A person’s estate plan is a document or (more likely) a set of cohesive documents in which a person makes end-of-life decisions. When people envision an estate plan, they often confine their thinking to the transfer of assets upon death. This is certainly an important part of a person’s overall estate plan. Financially speaking, an estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries (including federal and state tax planning) as well as preserving flexibility for the individual prior to death.
Though financial considerations exist, there is much more to an estate plan than asset distribution. For example, financial powers of attorney, medical powers of attorney, and living wills are each important documents that allow for advanced decision-making or appointment of another person to make decisions on your behalf in the event you are incapacitated and unable to do so. In addition, an estate plan can select a person or persons to serve as guardian(s) of your minor children in the event of your demise. Although unpleasant, these are certainly important considerations.
The professionals at Prescott Law Group are experienced and proficient in this area of law. Our attorneys will walk you through the process step by step, clearly explaining your options along the way. Unfortunately, there is very little estate planning that can be accomplished post-death, so call Prescott Law Group today at (928) 445-1909 to create or update estate plans. You will gain great peace of mind in knowing that, in the event of unlikely tragedy, your affairs are in order.
Special Needs Trusts
Community Property Agreements
Powers of Attorney
Guardianship & Conservatorship