What is estate planning?

Estate planning is the process of creating a plan to manage your assets and future decisions. It can involve creating a will, setting up trusts, designating beneficiaries, establishing powers of attorney, and more. In Arizona, estate planning involves creating documents that can help make sure your wishes are followed after you pass away. It is important to make sure that these documents are up to date and reflective of your current desires. When it comes to estate planning, there are many different legal documents that can be used. These include a will, which is a document that outlines how your assets will be distributed after your death. Additionally, you can create a trust, which can help protect your assets from being taxed. You can then designate a beneficiary or multiple beneficiaries, which is someone who will receive your assets after you pass away. In addition to a will, powers of attorney are also important. This document allows you to appoint someone else to act on your behalf. This means that if you become unable to make decisions on your own, someone else can take care of your finances and medical decisions. Finally, you can also create an advance directive, which outlines your wishes for medical care if you become terminally ill. Estate planning is an important part of making sure your wishes are followed after you pass away. Making sure that your estate plan is up to date is essential to ensuring that your finances and assets go to those you wish to receive them.

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What is estate planning?

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