WelcomeReal Property FormationBusiness FormationsPower of AttorneysAZ Legal Briefcase Process DefinitionsContact Arizona Legal Briefcase

Power of Attorney Formation in Arizona

Revocable vs. Irrevocable Trusts - $500

There are two basic types of trusts: revocable trusts and irrevocable trusts. Perhaps the most common type of trust is revocable trusts (aka revocable living trusts, inter vivos trusts or living trusts). As their name implies, revocable trusts are fully revocable at the request of the trust maker. Thus, assets transferred (or “funded”) to a revocable trust remain within the control of the trust maker; the trust maker (or trust makers if it is a joint revocable trust) can simply revoke the trust and have the assets returned. Alternatively, irrevocable trusts, as their name implies, are not revocable by the trust maker(s).

Revocable Living Trusts - $500

As is discussed more below, revocable trusts do not provide asset protection for the trust maker(s). However, revocable trusts can be advantageous to the extent the trust maker(s) transfer property to the trust during lifetime.

Planning Tip: Revocable trusts can be excellent vehicles for disability planning, privacy, and probate avoidance. However, a revocable trust controls only that property affirmatively transferred to the trust. Absent such transfer, a revocable trust may not control disposition of property as the trust maker intends. Also, with revocable trusts and wills, it is important to coordinate property passing pursuant to contract (for example, by beneficiary designation for retirement plans and life insurance).

Estate Plan Basics - $150 each

* Every estate plan should contain, at a minimum, the following documents:

  1. Last Will and Testament: this document details how you want your assets distributed after death. It also names who will be the personal representative of your estate, responsible for managing your estate and distributing your property. This document also names a guardian for minor children. By creating a Will and naming a guardian for your minor children, you can select the person who will give them the best possible care. Without a Will, a court will make all of these decisions for you.
  2. Healthcare Power of Attorney: this document names one or more people who you want to make your healthcare decisions should you not be able to make them yourself. If you become incapacitated and do not have a Healthcare Power of Attorney, your family will have to go to court and get a court order appointing someone to make these decisions for you. Again, you will have no say in who the court appoints.
  3. Financial Power of Attorney: this document names one or more people who you want to manage your finances if you become disabled or incapacitated. Your agent under your Financial Power of Attorney will be able to manage and access your assets and pay your mortgage, hospital bills and any other expenses that may arise. If you need such an agent but do not have a Financial Power of Attorney, the court will pick one for you. It may or may not be someone that you want accessing and managing your money.
  4. Living Will: this document states whether or not you want life prolonging procedures if you are in a persistent vegetative state or irreversible coma. This is the “pull the plug” or “do not resuscitate” document you’ve probably heard about. Without this document, your family could end up like Terri’s, fighting over what they think you would have wanted. Without a Living Will, you will have no input on one of the most important decisions of your life.

Contact Arizona Legal Briefcase

Please contact us for more information regarding our legal form preparation & filing.

© Arizona Legal Briefcase; Brand Management by OneSource4Business
Business License #81276