Arizona Wills & Trusts Blog

Why You May Still Have to Open a Legal Probate Proceeding

Probate is the legal process for recognizing the validity of a person’s will after their death and appointing the nominated decision maker. This person, also known as an executor or personal representative, administers the deceased person’s estate and ensures that their money and property are transferred to the beneficiaries specified in their will. If someone dies without a will, probate is the process by which a court declares who that person’s heirs are and appoints an administrator who will distribute the person’s money and property as required by state law. Because the probate process can sometimes be expensive and lengthy, and the details of the deceased person’s estate may become part of public court records, many people create an estate plan designed to avoid probate by using a revocable living trust. However, there are some circumstances in which a probate proceeding may still be necessary.

A Third Party Refuses to Accept Your Affidavit

Affidavit for small estates. Nearly every state allows smaller estates (the amount depends on the state) to bypass the typical probate proceedings, or at least use a quicker and simpler probate process. In those states, after a certain number of days have passed following a person’s death, the beneficiary of a small estate may submit to a person, bank, or other institution a small estate affidavit stating that they are entitled to the money or property, along with a death certificate. The affidavit is usually required to be notarized, and typically the person or institution to which it is submitted can rely on the affidavit to transfer the money or property to the beneficiary. The person or institution will not be held liable if it is later revealed […]

On the Net2023-02-25T13:04:28-08:00January 27th, 2023|Common Problems, Estate Planning, Probate|

Issues to Consider If You Want to Leave Your Retirement Account to a Minor Child

Your retirement account may be one of the most valuable things you own. Many people consider naming their children as the beneficiaries of these accounts because they think it is a way of easily transferring their wealth if something happens to them. However, there are some factors that make this type of transfer more complicated than you may think, especially if your child is a minor.

Can a Minor Be Named Individually as a Beneficiary?

Yes, you can name your minor child as the beneficiary of your retirement account or as the contingent beneficiary who would receive it if the primary beneficiary you have named on the account dies before you pass away. However, if your child is a minor when you die and they inherit your retirement account, a court may have to appoint a guardian or conservator to handle any money distributed to the child from the account. This will take time and money, and the guardian or conservator the court chooses may not be the person you would have chosen. You can avoid this by proactively naming a conservator or guardian for your minor child in your will.

Under the Setting Every Community Up for Retirement Enhancement (SECURE) Act, most beneficiaries must receive an entire retirement account within ten years of the account owner’s death. However, minor children of an account owner fall into a special category of beneficiaries (called eligible designated beneficiaries or EDBs). Their mandatory ten-year payout period does not begin until they turn twenty-one, meaning the beneficiary must receive an entire inherited retirement account at age thirty-one. In the meantime, however, they are required to take required minimum distributions (RMDs), which will likely be […]

On the Net2023-02-25T12:33:50-08:00January 25th, 2023|Beneficiaries, Common Problems, Estate Planning|

What Is the Effect of an Unrecorded Deed?

A deed is a legal document used to transfer real property ownership rights from one person or entity (the grantor) to another (the grantee). In many cases, this transfer occurs due to the property being sold, with the seller transferring the property to the buyer. Typically, a deed is recorded with the local county recorder of deeds. Recording the deed gives the public notice that the grantee now legally owns the property.

Not recording a deed can cause problems for the grantee. They may be unable to obtain a mortgage, insure the property, or sell it. Even more problematic, an unrecorded deed may make it possible for the grantor to sell the property to a buyer and subsequently sell the same property to a different buyer. This could result in the property being sold out from under the original buyer who failed to record the deed.

Whether this last scenario is legally permissible depends on state laws that determine which party prevails when there are conflicting ownership claims to a property.

Title versus Deed

A deed is a document that confers property ownership rights associated with title to a property. Both the deed and title to the property transfer from the grantor to the grantee when real estate is conveyed. But a title and a deed are not the same thing.

Title refers to a property owner’s legal rights, such as the right of possession, the right of control, and the right of disposition. Title is not a document—it is a legal right of ownership.

The deed, on the other hand, is a physical document that transfers ownership of property from the grantor to a grantee. It […]

On the Net2023-02-25T12:33:02-08:00January 7th, 2023|Common Problems, Estate Planning, FAQ|

Important Milestones You Can Incorporate in Your Estate Plan

Life is full of contingencies. While some outcomes are relatively certain, other events are more difficult to predict. This uncertainty can create estate planning challenges. Because life changes quickly and sometimes unexpectedly, your estate plan needs to be flexible.

