It’s never too early to start planning your estate, as Phoenix estate planning is important if you are ever hospitalized, disabled or unable to communicate as a result of an illness. If you haven’t started planning your estate, there’s no better time than 2014 to begin your Phoenix estate planning and get your estate in order.
Tip 1 – Plan your estate even if you have few assets
Even if you have few assets you need to consider Phoenix estate planning in 2014 because your financial obligations will need to be handled and whatever assets you do have will need to be properly arranged. Phoenix estate planning is especially important for those who few assets and also have young children.
Tip 2 – Start with the basics
When just starting out you should consider the basic components of the Phoenix estate planning – your will, living will and healthcare power of attorney and life insurance. These are the fundamental parts of the Phoenix estate planning process that will give you a starting point with estate planning. If you have a limited estate this may be all that you need.
Tip 3- You may want to set up trusts and digital estate planning
You may also choose to set up trusts for your assets and you may need to set up a digital estate plan as well during your Phoenix estate planning process. Most Phoenix estate planning professionals recommend that you also set up a financial power of attorney and choose an agent who you trust to make financial decisions on your behalf based on your wishes, such as selling your home or accessing your bank account to distribute funds.
Tip 4 – Choose executors and agents who you really trust
The person who you select as an agent for your financial power of attorney would need to be a trustworthy individual as it would be easy for this position to be abused. Likewise, you will need to choose executors for your will who you can really trust with the position and its responsibility. If you aren’t sure how to plan your will out, it is recommended to work with a Phoenix estate planning professional to get guidance on all of the details and who can help you draft out your basic estate documents.