Guardianships & Conservatorships
When someone is unable to manage their own affairs, a guardianship and/or conservatorship may be necessary. Guardianship and conservatorship are “protective proceedings,” which, as the term suggests, are intended to protect people who need it.
Trusts are vehicles that allow individuals to create flexible arrangements relating to the management of property. The creator of the trust conveys property to a third party to hold for the benefit of one or more other people.
A will expresses a person’s wishes for how their property will be distributed after death. In Arizona, anyone 18 or older who is of sound mind can create a will.
“Probate” can mean a lot of things. Sometimes it refers to the process of proving the validity of a will. At other times it refers to the court where wills, estates, trust administration, and even guardianships and conservatorships are handled.
Powers of Attorney
Powers of attorney are written authorizations that designate a person to act on behalf of another. Durable powers of attorney are essential parts of any estate plan.
Long Term Care
When we use the phrase “long term care”, we are referring to medical care or personal assistance provided by a caretaker or a facility for a period of weeks, months or longer. A person may need long term care if they are unable to complete activities of daily living.
An estate plan typically includes a will, maybe a trust, and both health care and financial powers of attorney – all documents that should clearly communicate your wishes upon your death. Most people who approach estate planning have some of the following goals: avoiding probate, minimizing taxes, protecting family members, and containing costs.
If you needed medical care and were unable to communicate your wishes, do your loved ones know what you’d want? There are specific documents for that: advance directives.
“Fiduciary” is a broad term that can apply to many different professions (doctors, lawyers, accountants). In our practice, it refers to the person (or entity) who is administering the estate of a decedent or the affairs for a living person who may be incapacitated.
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There are so many different options to consider when either preparing for a transfer of power or executing a financial plan, we’re here to make that process as easy to understand as possible. Come by our office for a cup of coffee, meet our dogs and let’s chat about what we can do for you and your family.