You can make changes to your estate plan when you are still alive, but when you pass away, your plan is effectively—but not entirely—set in stone. Incorporating milestones into your estate plan is one way to hedge against the unpredictable future. By creating incentives for particular events, you can continue to exercise your values and provide for your loved ones beyond your lifetime.

Clarifying Your Wishes with If-Then Statements

If-then statements allow outcomes to be determined with conditions. They are found in deductive logic, computer programming, and legal documents, including estate planning documents.

The premise of an if-then statement is simple: if a given criteria is met, then a certain action follows. For example, you might write in your will that, “If my spouse predeceases me, then I leave my house to my oldest son,” or, “If both my spouse and I pass away, then [Person X] will be nominated as guardian of our children.”

Such clauses can help you retain some power over outcomes that would otherwise be out of your control. They can also help you to plan for future contingencies in a way that is not possible with simple declarative statements (e.g., “I leave my house to my spouse.”).

If-then clauses can be combined to account for numerous future possibilities. So, in addition to “If my spouse predeceases me, then I leave my house to my oldest son,” you could specify that “If my son […]

On the Net2023-02-25T12:32:32-08:00December 22nd, 2022|Beneficiaries, Estate Planning, Peace of Mind|

Don’t Let Your Cryptocurrency Give You and Your Loved Ones Nightmares

Although cryptocurrency may be one of the latest investment strategies with great potential, for some individuals and their loved ones, investing in cryptocurrency has not gone as planned. The following stories are each a little different, but they all underline one simple warning: if you own cryptocurrency, you need a plan.

Impact of Volatility on Estate Administration

Matthew Mellon, an investor and businessperson who was a member of two prominent families, the Mellons and the Drexels, died in April 2018.^[1] At the time of his death, his estate was estimated to be worth approximately $200 million. Much of his wealth came from a $2 million investment in the cryptocurrency XRP, managed by the company Ripple.

Mellon died with an outdated will that did not mention his cryptocurrency. It was later discovered that he kept the keys to his cryptocurrency on various devices throughout the country and under other people’s names. Fortunately, his lawyers were able to access his cryptocurrency by working with Ripple. However, it is extremely rare for anyone to be able to access cryptocurrency without a plan.

Because the value of the XRP fluctuated by approximately 30 percent in the weeks after Mellon’s death, it was crucial that the XRP be liquidated quickly to pay his outstanding debts, income tax obligations, and estate tax. However, Mellon had entered into an agreement with Ripple that limited the amount of XRP that could be sold at a given time. This delayed the wrapping up of his affairs. By the end of 2019, his estate was worth less than half of the original value at his time of death because the XRP had lost about two-thirds of its […]

On the Net2023-02-25T12:31:54-08:00December 22nd, 2022|Common Problems, Crypto, Digital Legacy, Estate Planning, FAQ|

Red Flags When Hiring a Professional To Be Your Trustee

When you form a trust as part of your estate plan, one of the most important decisions you will make is who will oversee the trust’s management when you are no longer able to manage it (also known as your successor trustee). Because a trustee’s work may be time-consuming, complicated, and risk liability, many people who create a trust consider naming a professional fiduciary as their trustee. Keep in mind that if you ask your estate planning attorney to serve as your successor trustee, you should ask for a separate engagement letter from the one you sign engaging them to create your estate plan. When looking to hire a professional to serve as your trustee, the following are several red flags you should keep in mind.

Do They Have Adequate Resources?

A professional’s agreement to act as your trustee does not guarantee that they have the resources needed to administer your trust properly. Be proactive about asking questions. Trust administration is an important job, and you should satisfy yourself that the person you appoint as your trustee is well-equipped to fulfill the role. The following are some of the important functions you should ask the professional about:

The professional you hire should have a good system for trust accounting. Trust funds must be held in a separate account that is not commingled with their business’s funds, and there must be a system in place to keep separate records of income and principal, disbursements from the account, receipts, capital transactions, and more. The professional trustee has a duty to provide information to the trust’s beneficiaries, and current income or principal beneficiaries are entitled to a detailed accounting to enable them […]

On the Net2023-02-25T12:31:03-08:00December 21st, 2022|Common Problems, FAQ, Peace of Mind, Trusts|

Important Issues to Address Before You Leave on Vacation

Getting ready to embark on your next great adventure? Before you zip up the last suitcase, here are five issues you need to address to protect yourself and your loved ones.

