Although Phoenix estate planning might be one of the last things you want to think about, it should never be put off, and it is important for baby boomers to begin considering their Phoenix estate planning as they reach retirement age. If you are a boomer, 2014 is the perfect time to get your estate in order, and if you haven’t started your Phoenix estate planning process here are some of the first steps you can consider taking.
Write out a will.

Your will is the most important Phoenix estate planning document that you need, and if you haven’t created one yet, you should definitely get that process started. Boomers in particular may have significant assets but have not created a will as they reach their retirement age, which is a major Phoenix estate planning mistake. A will does not take much time to create, and if you aren’t sure how to create one you can meet with a Phoenix estate planning expert who can advise you on how to set it up.
Consider adding trusts to your estate.

Baby boomers should consider adding trusts to their estate, and there are many types of Phoenix estate planning trusts that can be used to control and distribute assets outside of probate court. A revocable living trust is a common type of trust that a baby boomer might consider to transfer their property or assets to beneficiaries outside of probate court, and reduce the chance of a dispute over the asset. Talk to a Phoenix estate planning expert about the types of trusts that might work best for you.
Financial and medical power of attorney.

You need to have a trustworthy person who can manage your financial affairs if you are incapacitated, and although it can be difficult to pick a person for this role, it is particularly important if you happen to have major financial assets. There can be many difficulties that arise if you are incapacitated and your investments or other assets can be jeopardized if you don’t have a proper financial power of attorney in place.
You will also need a medical power of attorney to name a trustworthy person to make medical decision on your behalf, and you can set this document up with your advanced health care directive which gives specific information on the types of treatments that you want.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.

Contact us today by clicking here!