Estate Planning

Estate planning is an important part of your life as it encompasses events that happen both during and after your life. Typical estate planning goals include appointing people to act for you medically and financially during an incapacitation, nominating guardians for dependent children and controlling distributions of an estate.

Documents used during one's lifetime might include:

Medical power of attorney

Mental health care power of attorney

Living Will

Financial power of attorney

Revocable living trust

Documents used after is deceased might include:

While the concepts of power of attorneys and last will and testaments are straightforward, the concept of a trust is often foreign to many people. Unlike a will, which can be thought of as instructions on paper, a trust can be pictured as a box.

The box (trust) takes ownership of the assets and can hold them long after the trust's creator(s) passes. Reasons for holding assets are to:

Control distributions to young beneficiarie
Allow an asset to be used by someone before being distributed to someone else
Protect the privacy of an estate
Avoid probate
Potentially reduce estate taxes.

There are many types of specialty trusts for large estates but the most common type of trust families utilize are either a living trust or testamentary trust. Living trusts are created while the trust's creator is still living as opposed to a testamentary trust, which is created by a last will and testament after the testator (the will's creator) passes. The other major difference between the two trusts is a living trust helps assets avoid probate. A testamentary trust does not help assets avoid probate.

The law offices of Leavell and Rivera, PLC is ready to help you. Call (480) 948-7114 for a consultation.

Financial power of attorney

Mental health care power of attorney

Medical power of attorney

Living Will

Last will and testament

Testamentary trust

Revocable living trust

Special needs trusts

Other types of trusts

Children's Guardians

Probate