Do you have a foundational estate plan? Has it been reviewed?

An estate plan is a set of instructions memorialized in legal documents that explains to your trusted decision makers and loved ones your wishes about your care, the care of any dependents, and how your money and property should be handled.

Last will and testament

Depending on your unique situation and needs, you may have a last will and testament (also known as a will) as the foundation of your estate plan. This document allows you to name someone to wind up your affairs (i.e., gather your belongings for safekeeping, create a list of everything you own, pay your outstanding bills and taxes, and give the remainder to the individuals and charities you have chosen). You can also name a guardian for your minor children if you have any. Because a will takes effect only at your death, using a will to outline your wishes will likely still require your loved ones to go through the probate process (a court process that can be expensive, time-consuming, and public) to carry them out.

Revocable living trust

On the other hand, you might have a revocable living trust as the basis of your estate plan. A revocable living trust is an entity that owns your accounts and property. In order for your trust to own your accounts and property, they will either be retitled in the name of your trust (instead of in your sole name) or […]

On the Net2023-02-25T13:05:57-08:00December 15th, 2022|Common Problems, Estate Planning, FAQ, Peace of Mind|

Is a Defect a Good Thing? Intentionally Defective Grantor Trusts in Estate Planning

The notion that your estate plan contains a defect would not normally be welcomed as good news. But despite the moniker, an intentionally defective grantor trust (IDGT) can be an advantageous tool for minimizing estate taxes and maximizing the money and property that are passed on to a spouse, descendants, or other beneficiaries.

The defect in this case refers to trust provisions that make the grantor (the person creating the trust)—not the trust—the trust owner and therefore liable for trust income taxes. By not having annual income taxes come directly out of the trust’s money and property, more value remains for beneficiaries. Further, the appreciation of accounts and property is excluded from the trust owner’s taxable estate.

How an Intentionally Defective Grantor Trust Works

Typically used by wealthy families to preserve intergenerational wealth, IDGTs are a type of irrevocable trust best suited to holding appreciating assets, such as real estate and securities.

These assets are held outside of the grantor’s estate for transfer tax purposes (gift and estate tax), but for federal income tax purposes, they are treated as though they are owned by the grantor. Thus, the grantor pays income tax on the appreciation of the assets placed in the trust, but the appreciation of those assets is excluded from the grantor’s estate, which amounts to a tax-free gift to the trust. In other words, once the assets are placed in the trust, their value is effectively frozen. Any appreciation that occurs does so outside of the grantor’s estate.

The “defective” part of this arrangement is the intentional inclusion of a right of power that results in the grantor being treated as the trust owner from an […]

On the Net2023-02-25T13:06:37-08:00December 7th, 2022|Asset Protection Trusts, Estate Planning, Gifts, Trusts|

Batman: The Masked Philanthropist

Among the superheroes, Batman is unique because he has no superpowers. Although he is trained in the martial arts and possesses a range of high-tech gadgetry that allows him to fight crime, Batman is entirely human. He does not have genetic mutations, X-ray vision, overpowering physical strength, flying ability, genius-level intellect, or any other god-like powers.

But Bruce Wayne does possess something that is key to his moonlighting as Batman: money. As the heir to an enormous fortune, Wayne is one of Gotham’s wealthiest citizens. He is also a major philanthropist who donates money to various causes. While his philanthropy is overshadowed by his masked vigilantism, neither would be possible without the money left to him by his parents.

Carrying on the family legacy means different things to different families. You probably do not want your heirs to follow in the footsteps of Batman—at least when it comes to crime fighting. You might, however, want to inspire them to the philanthropy of Bruce Wayne. If so, your estate plan should be structured in such a way that it gives your loved ones the finances—and the flexibility—to do good on their terms.

Batman’s Birthright

Most superheroes are fated to become who they are due to forces beyond their control. Spiderman and the Incredible Hulk were the unwitting victims of radiation. The X-Men were born with genetic mutations that made them societal outcasts. Captain America received an experimental “super-soldier serum.” And Superman hailed from the alien planet Krypton.

