Estate plans are not only for married individuals. Every person who owns a piece of land in Arizona should consider protecting his or her assets and ensure that it can be inherited. AZ trust attorney Neil Landeen would advise, that if one would ignore the need for an estate plan, his or her estate might end up being managed by the state. This way, the estate may not turn out to its intended beneficiaries because Arizona’s probate process will take charge. There are ways to avoid this unwanted consequence. An AZ trust attorney can help and guide you to ensure that your assets will be properly managed by a person of your choice, whether a long-term partner or a close friend. By virtue of a Durable Power of Attorney, and an Advanced Directive, your designated agent can make decisions and act in your behalf after events that render you legally incapacitated. Normally, if such Durable Power of Attorney or Advanced Directive is not in place. A petition in court would have to be filed so that one can be your agent. When this happens, while you are lying in an incapacitated state, you have already lost the chance to choose your preferred individual for such task. In some cases, you might not even live to see to it that your estate would pass on as you would intentionally want it to. That is the reason why you should indicate in your Advanced Medical Directives your preference for under going a life support system in case medical treatment is no longer possible. Consult an AZ trust attorney for guidance and assistance for these documents. For single individuals, splitting assets for spouses will never be an issue. This does not mean that it can guarantee that all of your assets will eventually pass on to your chosen beneficiary. An estate, as an asset, can be easily protected by a trust. Although a Will can certainly do the same trick of guaranteeing that your assets will be distributed accordingly, a Last Will and Testament would put your assets through an intricate probate process. An AZ trust attorney would advise to put your estate in a trust, to avoid the need to appraise your property and subject it to taxes and debt servicing. By founding a living trust, or an inter vivos trust, your asset is passed on to a trustee. The trustee can then manage this asset, in this case a real estate, until it can be properly transferred to the trust’s beneficiaries. Note that in a trust, beneficiary can also act as the trustee, and because this is a living trust, you can act as its trustee for as long as you have the capacity to manage it before it is passed on to your beneficiary. A protecting and managing real estate asset is never limited to those involved in marital or family relations. With the help of an AZ trust attorney, you can fulfill your plans and make sure your legacy is properly enacted.
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Estate plans are not only for married individuals. Every person who owns a piece of land in Arizona should consider protecting his or her assets and ensure that it can be inherited. AZ trust attorney Neil Landeen would advise, that if one would ignore the need for an estate plan, his or her estate might end up being managed by the state. This way, the estate may not turn out to its intended beneficiaries because Arizona’s probate process will take charge. There are ways to avoid this unwanted ...
Lance Neil is author of this article on AZ Trust Attorney. Find more information about Phoenix Estate Planning here.
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