03 Feb Three Estate Planning Forms Everyone Needs
We’ve said it before and we’ll say it again: estate planning is for everyone.
It doesn’t matter how old you are, whether you’re married or single, or whether you have children or don’t. Every adult needs to fill out a few important legal documents that explain what happens next if they should die. We know it isn’t always easy, but taking these legal steps now will make things much easier on your loved ones in the future.
Here are three basic estate planning forms that everyone needs.
1: A Legal Will
The first document you need is a legally valid will. You can use it to name beneficiaries for your assets, guardians for your dependents, and an “executor” who will carry out your instructions.
If you die without a will (or your will is not legally valid) it will be up to the Arizona probate court to decide who inherits your assets or cares for your children. And it’s important to note that the court will only distribute your assets to legal members of your family. Stepchildren, unmarried partners, and close friends do not enter the equation.
2: Beneficiary Designation Forms
Some accounts, like life insurance policies and retirement funds require you to name a beneficiary. But for other accounts, like your checking account or your mutual funds portfolio, you’ll need to request a beneficiary designation form.
Also known as beneficiary deeds, transfer-on-death deeds, or payable-on-death deeds, these simple documents serve a very important purpose: keeping your assets out of probate. They also make it a lot easier to transfer ownership of titled property (like vehicles and houses) to another person after you die.
Beneficiary deeds are commonly used for:
- Bank accounts
- Investment accounts
- Vehicles
- Family homes
3: Healthcare Power of Attorney
The third document you’ll need is Arizona’s healthcare power of attorney form. This document serves several purposes:
- Naming a personal representative or “proxy” who can make medical decisions for you if you’re ever incapacitated.
- Stating your preferences for medical treatments, life support, autopsy, organ donation, etc.
- Expressing your wishes for your funeral, burial, or cremation.
Your healthcare POA will need to be notarized to make it legally valid. It’s also a good idea to consult your primary care physician with any questions about what to include regarding medical care.
Let Us Help You with the Paperwork
Meeting with an estate planning attorney is the best way to make sure you have all your documents in order. They’ll check to make sure that you have all the documents you need, that they accurately represent your wishes, and that they’re legally valid.
At Phelps LaClair, estate planning is all that we do, and we’ve been in practice for over 40 years. Our personalized approach means we consider each client’s situation carefully. To us, there’s no such thing as a “one size fits all” solution.
These three basic documents are really just a starting point, because everyone has different priorities and different relationships. Contact us to set up a free consultation and get the personalized estate planning advice you need.
Images used under creative commons license – commercial use (2/3/26). Photo by Gabrielle Henderson on Unsplash.