Arizona Estate Planning Laws

Trusts

I want to speak to you today regarding what a trust is in the state of Arizona. A trust is a legal document authorizing a third party, known as a trustee, to manage your income and assets for the benefit of your beneficiaries. It may either be a revocable, meaning the trust may be terminated, or irrevocable, meaning the trust may not be terminated and the income and assets must remain in the trust and manage according to the terms of the trust.

Benefits of a Trust

A properly executed trust may be used by a person to avoid probate of the estate after his or her death and to control the manner in which his or her wealth is distributed or managed for the benefit of the beneficiaries. There are also potential tax benefits and legal protections available from the creditors of your beneficiaries that are inherent in trusts. Please feel free to contact the attorneys at Hildebrand Law if you have any other questions regarding trusts in Arizona.

By: Chris Hildebrand

Probate is the legal process that confirms who is entitled to your property when you die and provides someone with the authority to transfer real estate, bank accounts, investments, and any other property you own that requires proof of ownership before it can be transferred. You can avoid probate if all of your important assets pass by operation of law. Property can pass by operation of law in one of the following six ways: beneficiary designations for retirement accounts, life insurance, and annuities, two, joint bank accounts, three, rights of survivorship and real property, four, other contractual rights, five, POD or TOD designations on bank or investment accounts, and six, beneficiary deeds for real property. You can also avoid probate, but not administration of your assets if you have a living trust. Whether avoiding probate or administration is a good idea depends on your particular circumstances. I’m Mark Bregman. Contact me at (480) 945-9131 to find out how I can use my knowledge and experience to help you choose the best estate plan.

By: Attorney Mark Bregman

A living will is a declaration that you do not want to be kept alive if you are in a persistent vegetative state, an irreversible coma, or have an incurable illness or progressive disease and you will die naturally unless heroic or artificial measures, such as a feeding tube, or a breathing apparatus are used. A living will can declare that if you are in a persistent vegetative state, irreversible coma, or dying from an incurable disease or illness, you want as much pain medication as you need to be kept comfortable, even if hastens the moment of your death, or exceeds routine guidelines. A living will is different than a health care power of attorney, which gives authority to your agent to make health care decisions for you if you are unable to make them yourself. Today, most clients also want a mental health care power of attorney, which declares that if you are unable to give informed consent to your placement in a facility or other recommended treatment, your agent has the authority to agree to the placement or treatment without first obtaining a court order. I’m Mark Bregman. Contact me at (480) 945-9131 to find out how I can use my knowledge and experience to help you and your family from suffering during an end of life experience.

By: Attorney Mark Bregman