Everything you own – in your name alone- your home, car, life insurance, investments, bank accounts, and other personal possessions – is considered a part of your estate. To ensure that your estate is distributed according to your wishes after your death, you should consult with an experienced area Estate Planning attorney. Mushkatel, Gobbato, & Kile, P.L.L.C. can meet with you in a confidential consultation at our offices in Scottsdale or Sun City, AZ or at any location in the Phoenix area that is most convenient for you. An estate planning lawyer from our firm will take the time to listen to you and pay close attention to your priorities and objectives, which may include creating any of the following:
- Living will
- Health care and/or financial power of attorney
- Last will and testament
- Trust (or multiple trusts).
You will find that we truly care about what is important to you as you begin this journey. Reach us today by phone or through our online form to get started.
Why Is Estate Planning So Important?
A common misconception is that only retired individuals or those with large estates need to worry about estate planning. However, in reality, everyone can benefit from making plans for their estate. If you do not engage in estate planning, then your estate will most likely be distributed based on Arizona intestacy laws – without regard for your wishes. Estate planning, in this sense, gives you control over the distribution of your assets. By working closely with an estate planning lawyer, you can:
- Address issues that may arise if you become incapacitated, including stating what type of medical care you would want and naming a person whom you trust to oversee your financial and health care decisions.
- Provide clear instructions on how your financial assets should be distributed among your family members, friends, charities, and others after you die.
- Name an inheritance manager and/or guardian for your minor children.
- Provide for family members who have special needs without disrupting their government benefits, such as through the creation of a special needs trust.
- Providing specifically for biological children or step-children if you are a parent in a “blended” or “mixed” family.
- Include instructions for the transfer of your business if you should retire, become disabled or pass away with business success planning.
- Minimize court costs, taxes and unnecessary legal fees that could diminish the estate you leave behind to those close to you.
Estate planning can also help you to get a clearer picture of the real estate and personal property you own, allow you to organize your financial records and, perhaps, learn new things about your current financial situation. Many details go into estate planning. So, it is never too early to start. Please see our Estate Planning Checklist and see steps you can take to begin the process. If you have already created an estate plan, you may want to revisit the terms you have established and make any necessary changes or updates. We recommend that you review your current Estate Planning documents every two (2) to three (3) years to make sure the documents still accurately reflect your wishes. We are ready to help.
What Are Four Essential Estate Planning Documents?
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What Is a Living Will?
Are you concerned about the medical choices that your family will have to make if you should ever become incapacitated due to a terminal illness or a traumatic event such as a stroke? If so, we can help you draft a living will. A living will is a document that states what medical care you wish to receive and do not want to receive if your condition should ever prevent you from communicating those wishes to medical care providers. A living will, could be relied on if you are ever diagnosed with a terminal condition, fall into an irreversible coma or persistent vegetative state, or experience a similar serious medical event. Your living will could express medical choices such as:
 | Your desire to receive comfort care only if you reached a terminal condition and to reject any treatment that would serve only to artificially delay your death. |
 | Your wish to reject specific types of medical treatment if your condition became incurable such as the use of cardiopulmonary resuscitation (CPR), a feeding tube and/or ventilator. |
 | Your wish to receive all medical care necessary in order to prolong your life to the greatest extent possible (or until doctors conclude that your condition is incurable). |
Before you draft a living will, you should speak with your doctors, family members, spiritual advisors and others whom you trust to help you make such decisions. When you are ready to draft and sign the document, our firm can ensure that it complies with all of the requirements under Arizona law.
Should You Give Someone Power of Attorney?
A durable Power of Attorney is a powerful document that gives your Agent wide authority regarding the management of your assets. We strongly recommend that you consider whether or not you want to add someone to your will or trust, because you are giving that person access to your assets. Naming someone an Agent is a tremendous responsibility and exhibition of trust. You should not name someone as Agent out of a sense of obligation or the worry of hurting someone’s feelings. If you want to ensure your wishes are carried out, and you believe you can trust one or more individuals with having this authority, you should speak with us about drafting and executing the necessary documents.
In estate planning, the two basic power of attorney documents are:
Financial & Durable Powers of Attorney
 | Durable health care power of attorney – In this document, you can specifically name an Agent to make your health care decisions, including mental health care decisions. You can further state which medical care decisions you authorize the agent to make on your behalf as well as decisions you do not authorize. This document often works in tandem with the wishes you state in a living will. |
 | Durable financial power of attorney – This document can give authority to an agent to manage all of your financial affairs including, but not limited to, paying your monthly bills, managing your investments, managing your mortgage or paying for your medical care. At the same time, you can place limits on the agent’s authority, such as investing with a margin account. |
You can count on our Estate Planning Lawyers to pay attention to every detail and to craft a power of attorney document that meets your specific objectives.
How Does a Last Will and Testament Work?
A last will and testament provides clear instructions on how the property in your estate should be distributed after you pass away, including listing specific beneficiaries and naming an “executor” or “personal representative” to carry out your wishes. The will can be as general or as detailed as you want. It can leave your estate to beneficiaries in shares, or it can leave specific pieces of property to certain beneficiaries. Additionally, a will could bequeath a gift to a charity or other organization of your choice. The contents of the will are entirely customizable to accomplish your personal estate planning goals. If you do not leave a valid will, then your property will be passed to heirs according to Arizona’s laws of “intestate succession.” Arizona’s intestate succession laws are drafted in such a way to make assumptions on what your wishes may have been, depending on the structure of your family. While laws are evolving, the current laws do not necessarily reflect the reality of your family situation. For this reason, it is important to work with a lawyer who will ensure your wishes are clearly stated in your last will and testament as well as ensure that it meets all witness and other requirements under Arizona law. A lawyer can also help you to make any changes or amendments to the will.
What Are the Benefits of Establishing a Trust?
Many benefits come from creating a trust – either as an alternative to a will or in addition to a will. Those benefits include avoiding probate costs and minimizing Estate Tax consequences for married couples over the Federal Unified Credit. A trust may also be ideal if you wish to leave funds to a minor or to someone else who may struggle with the management of an inheritance. When you create a trust, you transfer assets from your estate and into the ownership of the Trust. if done properly, a fully funded trust should avoid the necessity of a probate administration. You give the authority to manage the trust assets to a “trustee.” The trustee may be a family member, financial institution, or another person that you trust to manage your assets. The trust will name those “beneficiaries” who are entitled to benefit from the trust’s assets. A trust may contain terms that prevent beneficiaries from gaining access to those assets until an event occurs. For instance, a trust may be created to benefit one’s children or grandchildren once they reach the age of 18, 21, 25, or other age you may select. The two most common types of trusts are:
 | Revocable trusts – With this type of trust, you can continue to amend or change the terms of the trust, including dissolving or revoking the trust, at any time during your life while you have the capacity. |
 | Irrevocable trusts – With this type of trust, you cannot alter or dissolve this trust once it is created |
Of course, a wide range of trusts can be created that meet specific objectives or best meet one’s circumstances. A qualified Estate Planning attorney can discuss with you what option best fits your wishes and personal situation.
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