Arizona estate planning is key for people of all ages because you never quite know what direction life is going to take you. However, there are more elements to estate planning than many people understand. It isn’t just about drafting a quick and dirty will document and carrying on with daily living. There are several different avenues you can take when you are engaging in long-term planning, including the cultivation of a living will and a family trust. Many people confuse the two, but these are two very different and equally important aspects of estate planning.

A living will is a medical document, often referred to as an advanced directive. This stipulates the action you would like to be taken in the event of a medical emergency that renders you unable to make your own healthcare decisions. With this aspect of Arizona estate planning, you carefully consider the person you would most trust to make medical decisions on your behalf and draft a document stating as such. Many hospitals will now keep this important document on file at the facility, so that if you are ever admitted in an incapacitated state, the staff can access your living will and determine the course of action and the person that will be making decisions on your behalf.

Conversely, a family trust is something much different. This is a type of account used in Arizona estate planning that allows you to funnel your assets into one place. You can then stipulate what you want to happen to those assets upon your passing. Also known as a revocable living trust, you name a trustee to administer the account, who will step in should something happen to you. You must re-title your assets to ensure they are included in the trust, but it is the best form of protection for your assets during the process of Arizona estate planning. The key is to choose a trustee that you know will administer the trust in the way you stipulated without complication and that each assets is properly contained with the confines of this account.

Both forms of planning are key to providing loved ones with peace of mind should something happen to you. After all, this is the crux of Arizona estate planning; the ensure that while your loved ones are grieving, they don’t also have to worry about trying to decipher your wishes.

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