Living Trusts & Estate Planning for Arizona Families
Estate planning needs vary with state laws and, of course, family situations. At Four Peaks Planning, Inc. we help Arizona residents at all income levels create affordable and comprehensive estate plans to achieve their unique goals. We also offer free downloads of useful estate planning documents.
What is estate planning exactly? Estate planning addresses the protection, management and transition of assets during an incapacitation or after one's passing. A plan is designed with the needs of the family or significant other in mind. While every Arizona estate plan is unique, it typically includes a combination of powers of attorney (POA) and a last will and testament. A revocable living trust may also be included. These three elements of an estate plan are defined below.
Many Arizona families have similar overall estate planning goals. This website provides useful information about these common goals and describes various estate planning solutions. Here you can also contact Four Peaks Planning, Inc. for a complimentary in-home or in-office appointment.
Three Elements of an Arizona Estate Plan
Basic estate planning documents for Arizona residents include the following:
- Powers of attorney declaration - Powers of attorney are generally used during a person's incapacity, i.e., when one is unable to make medical and financial decisions. If POAs are not in place, an Arizona court must appoint someone to make decisions. The court process can be a burden on time and finances.
- Last will and testament - A last will and testament is the only document that can nominate guardians for dependent children. A last will and testament can also appoint executors or personal representatives and name beneficiaries of an estate. If a person passes without a will, the state of Arizona will choose personal representatives and guardians.
- Revocable living trust - A revocable living trust complements both POAs and last wills and testaments. It offers additional control over how assets are managed and distributed. It can help families at any income level avoid costly probate court and otherwise protect their assets.
About Revocable Living Trusts
Do You Need a Living Trust?
Living trusts can benefit people of various income levels in Arizona. Some benefits include controlling distributions to young beneficiaries, maintaining a home, and avoiding Arizona probate court. Click here to read a more detailed explanation of living trusts in Arizona. You can also submit specific questions below.
What Is a Revocable Living Trust?
A revocable living trust is "revocable" because the document may be changed or terminated by its creator. It is a "living" trust because it is created while the trustor or creator is still living. (Post mortem trusts also exist.)
Compared with a will, a living trust can hold assets long after the trustor has passed. This helps individuals or couples (married or unmarried) accomplish a variety of estate planning objectives. Click here to read more about revocable living trusts in Arizona.
Free Estate Planning Consultation with Four Peaks Planning, Inc.
Since 2004, Four Peaks has been helping Arizona families prepare affordable estate plans involving powers of attorney, wills and living trusts. We are licensed by Arizona's Supreme Court as a Certified Legal Document Preparer (#81353) to provide estate planning options and prepare legal documents. We do not provide legal advice but have Arizona attorneys available should you require legal advice or more advanced planning.
We offer complimentary in-office and in-home appointments during daytime and evening hours.
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