Bruce Wayne developed the ability to overcome powerful foes, but he does so primarily through his personal drive and ingenuity, with an assist from his family fortune, which he inherited at age eight when his parents, Martha and Thomas, were killed. Also instrumental in […]

On the Net2023-02-25T13:07:20-08:00December 5th, 2022|Beneficiaries, Estate Planning, Peace of Mind|

Legal Perils of Gifts and Joint Ownership between Unmarried Couples

Cohabitation without marriage is becoming more common in the United States. Among eighteen- to forty-four-year-olds, the percentage of adults who have lived with an unmarried partner at some point is now higher than the percentage of adults who have been married.

When you live with a romantic partner, it may feel as though you share everything. And to some extent, this may be true, legally speaking. For example, there is a trend toward unmarried couples buying homes together. While this might make economic sense, especially at a time when household budgets are being stretched, it can also create legal complications.

Gifts that are given purely out of affection can create unintended consequences as well. This includes gift taxes and the relinquishing of control over the gift once it is accepted. Your heart might be in the right place, but without understanding gifts and joint ownership, you could be making a decision that you will come to regret.

Unmarried Partners and Cohabitation: A New Norm

Decades ago, it was rare—and even scandalous—for unmarried couples to live together. However, like many aspects of American life, this is changing.

Over the last two decades, the number of unmarried partners living together has almost tripled from 6 million to 17 million.^[1] Among young adults ages eighteen to twenty-four, cohabitation is now more common than living with a spouse.^[2] Among adults ages eighteen to forty-four, 59 percent have cohabitated as compared to 50 percent who have ever been married. Since 2002, the share of U.S. adults who are married is down. Over the same period, the share of adults living with an unmarried partner has more than doubled.

On the Net2023-02-25T13:08:27-08:00November 25th, 2022|Common Problems, Estate Planning, Estate Planning for Singles, FAQ, Gifts|

End of the Six Year Battle Over Prince’s Estate

The Daily Mail published an article that says:

“The legal battle over Prince's estate came to an end on Sunday five years after his untimely death at 57 in 2016. The star's wealth, which totaled $156.4 million, was fought over by a number of that star's potential heirs because the Purple Rain singer did not leave a will. The Internal Revenue Service and Comerica Bank & Trust, the estate's administrator, finally came to an agreement on the valuation after giving wildly different estimations at the beginning.”

On the Net2022-11-16T10:12:21-08:00November 16th, 2022|Estate Fights, Lawsuits, Rich & Famous|

Spousal Lifetime Access Trusts: What You Should Know

No one wants to pay more taxes than they have to. To carry out this objective, many people search for the perfect estate planning tool that will allow them to control as much of their money and property as possible while reducing the amount they or their loved ones will have to pay the government. If you have looked for the tax-saving estate planning tools, chances are you might have come across the spousal lifetime access trust (SLAT). Here are some important things you should know before you settle on this tool as your estate planning solution.

What is a spousal lifetime access trust?

A SLAT is a type of irrevocable trust created by one spouse (trustmaker spouse) for the benefit of the other spouse (beneficiary spouse) that is used to transfer money and property out of the trustmaker spouse’s estate. This strategy allows married couples to take advantage of their lifetime gift and estate tax exclusion amounts by having the trustmaker spouse make sizable, permanent gifts to the SLAT that decrease the value of their estate while maintaining some limited access to the money and property that is gifted for the beneficiary spouse’s benefit.

How does it work?

The trustmaker spouse gifts money or property (of which they are the sole owner) to the SLAT for the benefit of the beneficiary spouse. If the couple resides in a community property state, they will likely need to convert community property into separate property through a partition agreement. The trustmaker spouse reports the gift on a gift tax return. The beneficiary spouse can receive distributions from the trust, from which the trustmaker spouse may also indirectly benefit. Upon the death […]

On the Net2023-02-25T12:34:37-08:00November 15th, 2022|Asset Protection Trusts, Beneficiaries, Estate Planning, FAQ, Peace of Mind, Spousal Lifetime Asset Trusts, Trusts|

The Death of Anne Heche: Lessons for Estate Planning

Anne Heche’s recent accidental death was a shocking reminder of how the everyday can quickly turn into the tragic. While driving through the Mar Vista neighborhood of Los Angeles on August 5, 2022, Heche was involved in a car crash and succumbed to her injuries a week later. The official cause of death was burns and smoke inhalation.

