Gilbert Arizona Attorney, Lawrence B. Slater

 A will is a document that states what happens to your property when you die. You name a Personal Representative (formerly Executor) to be responsible for your estate. You can nominate a guardian of your minor children. If you make a Trust, you can make the Trust the beneficiary of your assets, so the assets can be distributed by the Trustee.

 Most people have heard that you can avoid probate if you die by putting your property in a Trust.  This is usually accurate, but you must be sure all your property actually is placed into the Trust. This usually involves transferring titles or accounts into the name of the Trust. Some property can be transferred by the will, but you cannot avoid probate if more than $100,000 of real estate or $75,000 of personal property is outside the Trust.

 A Trustee can hold property for minor children and can distribute the property under your directions. Sometimes the property is held until age 25, or even later.  A Trustee can be responsible so that children from blended families all get a fair share of inheritance.  Sometimes, the Trustee is instructed to omit certain beneficiaries, or to give them token payments.

 You usually want to name a successor Trustee in case your first choice is unable or unwilling to serve.

 A Medical Power of Attorney is usually important so you can choose a person to communicate medical decisions on your behalf to your doctors. This may be important if you are not conscious, or have some reason you cannot communicate.

 A General Power of Attorney allows a trusted person to assist with your business transactions. They can pay your bills and write checks and do many other things that need to be done if you are unable to take care of your business.

 A Living Will is usually a document that gives instructions to a trusted person to take you off life support if you are in a persistent vegitative state and you have no prospect of recovering in the doctor's opinion. We usually refer to this as "pulling the plug."

 Many times it is beneficial to set up an LLC as part of your estate plan. Even if you don't operate a business, an LLC is a good vehicle to hold assets and to have them protected from Evil and Predatory creditors. If you own a corporation, a creditor can take your stock; if you own an LLC, a creditor can NOT take your membership interest. The Attorney needs certain information to set up an LLC, and to apply for a Tax ID number with IRS.