One question that many people ask is: What exact documents make up an estate plan?
There are several documents that each person over the age of 18 needs in order to handle issues that arise on incapacity or death:
- Will – is a must if you have minor children. It will nominate guardians for your minor children. It will also lay out your wishes on how to distribute your property at your death.
- Living Trust – unlike a Will, a Living Trust lays out your wishes on how your property should be managed during your life should you become incapacitated. The Living Trust also details how to distribute your property at your death.
- Financial Power of Attorney – appoints individuals to make financial decisions either now or triggered by your incapacity.
- Healthcare documents – there are 4 important documents –
- Living Will, which is end of life decisions (ie. do you want to be kept alive artificially);
- Healthcare POA/Mental POA, which appoints individuals to make medical decisions on your behalf should you be unable to do so; and
- HIPAA, which gives the ability for those named to be able to retrieve your healthcare information in the event that you can no longer give your permission.
Because an estate plan is not a ‘one size fits all’, it is important for anyone over the age of 18 to sit down and start establishing a basic estate plan. Please contact one of our experienced estate planning attorneys for a no-cost consultation to begin this important conversation.
Contributed by Morris Hall, PLLC Tucson and Oro Valley Estate Planning Attorney and Partner, Wendy W. Harn.
About Morris Hall, PLLC:
At Morris Hall, PLLC we have focused our legal practice on estate planning for over 45 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Prescott, Sedona, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
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I already have a Will that creates the trusts for my two children. Can I refer to these trusts in a “Living Trust” document for disbursement of trust assets?
I am thinking about creating a Living Trust.
thank you
Mark, what you have currently is called a testamentary trust, which means the trust would be created after your death when your will is probated. We would recommend that in order to avoid probate you create a trust while you’re alive. We’d be more than happy to sit down with you to discuss in more detail. Give our office a call to schedule a complimentary consultation at the closest office location to you. https://morristrust.com/office-locations/