Arizona Wills and Trusts: Other Documents



		Other Documents Living Will This document (sometimes confused with the Living Trust) is your directive regarding prolonging (or not prolonging) your life with life-sustaining equipment if you suffer from an irreversible coma, persistent vegetative state or terminal condition with no hope for recovery. You can also authorize organ donation if you choose. Powers of Attorney General Durable Power of Attorney This document is needed by every adult, in addition to a Will or Living Trust. It is a document authorizing someone you designate to act for you should you become incapacitated and not able to manage your own business affairs. NOTE: If you are married, your spouse cannot automatically handle ALL affairs for you. Without this document, if you become incapacitated, someone will be required to go to Court Supervised Guardianship/Conservatorship proceedings, costing from $2,000 to $4,000 initially. Annual reports are required thereafter, costing from $300 to $1000 or more every year. Example: If you become incompetent and your spouse needs to sell the house to move into something smaller or into an apartment, unless your spouse has your Power of Attorney (and/or you have the house in a Trust) he/she cannot sell the house without going to Court and being appointed Guardian and Conservator for you. Healthcare Power of Attorney This document allows you to designate someone to make healthcare decisions for you if you cannot do so for yourself. If you were unconscious and needed surgery or medical procedures, this document is very important. Most doctors and hospitals now ask you upon an initial visit for "healthcare directives". Mental healthcare decisions are also becoming very important. Beneficiary Deed If you do not have a Trust, this Deed allows you to convey an interest in real estate to another party (adult children, siblings, etc.) effective upon your death. It avoids probate. The Beneficiary Deed was approved by the Arizona Legislature in August 2001. It can be an effective tool to convey real estate interests upon your death if you do not have a Trust. However, it does not address other estate planning issues.

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