AZ Estate Planning

An Estate Plan Requires A Full Package of Documents

Estate Planning is more than a Will or a Trust. The Estate Plan should address any time a person is not, for whatever reason, physically able to make decisions for themselves. Through planning, family members are not put in the position of wondering how their loved ones want to be treated if they were incapacitated by disease or accident. Financial, as well as health care decisions can be addressed in a well-prepared estate plan.

Probate is the legal process for addressing the estate of a decedent. It can be costly and take a long time, depending on the assets of the estate and any debts that are owed by the estate. Usually, people want to avoid this process so their heirs can receive their inheritance in a timely manner.

There are two basic types of Estate Plans, Living Trust and a Last Will and Testament. Both of these plans need to be supplemented with supporting documentation to ensure your wishes are carried out with the least amount of uncertainty for your heirs.

Simple Probate Process A.R.S. §13-3971 etal.

If an estate can be distributed through simple legal tools and results in a residual estate of under $75,000 for personal property, or $100,000 for real property the estate can be distributed using a small estate simplified probate process. A Last Will and Testament with supporting documents should suffice to distribute the estate in a simplified probate process.

Breaking the estate into equivalents of revocable trusts by using Pay on Death clauses in financial accounts, beneficiary deeds for property, “OR” titles on automobiles or other registered craft all reduce the size of the residual estate that would be subject to probate.

A Payable on Death “POD” financial account is one that anyone in Arizona can set up through their financial institutions. By completing the paperwork, the account becomes the equivalent of a revokable trust and operates the same way. This arrangement can be made for 401K, 457, IRA, brokerage, checking, savings, and most other financial accounts.
A Beneficiary Deed can be used to transfer real property to a person/s without going to probate. This is also a type of a revokable trust.
“OR” Titles allow either or person/s on the title to control the disposition of the property.

Living or Revokable Trusts

Living Trusts are a legal device to keep an estate out of probate and smoothly transition a person’s property to their heirs.

Some examples of when it becomes practicable for an estate to use a trust is when there are multiple real properties involved or multiple heirs that will divide the proceeds of the estate. By using the umbrella of the trust these issues become more controllable and simplified for the executor when it comes to dividing the estate. The following additional document should be included with a Trust:

Pour Over Will takes the assets in the estate that are not included in the trust and places them in the trust upon death.
A Quit Claim Deed is needed to transfer real property to the trust, this needs to be done every time a person buys and sells property.

Additional Documents That Should Be Included In An Estate Plan

- Durable Financial Powers of Attorney covers those instances when a person becomes incapacitated through injury or disease and allows another person to make financial decisions on a person's behalf. The documents define a person's wishes and limits (or not) the ability of a personal representative to act.
- Durable Health Care Powers of Attorney covers those instances when a person becomes incapacitated through injury or disease and allows another person to make health care decisions on a person's behalf. The documents define a person's wishes and limits (or not) the ability of a personal representative to act.

Advance Directive also known as a Living Will allows a person to determine what type of health care measures they want taken if they are incapacitated and can be filed with the state to insure the wishes are followed.

A Memorandum Of Instructions are documents that are used as a guide for the executor when administering the estate. These documents are typically non-binding but assist in clarifying a person’s wishes.

Matthew Christensen Offers Two Different Packages for Estate Planning

Family Trust Package:

1. Living Trust
2. Pour over Will
3. Durable Financial Power of Attorney
4. Durable Health Care Power of Attorney
5. 1-Quit Claim Deed and Recording
6. Advance Directive/Living Will

$575.00 For Family with Minor Children

$550.00 For Family without Minor Children or Single Person with Minor Children

$525.00 For Single Person without Minor Children

Will and Supporting Document Package:

1. Last Will and Testament
2. Durable Financial Power of Attorney
3. Durable Health Care Power of Attorney
4. 1-Benificiary Deed and Recording
5. Advance Directive/Living Will

$450.00 For Person with Minor Children

$400.00 For Person without Minor Children