Estate Planning & Administration
If you are wondering if you need Estate Planning, we should first define the term which means different things to different people. In our definition Estate Planning would encompass everything we own and what we want done for ourselves if we are incapable of doing it ourselves. Using that definition everyone needs some amount of Estate Planning.
Of course, many people have no plans at all leaving major decisions about their assets, health care, and final wishes up to the courts.
At a minimum an individual and couples should have the following legal documents:
- Will
- Living Will
- Medical Power of Attorney
- Durable General Power of Attorney
However, in many cases a Will by itself is not enough. After all it is just a one-way ticket to probate. Probate is unpredictable because your will can be challenged, it can be lengthy (some probate cases have taken years!), and very public.
To avoid the negative results of a will alone some clients might benefit more from a Revocable Living Trust (RLT).
An RLT not only avoids probate but also gives the grantors control of the assets even after they have departed. The RLT is part of a complete Estate Plan which includes your Will, Living Will, Medical Power of Attorney, Durable General Power of Attorney, and other estate planning documents.
While MEAM does not practice law, we do work with strategic partners who are either Estate Planning Attorneys and/or Certified Document Preparers appointed by the Arizona Supreme Court. These strategic partners can help advise on the best combination of estate planning documents for your situation.
Estate Administration
As a client of MEAM we are relied upon to help fulfill the estate plan working with your trustee or power of attorney designee. Initially our role is to help with the proper titling of assets so your Estate Plan can be effective. Later our role helps to simplify the process by aiding your personal representative with the location and management of your assets. As well as assisting in any type of estate distribution and liquidation.
For a free brochure on Trust Planning click here