[Dueller]

DISCLAIMER: I AM NOT LICENSED IN AZ...general info only

Best advice so far is to see an estate planning atty. Most will not charge for an initial consultation. You need to feel comfortable with them. If you don't absolutely understand what they are recommending or if they talk down to you about any proposed action, find siomeone else. Cost depends on the complexity of your financial affairs. Expect to pay between $500-2000. Since your estate is fairly substanrtial, you need to consider tax consequences of what you do as for as disbursements before and afetr your demise. Atty may want to bring in a CPA for safe measure.

Go in with your extensive notes prepared in advance as to what your current and anticipated assets are and what you hope to accomplish and let the atty advise on how to achieve your goals; i.e., trust, living trusts (often recommended but rarrely needed unless we're talking an estate in the mid-high 7 figures), advanced medical directives, living wills, etc, etc..

It may be as simple as a will for you and your wife with language about setting up a trust at your death for the kids and directing who is to be their guardian and/or trustee. You also need to consider what to do if one spouse predeceases the other or if you die in a common disaster. You need to consider contingencies such as a child predeceasing you and children born after your will is executed. You essentially can do whatever you want with your property so long as it doesn't violate such things as the rule against perpetuties (i.e., property has to vest at some definite point in the future). You can direct who is to be the kids guardian and name someone else to be the trustee over their financial affairs. The trust can give as much discretion as you choose or as restrictive as you choose. You can set up an educational trust, a home downpayment trust, a living expense truts or as many as you like...realistically one trust should be fine with enough language to dictate what from that trust can be used for reasonable and necessary living expenses, future disbursements, how it is to be invested, whether only income may be used or whether the principal can be used....essentially it is only limited by your imagination.

A few basic pointers...yes you can direct in your will who is to be the guardian for your children. I would name an alternate guardian in the event the first person of your choice is unwilling/unable to serve. Yes you can direct that a trust be set up for the benefit of your children...the trsutee (and alternate) does not have to be the same person as the guardian if you so choose. You can set up separate trusts for each child or one for all the kids. You can establish the trust noiw or direct hat it be established at your death. The trustee will have to make regular accountings (usually annually) to the court to assure your directives are being followed. The trustee does not have to be a lawyer or banker.

Bottom line is each case is different based on your situation and goals. For example, there are certain vehicles you can use to establish educational funds that have tax advantages to you now even if you don't meet an untimely demise (as if any demise is timely). Ultimately you can achieve just about anything you want. Also keep in mind that if you have life insurance, it passes outside of your estate and is therefor not taxable. Absolutely do not allow any one to advise you to make your estate the benifiary of your life insurance as it becomes taxable.

Weirdest case I ever dealt with was a doctor who dictated if he predeceased his wife his testicles were to be cremated separately and placed in a gold capsule that his wife had to continuously wear on a necklace if she were to continue entitlement to a trust he set up.

In any event its a very good idea to be dealing with this now and when age appropriate keep your kids apprised of the general terms of your wishes.