As the media reflects on her legacy as an actress and celebrity, and as some corners of the internet are awash with conspiracy theories around the circumstances of her death, Heche’s situation also provides some tough lessons about the need for estate planning.

Not having a will can place surviving family members in a difficult position and undermine the privacy that public figures try so hard to maintain. An email was presented to the court purporting to appoint her ex, James Tupper, as the administrator of her estate and dividing everything equally among her two children to be given to them at the age of twenty-five.^[1] It has been speculated that this document will not meet the standards of a valid will in California, however, because it was not in Heche’s handwriting, she did not sign it, and there were no witnesses. Rather than Heche’s estate being distributed according to her final wishes, it is now subject to state law and a very long and public probate court proceeding.

Heche’s Legacy

When Heche passed away on August 11 at age fifty-three, it spurred many questions. Was she really involved in three separate car accidents in a span of thirty minutes? Why did her crash into a two-story home cause such a massive fire? How was it possible that it […]

On the Net2023-02-25T12:44:12-08:00November 1st, 2022|Common Problems, Estate Planning, Rich & Famous|

An Introduction to Dynasty Trusts

When people create estate plans, they typically focus on handing down their money and property to their children, grandchildren, and other living heirs. But some people want to leave behind a more enduring legacy. For those interested in multigenerational wealth transfer, a dynasty trust could be the answer.

A dynasty trust is an irrevocable trust that offers the tax minimization and asset protection benefits of other types of trusts, but unlike a trust that ends with outright distributions to your children or grandchildren, a dynasty trust can span more than two generations. Also known as a perpetual trust, a dynasty trust theoretically can last forever—or at least for as long as trust money and property remain. Because the trust could last for many years, and the rules generally cannot be changed once the trust is created, a dynasty trust must be set up with great care.

How Does a Dynasty Trust Work?

A dynasty trust starts the same way as any other trust. The trust’s creator (i.e., the grantor) transfers money and property into the trust, either during their lifetime or at the time of their death, in which case the trust is a testamentary dynasty trust. Regardless, as an irrevocable trust, once the dynasty trust is funded, it is set in stone. It cannot be revoked, and the rules the grantor sets for the trust can only be altered under certain state statutes governing trust modifications.

Who Should Serve as Trustee of a Dynasty Trust?

One role that the grantor must seriously consider is who will act as the trustee. It is common for the grantor of a dynasty trust to name an independent trustee, such as […]

On the Net2023-02-25T13:42:24-08:00October 25th, 2022|Asset Protection Trusts, Beneficiaries, Estate Planning, Trusts|

Will Our Child Have to Handle Multiple Trusts after Our Deaths?

When a married couple creates an estate plan using a revocable living trust, they have the option of creating a single joint trust or two separate individual trusts. While the pros and cons of each are beyond the scope of this article, spouses may choose to create separate trusts for a variety of reasons including the following:

the desire to leave property to different beneficiaries or for greater asset protection from the financial risks of one spouse
the ability to keep inherited or individually owned property separate from jointly acquired property, or
the need for greater flexibility or more certainty with respect to tax planning after the death of the first spouse.

Whatever the reasons for creating separate trusts, when the ultimate beneficiary is the same for both spouses’ trusts (often the couple’s child or children), the question that inevitably arises is whether the beneficiary of these separate trusts will always have multiple trusts to deal with? Keeping track of the property owned and invested by each trust and filing tax returns for multiple trusts can be an administrative headache. The good news is that, in general, if multiple trusts have similar terms and neither the trust agreement nor state law prohibit the consolidation of the trusts, then the trusts can usually be combined into one.

Under section 417 of the Uniform Trust Code (UTC), which has been adopted (either completely or in some form) in thirty-five states and the District of Columbia^[1] as of the date of this writing, a trustee, after giving notice to the qualified beneficiaries, may combine two or more trusts into a single trust, “if the result does not impair rights of […]

On the Net2023-02-25T13:49:21-08:00October 20th, 2022|Asset Protection Trusts, Beneficiaries, Estate Planning, Trusts|

The Pros and Cons of Probate

In estate planning circles, the word “probate” often carries a negative connotation. Indeed, for many people—especially those with valuable accounts and property—financial planners recommend trying to keep accounts and property out of probate whenever possible. That being said, the probate system was ultimately established to protect the deceased’s accounts and property as well as their family, and in some cases, it may even work to an advantage. Let us look briefly at the pros and cons of going through probate.

