Oftentimes, folks start estate planning before the even comprehend any of the elements. Arizona estate planning lawyers can help you understand some things, but there are a couple of odds and ends you can at least familiarize yourself with.
No matter what, an estate plan must include a final will and testament; a will should be reviewed at least once every three years.
A power of attorney is a very important aspect of your estate plan. Your power of attorney acts on your behalf to execute what you’ve included in your last will and testament. She may also be held accountable for making decisions if you are in a coma or if you are otherwise unable to speak for yourself. Who should fill this role? Someone you know you can trust beyond any shadow of a doubt!
A medical power of attorney is also extremely important to any estate plan. A medical power of attorney makes decisions regarding your health care if you are incoherent or incapacitated physically or mentally. For God’s sake, make sure the person you choose as your medical power of attorney knows exactly what you want for medical care because he or she will be your proxy; his or her decisions should be in exact alignment with what you would have said if you could have. For this reason you will want to keep this person informed of what you want down to the nitty gritty.
For a lot of people, estate plans will also include a trust. There are so many types of trusts – you need to chat with your Chandler estate planning attorney about which kind of trust is best for what you need it to do for you.
A Phoenix estate planning lawyer can design your estate based on your financial needs. Call Thompson Law Firm today to start planning your estate: (480) 634-7480.
