An estate plan, whether simple or complex, allows you to plan for the future of your family, indicate how your assets will be distributed, and make your wishes clear about care at the end of your life. At the Law Offices of James E Holland, PC, we use the depth of our experience in this area to benefit our clients.
It is equally important to be prepared for family emergencies that would require the use of a Medical Power of Attorney and/or the use of a Living Will. These instruments are used in time of crisis and can offer a sense of security and direction in an otherwise tragic event.
Last Will and Testament
A Will is a legal document that makes the courts aware of your plans for your assets and property after your death. A Will would designate guardians for your minor children, if needed. In Arizona, a Will is essential even if you do not consider yourself to be wealthy.
Durable Power of Attorney
A Durable Power of Attorney gives legal power to the person you trust to see that your estate is settled according to your plans. Without these documents, settling your estate can be lengthy, costly and unsettling to your family. To be sure that these vital documents are legally binding, the services of an experienced attorney are highly recommended.
Living Will - Health Care Power of Attorney
Both the Living Will and the Health Care Power of Attorney are legal documents that speak for you in matters of life and death when you cannot speak for yourself. Their purpose is to be sure that your wishes - calmly composed during a period of health and clear judgment - are respected is situations where fear, panic, and emotions may run high. Your Living Will spells out your wishes for medical care, and your Health Care Power of Attorney gives legal power to the person that you trust to see that those wishes are respected. An experienced attorney will assure that these documents are legally sound and ready for use.
Trusts
A Trust details how property is held, transferred, or owned before your death, and provisions can be made to extend these arrangements beyond your death if properly prepared. Different from a Will, a Trust arrangement is private and does not necessarily have to be filed with the court. A Trust may not have to go through probate, and may offer tax advantages for your spouse in the event of your death. An experienced attorney is essential for the success of a Trust document.
Conservatorship and Guardianship
These two legally recognized positions allow an adult to be designated to care for assets, property or children. These positions can be created with Wills and Trusts. They can also be assigned by the court when no arrangements exist, such as assigning guardians for minor children whose parents have died. Whether this position is created or assigned, it is necessary to seek guidance from an experienced attorney that can advise you of the legal rights and responsibilities.
Premarital Agreement
A premarital agreement is a legally binding arrangement between two adults who intend to marry. The purpose is to assure that the division of assets brought into the marriage, as well as specific assets accumulated during the marriage, is pre-arranged in the event of a divorce. This document can be critical to ensure for the care of children from a previous marriage, or when a specific asset, property, or business must be accounted for without the risk of contention. Because of the specific nature of these arrangements, you would be wise to engage the service of an experienced attorney.
