Estate planning isn’t just for the wealthy or the elderly. For young families in Arizona, it’s a powerful tool to protect your children and secure your financial future. Without a proper plan in place, Arizona law—not you—will decide who cares for your children and how your assets are distributed. Here’s how to take control.
Key Steps in an Arizona Estate Plan for Young Families
1. Create a Will
- Name guardians for your minor children.
- Choose how your assets are distributed.
- Appoint a trusted executor to manage your estate.
2. Establish a Revocable Living Trust
- Bypass Arizona probate and maintain privacy.
- Manage how and when your children inherit.
- Appoint a trustee to oversee the trust.
3. Designate Beneficiaries
- Ensure life insurance, retirement accounts, and financial accounts go to the right people or your trust.
- Set up contingent beneficiaries as backups.
4. Powers of Attorney
- Financial Power of Attorney: Allows someone to manage your financial affairs if you’re incapacitated.
- Healthcare Power of Attorney: Authorizes someone to make medical decisions for you.
5. Living Will / Advance Directive
- Clearly express your preferences for life-sustaining treatment and end-of-life care.
6. Plan for Life Insurance
- Choose adequate coverage to support your family’s needs.
- Coordinate policy payouts with your estate plan or trust.
7. Properly Title Your Assets
- Use joint tenancy with right of survivorship or payable-on-death (POD) designations to streamline transfers.
8. Regularly Review and Update
- Update your estate plan after life events such as births, marriages, home purchases, or income changes.
Estate Planning Checklist for Arizona Parents
- Create a Last Will and Testament
- Appoint Guardians for Minor Children
- Set Up a Revocable Living Trust
- Designate Beneficiaries (Primary and Contingent)
- Execute Durable and Healthcare Powers of Attorney
- Create a Living Will / Advance Directive
- Review and Purchase Life Insurance
- Retitle Assets with POD/TOD Designations
- Schedule Estate Plan Review Every 3–5 Years
Protect Your Family with Help from Larson Law Office
At Larson Law Office, we make estate planning simple, stress-free, and customized for Arizona families. Whether you’re just starting your family or planning for the long term, we’ll guide you through every step and help you protect what matters most.
Call us today at 480-459-6080
Or book your consultation online at www.larsonlawaz.com/book-a-call
