By Harry J. Lenaburg,
Esq.
There are many different tools available
to an individual or married couple to aid in establishing your estate plan. Relatively simple tools, such as simple
wills, powers of attorney, beneficiary deeds, and more complex tools such as
the revocable living trust can be used to pass your estate on to the next
generations.
You can also plan how to pass your estate
through instruments or accounts that provide for the designation of a
beneficiary for the payment of the principal and any accrued interest, such as
life insurance, annuities or other financial and retirement accounts.
In Arizona you have the ability to
designate an account in a financial institution as a “Payable on death” or
“POD” account. In this way you can pass
the account to whomever you might designate as the “POD”, but not have to put
that name on the account, allowing the individual access to the funds therein.
Do not leave your estate plan to
chance. Unfortunately a family death
often causes problems between siblings and other family members. Meeting with an experienced attorney to help
you find the right tools for your particular assets can help things run more
smoothly. Here at the Law Firm of
Jessica M. Cotter we have attorneys who can assist you with your questions, and
help you determine the correct tools for your own personal circumstances.
The Law Firm of Jessica M. Cotter, P.L.L.C.
18301 North 79th Avenue,
Suite F-168
Glendale, Arizona 85308
602-843-3004
Jmcotterlaw.com
Jessica.Cotter@azbar.org
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