevant to the subject at hand.
When you establish a living trust, you will be the trustee while you are living, so you maintain control of the assets. When you draw up the trust declaration, you can empower the disability trustee to administer the trust in the event of your incapacitation.
Take Action Today!
We are ready to help if you would like to work with a Phoenix, Arizona estate planning lawyer to put a plan in place that includes an incapacity component. When you work with us, we will put you at ease from the start, and we will help you create a customized plan that ideally suits your needs.
You can schedule a consultation right now if you call us at 888-222-1328, and you can use our contact form if you would like to send us a message.