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Estate Plan FAQ
- What is a basic estate plan?
- Who needs an estate plan?
- What’s considered an asset?
- How do I determine who receives my assets?
- Is my estate subject to a tax?
- Why should I use the Estate Plan Store®?
- What makes the Estate Plan Store® different from going to my attorney?
- What is a revocable “living” trust?
- What is probate?
What is a basic estate plan?back to top
A basic estate plan has six primary objectives:
- It determines how your assets are managed and distributed once you pass away, and by whom.
- It designates a person to be made guardian of your minor children if you die before they reach adulthood.
- It can reduce the probability of family squabbles over your possessions after you pass away.
- It determines how health care decisions will be made for you in the event of your incapacity, and who has the power to make those decisions.
- It determines who has the authority to make financial and business decisions for you in the event of your incapacity.
- It states your wishes if you have a terminal condition or an irreversible coma or a persistent vegetative state.
A basic estate plan provided by the Estate Plan Store® consists of seven legal documents:
- Last Will and Testament - contains instructions as to how your property and assets will be distributed upon death, and designates a guardian for your minor children.
- Living Will - contains instructions about end-of-life decisions that would be invoked if you have a terminal condition or an irreversible coma or a persistent vegetative state. Without this document, the hospital or government may keep you alive indefinitely, all the while draining your family’s financial resources.
- Springing General Power of Attorney - authorizes another person to manage your financial and business affairs if you become incapacitated. The Estate Plan Store® uses “springing” general power of attorney documents that “spring” into effect only if you become incapacitated.
- Durable Medical Power of Attorney - an authorization to act on your behalf in regards to medical decisions if you are unable to express your wishes.
- Durable Mental Health Care Power of Attorney – helps avoid the need for a civil commitment court proceeding when a person suffers from mental illness and is a danger to him or herself or others. Such a hearing can be expensive, time-consuming and embarrassing.
- HIPAA (Health Insurance Portability and Accountability Act) Authorization – authorizes designated persons the permission to obtain your health information if you become incapacitated. Without this document it is possible that your loved ones may not be able to obtain information about your medical condition if you are unable to communicate.
- Funeral and Burial Instructions – contains instructions as to how you want your body to be treated upon passing.
Who needs an estate plan? back to top
All persons 18 years or older need at least a basic estate plan. Visit why you need an estate plan to learn more.
What’s considered an asset? back to top
An estate plan spells out the management and distribution of all assets that you own in your name alone. An asset is anything that someone possesses of material value. This includes (but is not limited to) real estate, vehicles, art, jewelry, heirlooms, furniture, bank accounts, investments, retirement savings, insurance policies and business interests. Assets typically not covered by an estate plan include life insurance and accounts with beneficiary designations, as well as property held in joint tenancy with right of survivorship.
How do I determine who receives my assets? back to top
This is completely up to you. Many people choose to leave their assets to spouses, children and other loved ones. You can determine who receives what. Charitable organizations are also popular recipients.
Is my estate subject to a tax? back to top
The estate tax was eliminated for 2010. In 2011, estates of $1 million or more will be subject to a tax unless Congress passes an extension. Estates that approach or exceed this mark can save significant estate taxes through proper estate planning.
Why should I use the Estate Plan Store®? back to top
The Estate Plan Store® provides basic seven-part estate plans to Arizona residents that rival the quality of top estate planning law firms, yet for a fraction of the price and in a much shorter timeframe. All legal documents were created by experienced estate planning attorneys. Your specific estate plan will be prepared under the supervision of legal document preparers certified by the Supreme Court of Arizona. Additional services, such as expedited or on-site delivery, are also available.
What makes the Estate Plan Store® different from going to my attorney? back to top
A trusted attorney is valuable in many legal matters, but it’s not always necessary for a basic estate plan. Customers of the Estate Plan Store® receive the same quality estate plans provided by an attorney, but at a much more affordable rate and in a shorter amount of time. All legal documents were created by experienced estate planning attorneys. Your specific estate plan will be prepared under the supervision of legal document preparers certified by the Supreme Court of Arizona. Customers in need of more comprehensive estate plans or trusts will be referred to a qualified attorney.
In addition, the Estate Plan Store® questionnaire can be completed on your own time, from the comfort and privacy of your home. You can start the process online, or you can pick up a hard copy of the questionnaire from the Estate Plan Store®. Questionnaires can also be mailed upon request. Visit How It Works and Estate Plan Add Ons to learn more.
What is a revocable “living” trust? back to top
A revocable trust (sometimes called a “living trust”) is an optional legal document used in conjunction with a will. A trust is a legal entity that controls specified assets for the benefit of another. It is typically used for blended families, persons who own real property or other significant assets in more than one state, and large estates. The primary purposes of a living trust are (1) to avoid probate upon your death, (2) to manage your affairs if you become incapacitated, (3) to help prevent the accidental disinheritance of your intended beneficiaries, (4) and to provide a private administration of your affairs upon your death. The Estate Plan Store® does not provide this service. Customers who require a trust will be referred to a qualified attorney with experience in trusts.
What is probate? back to top
Probate is a court proceeding for determining the validity of and interpretation of a will or, in the absence of a will, determining the rightful heirs of the decedent. Many states, including Arizona, have adopted a standardized set of laws called the Uniform Probate Code, and have established special courts and procedures specifically for estate administration. Proper estate planning can reduce or eliminate the need for probate, or at least reduce the cost of a probate.