{"id":1004,"date":"2018-01-29T22:54:21","date_gmt":"2018-01-29T22:54:21","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?page_id=1004"},"modified":"2022-08-03T22:59:52","modified_gmt":"2022-08-03T22:59:52","slug":"no-heirs","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/no-heirs\/","title":{"rendered":"Estate Planning With No Heirs"},"content":{"rendered":"
Studies show that a majority of Americans don\u2019t have a will or an estate plan. Whether it\u2019s a matter of procrastination or the perception that an estate plan is unnecessary, the result is the same: too many people die without a will (known as dying intestate<\/a>), leaving the distribution of their estate up to probate court and the state\u2019s intestacy laws.<\/p>\n Intestate succession tends to favor spouses<\/a> and direct descendants<\/a>, so the risk is even greater for people who die without any heirs. It\u2019s imperative that people in this circumstance carefully consider who they\u2019d like to gift assets to, and draft a full estate plan to plan for all contingencies.<\/p>\n If you\u2019re considering making an estate plan and you don\u2019t have a spouse or children, you\u2019ll want to meet with an estate planning attorney to address the following questions:<\/p>\n If you become incapacitated\u2014perhaps due to a coma, mental illness, or senility\u2014you\u2019ll need someone to handle your affairs and make important decisions for you. Absent a spouse and children, most people in this situation turn to a sibling, cousin, or even a close friend for help.<\/p>\n You\u2019re free to choose whomever you\u2019d like, as long as you can trust this person to prudently handle your finances, pay your bills, and ensure you are properly cared for as long as you\u2019re alive. This person (known as an attorney-in-fact) will need special authority to do this. Draft a durable power of attorney<\/a> to give them access to your financial accounts and medical records, and be sure to include any necessary restrictions in the document (e.g. you can give the attorney-in-fact unlimited access to your assets and records, or you can restrict access to bank and brokerage accounts).<\/p>\n\n
What Will Happen if you Become Mentally or Physically Incapacitated?<\/h2>\n