Arizona Business Attorneys Draft Wills and Healthcare Directives
Phoenix lawyers provide essential asset protections services
Every adult should have a last will and testament, a healthcare directive and powers of attorney in place to protect their personal and business interests. Your dependents can suffer severe financial hardship that could have been avoided with the appropriate protections in place. This is why the knowledgeable attorneys at the Law Offices of Donald W. Hudspeth P.C. in Phoenix provide essential estate planning services for our clients. Drawing on decades of legal experience, we draft instruments for your specific needs, so you are covered for any foreseeable issues. Tragedy can strike at any time, but with prudent planning, your business interests and those of the people you care most about will be protected.
Should you have an advance healthcare directive?
An advance healthcare directive, also known as a living will, is a legal instrument that allows people to express their desires when it comes to lifesaving interventions. If you are incapacitated and facing a life-threatening medical emergency, your living will instructs healthcare providers on the types of intervention you have agreed to. For example, if you are relatively healthy, you might decide to allow CPR and defibrillation. However, an elderly person might feel those steps are too extreme and might worry about quality of life after such measures. That person could opt only for medical intervention. The point of a living will is to make sure that you are in charge even when you cannot speak for yourself.
Powers of attorney for incapacitated persons
Another tool our attorneys can provide you is a power of attorney. This instrument transfers authority to act on your behalf to a person you trust. You could execute a healthcare power of attorney, so that a loved one can make medical decisions on your behalf if you become incapacitated. But powers of attorney can also be used for financial matters and personal care.
There are four basic types of power of attorney:
- General — The appointed person, the agent, can perform virtually any act the principal could do for himself, including opening financial accounts and managing personal finances. This power of attorney terminates when the principal is incapacitated, dies or revokes the instrument.
- Durable — This arrangement is similar to the general but endures even if the principal is incapacitated.
- Special or limited — Here, the agent has specific, limited powers. For example, the agent may have power of attorney to sell a piece of real estate but cannot exercise control over the principal’s other assets.
- Springing — This durable power of attorney is executed ahead of a triggering event and then “springs” into effect when a specified event occurs. The triggering event often includes incapacity of the principal.
Arizona residents should have powers of attorney executed for the protection of their business interests and personal assets. An experienced attorney at our firm can show you how.
Last wills and testaments for Arizona residents
If you do not execute a will, you have no control over the disposition of your assets. All of your wealth passes according to the laws of the state of Arizona rather than your wishes. Your business will be treated like any other asset in your estate, and ownership can be divided among several parties, causing chaos when it comes to leadership. But if you execute a will, you can choose which heirs receive your property and assign decision-making authority to the person who is best equipped to manage your estate. If you have an ownership interest in a business, a will can be an essential part of your business succession plan.
Contact a knowledgeable Phoenix business lawyer to discuss wills and healthcare directives
Law Offices of Donald W. Hudspeth P.C. drafts wills, advance healthcare directives and powers of attorney for Arizona residents. A knowledgeable business attorney at our Phoenix firm can explain the advantages for your particular circumstances. Call us at 866-696-2033 or contact us online today.