By proper estate planning, the property owner can make good use of his property in the future and at the same time, the family and dependents of the property owner can also get benefits from the assets. The sector of estate planning in Arizona provides a number of option to the property owners. planning in Arizona helps the property owners to plan their estates in a number of manners.
Powers of Attorney in Arizona
This is a popular way of estate planning in Arizona. According to this option, the property owner can offer durable power of attorney to a trusted person who can handle the particular property in his absence. There are a number of powers, related to the property that are provided through this deed. The selected person possesses the right of managing the assets as well as of transferring the assets whenever it becomes necessary. That individual can also create a trust on behalf of the property-owner. Any kind of dealing with the IRS regarding the property can also be carried out by this person.
Will as an Option of Estate Planning in Arizona
Wills are a very common way of estate planning. According to the wills, the property–owner states his plan regarding his property. After the owner’s death, the property is handled according to the written plans in the wills. In case there is no will left behind by the property–owner, the property is divided among the family and the closest relatives.
Forming Trusts in Arizona
This is another way of estate planning in Arizona. According to this, the property owner forms a trust and provides the ownership of the property to the trust. At the same time, the family of the property owner is made the beneficiary and the trusts provide these people with a certain percent of benefit from the properties. At the same time, there are a number trusts that are created for a certain period and after this the property goes to its original owner.
Other Ways of Estate Planning in Arizona
There are some alternative ways of estate planning in Arizona. Life insurance policies, TOD and POD bank accounts, Individual Retirement Accounts and a lot more.
Estate planning in Arizona is provided by a number of companies. Some of these are the following:
NRG – Nirenstein Ruotolo Group
Gallagher & Kennedy, P.A.
Quarles & Brady LLP
Arizona Estate Planning
Last Updated on : 30th July 2013