The Pros

For some situations, especially those in which the deceased person left no will, the system works to make sure all accounts and property are distributed according to state law. Here are some potential advantages of having the probate court involved in wrapping up a deceased person’s affairs:

It provides a trustworthy procedure for redistributing the deceased person’s property if the deceased person did not have a will.
It validates and enforces the intentions of the deceased person if a will exists.
It ensures that taxes and valid debts are paid so there is finality to the deceased person’s affairs rather than an uncertain, lingering feeling for the beneficiaries.
If the deceased person had debt or outstanding bills, probate provides a method for limiting the time in which creditors may file claims, which may result in discharge, reduction, or other beneficial settlement of debts.
Probate can be advantageous for distributing smaller estates in which estate planning was unaffordable.
It allows for third-party oversight by a respected authority figure (judge or clerk), potentially limiting conflicts among loved ones and helping to ensure that everyone is on their best behavior.

The Cons

While probate is intended to work […]

On the Net2023-02-25T13:54:13-08:00October 19th, 2022|Common Problems, Estate Planning, Probate|

What if I Cannot Find a Beneficiary?

When someone has named you as the executor (also known as a personal representative) of their will or the trustee of their trust passes away, you are obligated to distribute that person’s money and property according to the document’s terms to the designated beneficiaries. (For convenience, the roles of executor and trustee will be referred to throughout this article as the general term fiduciary.) Sometimes, perhaps because of a family conflict or just falling out of touch, the whereabouts of a will or trust beneficiary are unknown. What should you, as the fiduciary, do if you cannot locate a beneficiary of the will or trust?

As a fiduciary, you have an obligation to use reasonable diligence to locate a missing beneficiary. What is considered reasonable depends on the circumstances, including what efforts have been made to locate the missing beneficiary and how much money or property is at stake.

At a minimum, a fiduciary should call the last known phone number and send notice of the estate or trust administration to the last known address. If this initial effort yields no results, then the fiduciary should contact known family members or friends for information that may lead to the beneficiary’s location, search social media and people-search sites on the Internet, publish notice in the newspaper, check property records, and otherwise use their best efforts to locate the missing beneficiary.

If the value of property to be distributed to the missing beneficiary is very small, then the fiduciary will likely not be required to spend a lot of the estate or trust’s money to locate the missing beneficiary. If, however, the property value is significant, then the fiduciary may have to […]

On the Net2023-02-25T13:20:13-08:00October 5th, 2022|Beneficiaries, Common Problems, FAQ, Probate|

Three Tips for Overwhelmed Personal Representatives

While it is an honor to be named as a trusted decision maker, also known as a personal representative or personal representative, in a person’s will, it can often be a sobering and daunting responsibility. Being a personal representative requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the accounts and property to which they are entitled. If you are a personal representative who is feeling overwhelmed, here are some tips to lighten the load.

Get help from an experienced attorney.

The caveat to being a personal representative is that once you accept the responsibility, you also accept the liability if something goes wrong. To protect yourself and make sure you are crossing all the “t’s” and dotting all the “i’s,” hire an experienced estate planning attorney now. Having a legal professional in your corner not only helps you avoid pitfalls and blind spots, but it will also give you greater peace of mind during the process. In fact, in some states it is a requirement that a personal representative be represented by competent legal counsel, so it is always a good idea to discuss your responsibilities with an attorney before you take action. It is also important to note that the expense of hiring an attorney does not have to be borne by you. As a personal representative, you are allowed to hire professionals to assist you in carrying out your responsibilities, and they can be paid from the deceased person’s money. This includes professionals such as financial advisers and certified public accountants.

Get organized.

One of the biggest reasons that you […]

On the Net2023-02-25T14:15:28-08:00October 4th, 2022|Common Problems, Estate Planning, FAQ, Probate|

The Unique Estate Planning Needs Of The Unmarried

Forbes says:

“Unmarried people should put a priority on developing the traditional estate planning documents that don’t pertain to disposition of property: the health care proxy (or advance medical directive or living will) and financial power of attorney. Without these documents, when the single person is unable to make medical decisions or take care of financial matters, there might not be someone to make decisions whose authority will be readily recognized.”

On the Net2021-11-02T10:46:36-07:00November 2nd, 2021|Estate Planning, Estate Planning for Singles|