Arizona Wills, Trusts and Business Succession
The estate planning practice at Margrave Celmins has grown naturally out of our work with closely held companies and family businesses. While it's easy to see how estate planning can help avoid disputes and confusion when a business principal dies or becomes incapacitated, we work with families with a wide range of estate planning needs and objectives. For additional information about our range of practice, contact one of our estate planning lawyers in Scottsdale.
Make sure you have the four basic estate planning instruments in place
There are many ways you can benefit from the basic estate planning documents. While most people know that a last will and testament is the best way to distribute your estate after you're gone, parents of minor children can also use a will to designate their guardian in the event of a catastrophic accident.
You can avoid the need for a guardian yourself through the use of medical and financial powers of attorney. These instruments name trusted persons to manage your health care decisions and financial affairs if you become unable to express your own preferences through illness or injury. The fourth basic instrument is an advance directive to physicians, also known as a living will. This expresses in clear terms the circumstances under which life support should be terminated in case of terminal illness, persistent coma or other extreme medical conditions.
Trusts can address and solve a wide variety of estate planning problems
A trust is a different way of holding property. It separates control over an asset from the benefit of owning it. The intelligent use of trusts can help you minimize estate tax liability, provide for a favorite charity, plan for the next generation of family business management, or assure the financial security of disabled or vulnerable children. We can advise you about charitable remainder trusts, irrevocable life insurance trusts, special needs trusts, revocable living trusts, or many other trust instruments designed to meet very specific estate planning goals.
Some families will benefit as well from community property agreements, postnuptial or premarital agreements, or other documents that can vary the provisions of Arizona law related to the disposition of property upon divorce or death. For more information about our estate planning and probate practice, contact a Margrave Celmins lawyer in Scottsdale.
