Estate Planning Lawyer Phoenix, AZ
Looking for one of the top estate planning lawyers Phoenix, AZ has to offer? Look no further than Kamper Estrada, LLP. A lot of people think estate planning is only for the rich and old, but that’s just not true. Everyone can benefit from even a little bit of estate planning, including the following:
- Young Adults
- Middle Aged Adults
- Elderly Adults
- Single People
- Married Couples
- Divorced People
- Unmarried Couples
So, pretty much everyone over the age of 18. Now that we have established who needs estate planning, let’s talk about what estate planning is.
A COMPREHENSIVE ESTATE PLAN
An experienced estate planning Phoenix, AZ is proud to rely on will include the following, at a minimum, in your estate plan:
- Last Will and Testament
Your Last Will and Testament is a legal document that allows you to clearly communicate your end of life wishes for your assets and for your family members. A complete Last Will and Testament should clearly outline the following:
- The Executor or Personal Representative: the people you appoint to carry out the provisions of your Will upon your death.
- The Beneficiaries: the people who will be inheriting your assets
- Instructions for How and When to distribute the Assets
- Guardians for Minor Children: the people you wish to legally care for your minor children if you became incapacitated or pass away
- Financial Power of Attorney
A Financial Power of Attorney allows you to appoint a representative to manage your finances should be unable to do so for yourself. A general practice is to provide this person with all the legal authority over your finances that you hold, so that they may truly act on your behalf.
- Healthcare Directives
- Healthcare Power of Attorney: this document allows you to appoint a representative to make healthcare decisions on your behalf should you be unable to do so for yourself.
- Living Will: in this document, you can specifically outline any healthcare services you wish to receive, or perhaps more importantly, those you DO NOT wish to receive.
- HIPPA Authorization: this document allows you to name an individual who can have access to your medical information so that your health care provider or insurance company have no reservations about sharing your protected medical information with them.
A LIVING TRUST
As a firm with an estate planning lawyer Phoenix, AZ respects, Kamper Estrada, LLP can also provide information on setting up a living trust. A living trust is an entity created during the Grantor’s life time to hold and manage assets. There are many advantages in creating a trust, including:
- Avoid Probate: Unlike a will, living trusts are not subject to the legally lengthy and often expensive probate process.
- Less Stress: Avoiding probate will relieve your loved ones of undue stress during what will already be an emotional time.
- Successor Trustee: You (as opposed to the court) have the authority to name the person(s) who will be in charge of your estate after your death.
- Incapacity: You (as opposed to the court) have the authority to name the person(s) who will act for you in the event you are incapacitated.
- Privacy: When a will goes through probate, it becomes a public document. Because a living trust does not go through that process, it protects your assets and wishes from becoming publicly accessible.
Of course, for any of the above documents, you will want to hire an estate planning attorney Phoenix, AZ has confidence in.
UPDATING YOUR ESTATE PLAN
The general recommendation is to review and/or update your estate plan every 3-5 years, or at any major life event. So, what constitutes a major life event?
- Marriage or Divorce
- Birth or Adoption
- Addition of Stepchildren or Dependents, such as incapacitated adults
- When a child turns 18
- Illness or Disability
- Death of a family member
- Death of a named guardian/trustee/personal representative/agent
- Career change
- Substantial increase or decrease of assets
- Change in life insurance coverage
- Purchasing a home
- Taking out a large loan
- Receiving a large inheritance or gift
- Changes in state Laws
- Addition of new state laws
- Moving to another state
Each of the above familial, financial, and legal changes require the knowledge of an experienced estate planning lawyer. If you are in need of an estate planning lawyer Phoenix, AZ believes in, contact the law offices of Kamper Estrada, LLP.