As we go through life, it’s easy to put off things like estate planning. After all, thinking about the future—especially our mortality or the possibility of illness—isn’t exactly fun. But if you’re elderly or facing an illness, it’s a necessity. Making sure your affairs are in order is one of the most important things you can do for yourself and your loved ones. Proper estate planning allows you to protect your assets; control your medical care; and give your family peace of mind. 

Why Estate Planning Matters

Estate planning is more than just creating a will. It’s about making arrangements to manage your assets and healthcare decisions if you can’t do so yourself. Without an estate plan, Arizona state law will determine how to distribute your property after your death. Also, it will assign someone who will make decisions for you if you become incapacitated. However, these decisions might not align with your wishes; hence, adding stress to your loved ones.

In Arizona, there are several tools you can use to plan your estate; especially if you are elderly or facing a serious illness. These tools include:

• wills
• trusts
• powers of attorney
• advance healthcare directives

Each plays a unique role, and using them wisely can ensure your wishes are honored; your assets are protected; and your loved ones are taken care of.

Creating a Will: Your First Step

A will is a legal document that allows you to specify how your assets—like your home, savings, or cherished belongings—will be distributed after you pass away. In Arizona, if you don’t have a will, the state’s intestacy laws (found in A.R.S. §§ 14-2101 to 14-2106) will decide how your property is divided. Typically, your assets will go to your closest relatives, such as your spouse or children. But without a will, the process can be long, complicated, and emotionally draining for your family.

Creating a will is relatively straightforward

1. It must be in writing, signed by you, the testator.
2. You must have at least two people for witnesses (A.R.S. § 14-2502). 
3. You must have a sound mind, meaning you understand what you’re doing and the implications of your decisions.

If you’re elderly or dealing with an illness, it’s wise to consult with an attorney to ensure your will is legally valid and properly reflects your wishes.

Setting Up a Trust for More Control

While a will is a necessary document, it only takes effect after you die. If you’re concerned about managing your assets during your lifetime, especially if you become ill, a trust may be a better option. In Arizona, a revocable living trust can help you avoid probate—a sometimes lengthy and costly court process required to distribute assets. By placing your property into a trust, you can continue to manage it while you’re alive. You can also ensure that it’s passed on according to your wishes after your death.

A major benefit of a trust is that it allows for continuity if you become incapacitated. You can appoint a successor trustee—often a trusted family member or a financial institution—who can manage the assets for you if you’re unable to do so. This is especially helpful for elderly or ill individuals who may face declining health. Moreover, unlike a will, a trust is not a public document, which means the details of your estate remain private.

Protecting Your Health Decisions with Powers of Attorney

Another part of estate planning is preparing for the possibility that you may not be able to make decisions for yourself one day. This is when you might need powers of attorney (POA). In Arizona, there are two main types you should consider: a financial power of attorney and a healthcare power of attorney.

1. Financial Power of Attorney: This document allows you to appoint someone you trust to handle your financial affairs if you become incapacitated. It could involve paying bills, managing bank accounts, or making investment decisions. The laws governing powers of attorney in Arizona can be found under A.R.S. § 14-5501 to 14-5507. Without a financial POA, your family may have to go through a court process. However, obtaining guardianship can be both time-consuming and expensive.
2. Healthcare Power of Attorney: This lets you designate someone to make medical decisions on your behalf if you’re unable to. Arizona law (A.R.S. § 36-3221) allows you to specify your healthcare preferences, including whether you want life-sustaining treatments. Along with a healthcare POA, you may also want to create a living will. This is a document that outlines your wishes regarding end-of-life care. For example, you can state whether you want to be kept on life support if you’re in a terminal condition.

Advance Healthcare Directives

A living will is different from a traditional will. Instead of addressing who gets your property, it specifies your medical treatment preferences if you’re no longer able to communicate. In Arizona, this document is recommended for those with serious illnesses or the elderly. For instance, it allows you to dictate your end-of-life care. You can plan whether you want CPR, a feeding tube, or mechanical ventilation.

Arizona’s laws surrounding living wills can be found in A.R.S. § 36-3261. To create one, consult an attorney to ensure it meets all legal requirements. By having a living will in place, you relieve your loved ones of the burden of making difficult decisions during an emotional time. More importantly, you can ensure your personal beliefs and wishes are respected.

Planning for Long-Term Care

As you age or if you’re facing a chronic illness, you must start thinking about long-term care. The cost of nursing homes, in-home care, or assisted living can quickly drain your savings if you’re unprepared. Fortunately, Arizona has programs like ALTCS (Arizona Long Term Care System), which provides Medicaid coverage for long-term care services for qualifying individuals. However, to be eligible, you must meet specific income and asset limits. Consulting an elder law attorney can help you understand the rules and how to plan so that you can protect your assets while still qualifying for benefits.

Take Action Now to Protect Your Future

Estate planning may seem overwhelming, but it’s one of the most loving things you can do for yourself and your family. If you’re elderly or ill, don’t wait to get started. The sooner you put your plans in place, the more control you’ll have over your future. You’ll also provide peace of mind to those who care about you.

Take the time to meet with an experienced estate planning attorney in Arizona. He can guide you through the process and ensure your documents are legally sound. It’s a small investment of time and resources now that can save your loved ones from confusion, legal battles, and stress.