Estate planning is a crucial exercise for almost everybody, regardless of the complexity of your assets or the nature of your family relationships. In every life, at least a few issues are best resolved in advance of a person’s death or incapacity.
Even if you have little to nothing to pass along to children or other loved ones, these fundamental estate planning strategies can be helpful:
- Trusts: Various trusts can be used to designate funds to a specific purpose for a son or daughter or favorite organization, and trusts can provide significant financial advantages during the life of the parent. Special needs trusts can help a loved one with medical needs or other challenges by providing a steady source of funds for life’s essentials.
- Advanced Health Care Directives: By creating a living will to designate major health care decisions in the event of incapacity, a person spares others from having to make difficult decisions. Medical powers of attorney can achieve similar goals by appointing a trusted individual to handle affairs and make decisions in the event of a planned surgery or worsening illness.
Arizona and New Mexico have distinct laws regarding wills, trusts, health care directives, and other estate planning strategies. An experienced probate attorney can help you resolve even the simplest issues to avoid future complications.
Source: Estate Planning: What You Need to Know
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