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In the realm of probate avoidance and estate planning, the most common trust is likely a simple probate avoidance trust. There are several types of Revocable Living Trusts, with the three most common being:
Each type of trust serves a distinct purpose and offers different benefits depending on the specific circumstances of an individual or couple's estate.
What Documents Are Needed To Provide Care For Minor Children If Both Parents Become Incapacitated Or Die?
The first step in providing care for minor children is to nominate guardians in your will. By doing this, your personal representative can approach the probate court, file a petition for guardianship over the minor children, and have the individuals you nominated considered as a priority for appointment. While these nominated individuals still have to undergo an investigation to ensure they're suitable, this process offers them a higher likelihood of being chosen, as they were named by the parents.
In cases of parental incapacitation, it may be slightly more complicated. In Arizona, it's possible to grant a power of attorney over a minor child, but this needs to be renewed every six months, thereby avoiding the court process only temporarily. Even in this scenario, it would likely be necessary to establish guardianship.
If a copy of your will is accessible, your desired guardians could still claim "priority of appointment." If this isn't possible, it's advised to make your wishes known to close relatives, like your parents if they're still alive. In Arizona, there's a pre-established hierarchy that lists people who have priority of guardianship in such situations.
What Healthcare-Related Documents Should Be Included In My Estate Plan?
In Arizona, there are three healthcare documents recommended for inclusion in every estate plan:
Medical Power of Attorney: This document allows you to appoint someone to make medical decisions on your behalf when you're incapacitated or unable to make those decisions yourself.
Mental Health Power of Attorney: Arizona distinguishes between medical and mental health issues, thus necessitating a separate document that appoints someone to make decisions in cases of mental health concerns, such as Alzheimer's and dementia. It's common for the same individuals to be appointed in both powers of attorney.
Living Will: This is an end-of-life directive that outlines your wishes in terms of healthcare if you're unable to express them yourself. The doctor is obligated to follow your directives as listed in this document, which ensures that the decisions being made align with your prior wishes.
While Arizona has been progressive in the area of mental health for many years, other states, like California, only added a mental health power to their advanced healthcare directive in 2023.
For more information on Common Trusts Used In An Arizona Estate Plan, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (480) 378-3543 today.