Wills are the document everyone thinks of when the subject of estate planning comes up. But a comprehensive plan includes many more documents such as: Financial Power of Attorney, Health Care and Mental Health Care Power of Attorney, Living Will and several more documents. Sometimes it makes sense to include a Revocable Living Trust as part of your plan, too.
If you have these documents, review them to make sure they still express your wishes. And, if you have documents that were created years ago, consider updating them to reflect current laws and language.
Your Will or Trust states how your estate is distributed after you have passed. Most of the other documents in your plan protect you while you are living. They allow you to spell out who you want to act for you and what you want done.
Not having a plan – or having an outdated plan - can cause unintended consequences. So, when you are talking with your family and the subject of your estate plan comes up, will you be able to say you have an updated estate plan? If you aren’t sure that your plan will meet your needs, or if you don’t have a plan, act today to be sure you are prepared.
The benefit will be peace of mind that your wishes will be followed. For preparation of these and other estate documents, contact Janie Stover, AZCLDP at Southern Arizona Wills and Trusts, 520-240-6723.