What is an Estate Plan and Why Do You Need One?

An estate plan deals with the distribution of your assets, plans for estate and income taxes, and expresses your wishes for health care when you can’t do so yourself.

By a WILL, you deal with the distribution of your property to your heirs and other beneficiaries. You may also appoint a guardian for your minor children, which you can do in no other way. Your executor or personal representative gathers your assets and distributes them according to your wishes.

A TRUST also deals with the distribution of your property but, as a private contract, avoids court supervision known as probate.Your trustee carries out the instructions in your trust as your fiduciary, and places your wishes above her own.

POWERS of ATTORNEY (FINANCIAL and HEALTHCARE) instruct your appointed agent to deal with your health care providers concerning your treatment both during incapacity and at the end of life.

A HIPAA RELEASE AUTHORIZATION allows your health care providers to share your protected health care information with your designated agent(s).

People often delay planning their estate on the mistaken assumption that (i) they don’t have enough property to protect; or (ii) doing so will accelerate their death. Nothing could be further from the truth – failing to plan is planning to fail, so don’t wait to do your estate plan in order to protect yourself and your family. Call Agins Law Firm, PLC at (480) 401-2660 today to schedule a no-cost consultation.