#Will and estate planning checklist how to#
#Will and estate planning checklist free#

That’s why estate planning is truly an act of grace and love toward yourself and your loved ones, who will need all the help they can get when they’re grieving. Want to donate some of your assets to a specific charity, give your collection of vintage world maps to your niece, or have a specific poem be read at your funeral? A clear will-which is the bedrock of any estate plan-will ensure that your wishes are met. When your loved ones are in the midst of grieving, the last thing you surely want is for them to have to scramble to find important documents, rack up thousands of dollars in lawyer’s and accountant’s fees, and deal with potential conflicts and stress because there’s uncertainty about who receives what assets.Ī comprehensive estate plan also ensures that your wishes will be honoured, even after you’re gone. Signing Requirements (No Statutory Signing Requirement) – While there are no legal signing requirements, individuals are encouraged to sign in the presence of a notary public and two (2) witnesses.Planning your estate is one of the most important things you can do in order to provide for your loved ones after you’re gone.

#Will and estate planning checklist free#

After the principal dies, the Living Trust will avoid probate thus allowing the assets to be distributed to the beneficiaries immediately, free of court supervision.

The principal can nominate themselves or another party to act as trustee and manage the assets during their lifetime. Living Trust (Revocable) – Creates an entity into which the principal can transfer ownership of their assets.

Signing Requirements – Must be signed by the testator and two (2) individuals who witnessed either the principal’s signature or acknowledgment of the signature or acknowledgment of the will.

However, this document does not avoid probate which means there will be a public court proceeding to determine whether the Will is valid and whether any outside parties contest the validity of the document. Execution of a Last Will and Testament is standard practice and is recommended for most estate plans. Last Will and Testament (‘Will’) – This form can be used to nominate beneficiaries and specify the assets each shall receive upon the principal’s death. Depending on the preferences of the individual, they can choose to create a Last Will and Testament, Revocable Living Trust, or a combination of the two. The next step requires that the principal draft a document that lays out how their estate will be divided and distributed after they die.

Demand, Receive, Prosecute, or Defend (for Sums of Money).

The document must be authenticated by the principal’s acknowledgment and an affidavit signed by the witness before a notary public.

Signing Requirements – Must be signed by the principal in the presence of one (1) witness who is not the financial agent, the financial agent’s spouse, the financial agent’s children, or the notary public.The financial agent will have permission to act on the principal’s behalf and execute their financial requests until they regain the ability to do so or the document is revoked.ĭurable (Financial) Power of Attorney – Executing this form allows the principal to choose their financial agent and bestow upon them specific powers with which they can handle the principal’s finances. For this purpose, the principal will need to designate a financial agent by completing a Durable (Financial) Power of Attorney. The steps provided in the checklist below will guide individuals through the estate planning process in Arizona. If estate owners are uncertain of the purpose or execution process of estate planning documents, they may wish to seek legal counsel from a licensed attorney.Īnother important step in preparing an estate is to ensure that the principal’s finances will continue to be managed in the event that their decision-making ability is restricted.

#Will and estate planning checklist how to#

How to Create an Estate Plan in Arizona (6 steps) To ensure that their estate is appropriately distributed following their death, residents will need to complete a Last Will and Testament and/or a Revocable Living Trust.

The appointment of such agents will be achieved through the execution of a Medical Power of Attorney and a Durable (Financial) Power of Attorney. It helps people prepare their estate before death and protect them should they die, become incapacitated, or unable to express their desires. An Arizona estate planning checklist provides a list of documents that allow an individual to give authority to “agents” to manage their finances, medical decisions, and other end-of-life affairs.