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POWER
OF ATTORNEY
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NO
WILL
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WILL
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LIVING
TRUST
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Physical or Mental Capacity
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Conservatorship may be required. Court decides who
cares for you and your estate.
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State of Arizona decides who
is entitled to residential property.
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You decide who inherits.
Probate required if value of estate above $50,000.00.
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No probate required. Your successor trustee
follows your instructions.
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Upon Death
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Power of attorney expires at death.
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State of Arizona decides who
is entitled to residential property.
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You decide who inherits.
Probate required if value of estate above $50,000.00.
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No probate required. Your successor trustee
follows your instructions.
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Flexibility and Control
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A well-drafted Power of Attorney can avoid a
Conservatorship.
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State of Arizona decides who
is entitled to residential property.
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Will may be contested. Limited flexibility and
control. Children receive entire inheritance at age 18.
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Trust can be changed at any time. Property remains
under your total control even if you become incapacitated.
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Privacy
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A well-drafted Power of Attorney can help maintain
privacy.
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No privacy. Probate
proceedings are a public record.
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No privacy. Probate
proceedings are a public record.
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Privacy maintained. No probate, if properly
funded. Living Trusts are not a public record.
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Minor Child
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A well-drafted Power of Attorney can be used to
control children for up to six (6) months at a time.
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Probate Court appoints a Conservator/Guardian to
care for children and assets.
Child receives entire inheritance at age18.
Ongoing court proceedings until each child reaches 18 are
expensive.
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Probate Court appoints a Conservator/Guardian to
care for children and assets.
Child receives entire inheritance at age18.
Ongoing court proceedings until each child reaches 18 are
expensive.
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Trustee provides funds for child or Heirs
according to your instructions. A Court approves a Guardian to
take care of child, but cannot overrule the selection of your
Trustee and has no control over the assets.
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Estate Taxes
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A well-drafted Power of Attorney can be used to
minimize Estate Taxes.
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No effect.
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No effect.
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Estate Taxes may be reduced or totally eliminated,
if the trust is properly funded and property correctly titled.
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