Estate Plans

A Plan for Every Family

Every client has different needs when it comes to their estate planning.  We want to help you protect yourself and your loved ones and write your legacy while meeting the unique needs of your family and minimizing taxes.  We have multiple flat fee estate plan options to suit your individual needs:

Basic Will-Based Estate Plan

Powers & Neal’s Will-based estate plan is a basic, cost effective flat fee estate plan designed for people who want essential protection for themselves, their family and loved ones. Having a basic plan is critical for everyone, especially families with minor children. Our Will-based plan includes:

A one hour consultation with an Arizona estate planning attorney to discuss your individual needs and design your custom estate plan.

A Last Will & Testament that 1) names a guardian for minor children and a conservator of your minor children’s assets; 2) names who should inherit your assets after passing; and 3) names a personal representative (executor) to administer your estate. Any assets left to a minor child will be distributed directly to the child when he or she reaches age 18.  Please note that probate will likely be required to transfer your assets.

A Health Care and Mental Health Care Power of Attorney in which you designate one or more agents to make medical decisions for you in the event you are unable to make decisions yourself. This document also contains a HIPAA authorization allowing doctors to share your protected health care information with your health care agent(s).

A Durable Power of Attorney in which you designate one or more family members or friends to manage your financial affairs and assets in the event you are ill or injured and unable to manage your finances and assets yourself.

A Living Will that informs medical providers of your end-of-life medical wishes. Specifically, it lets your doctors know your wishes regarding aggressive medical treatment if you are suffering from a terminal condition, irreversible coma or persistent vegetative state.  This may include your wishes to be removed from life support in a terminal situation.

A Personal Property Memorandum that you can use to dispose of your personal property assets (jewelry, art, china, etc.) to the people of your choosing. You can amend your Personal Property Memorandum at any time without having to see a lawyer or create a new Will.  Simply tear up your the old one, print and complete a new one.

Revocable Living Trust Estate Plan

This is the essential plan for families who want to name a guardian for minor children, avoid probate and create a custom distribution plan for heirs.  Powers & Neal’s  trust-based estate plan package includes:

Consultation with an Arizona estate planning attorney to discuss your individual needs and design your estate plan;

A custom Revocable Living Trust which:

Contains an asset distribution plan with customized provisions reflecting long term values and desires;

Names a successor trustee to manage your trust assets in the event you become incapacitated or after passing;

May provide some creditor protection from a beneficiary’s creditors, ex-spouses and other predators as long as the asset remains in the Trust;

May enable the assets of the first spouse to die to become creditor protected;

Ensures that the assets of the first spouse to die are distributed to the person(s) of his or her choosing – regardless of their spouse remarrying;

Ensures that assets are distributed appropriately in blended families – regardless of which spouse passes first;

May contain planning for special needs beneficiaries;

May provide maximum asset protection by disposing of assets over the life of the beneficiary; and

Remains private and avoids probate if properly funded.

A Last Will & Testament called a “Pour-Over Will“, meaning that any assets not held in Trust at your death will be “poured-over” into your Trust.  This Pour-Over Will also accomplishes the other essential functions of a Will like naming a guardian for minor children and choosing a personal representative;

A Personal Property Memorandum which allows you to dispose of sentimental items to the people you choose;

A Durable Power of Attorney in which you name someone to handle your finances, business and other assets in the event of your incapacity;

Health Care Directives including a Health Care and Mental Health Care Power of Attorney, a Living Will and a HIPAA Authorization;

A Certification of Trust containing the important information about your Trust that you can give to the bank or other institutions while keeping your Trust private;

An Assignment of Personal Property to immediately transfer all of your personal property (jewelry, art, china, furniture, etc.) into your Trust;

Detailed Trust Funding Instructions that explain how to transfer the most common types of assets into your Trust;

A hosted estate plan signing conference with two witnesses and a notary, an estate plan portfolio and pdf copies of your signed documents; and

Two years of online document storage, where you can access your estate plan at any time, anywhere in the world.

Complimentary two year review.

Trust Funding Services

Beneficiary Deed

A Beneficiary Deed will immediately transfer your home into your Revocable Living Trust or to those persons designated on the Deed.  This takes the property out of your “probate estate” thereby not requiring probate to transfer the property.  We will prepare a Beneficiary Deed and record it with the appropriate county recorder.

Transferring Company Interests

You may own an LLC or other business interest in your own name.  As part of a comprehensive funding process, your ownership interest in your company needs to be transferred out of your name and into the name of your trust.   We will amend the Articles of Organization, file them with the Arizona Corporation Commission and pay the filing fee, prepare an Assignment of Membership Interest, Resolutions approving the transfer and a new Operating Agreement.

Business Planning

Buy-Sell Agreement

A Buy-Sell Agreement is a company owner’s exit strategy.  At some point, every business owner will ultimately exit their business. Exit can mean many things including company divorce, incapacity or death of an owner or an owner’s retirement.  Everyone who has an interest in a multi-owner business should adopt a Buy-Sell Agreement that creates a process for the purchase or sale of an ownership interest in a company upon the occurrence of a specified event.  A major component of a Buy-Sell Agreement is determining how the purchase price of the departing owner’s ownership interest will be calculated.  If owners have not agreed on a method of valuing company ownership interests, owners or their loved ones can end up in costly litigation fighting about how much their interest in the business should be worth.

Please call Arizona estate planning lawyer  at (480) 699-7992 to discuss your individual needs and desires.  We will help you decide on what type of plan is best for you so we can get started on writing your story.

Learn more about Powers & Neal’s estate planning services.