Category Archives: Estate Planning
Single People Have Special Estate Planning Needs
According to U.S. census data, nearly half of American adults are single, but you would never know it from reading estate planning information on the internet. Websites giving estate planning advice seem to assume that virtually everyone is married with children. But single people can and should prepare financially for their retirement, both to foster […]
Arizona Probate Services for Out-of-State Clients
If you’ve been named as an executor by someone in Arizona and you live out of state, you will be faced with probating the estate when that person passes away. You may rightly wonder how you will shoulder that responsibility and whether you will need to spend considerable time here to do so. Fortunately, with […]
Using a Pour-Over Will as a Safety Net in Estate Planning
The principal goal of estate planning is making sure that your assets are managed and distributed according to your wishes once you’re deceased. Your last will and testament is one method of issuing directions for the handling of your estate. However, many people choose to create a living trust, which appoints a trustee to carry […]
Protecting a Beneficiary’s Inheritance with a Spendthrift Trust
Trusts are useful estate planning tools that allow you to control on what terms your assets will be transferred to designated beneficiaries. Trusts can fulfill multiple purposes, and one of them is to care for a child or other relative that you fear might squander their inheritance. By creating a spendthrift trust, you can protect […]
Four Ways to Keep Probate to a Minimum
Making a will is the traditional way of controlling what happens to your property when you die. A will must usually go through probate, a court proceeding that can be lengthy, complicated and expensive. However, not all of your assets need to be part of that process. Depending on how you manage your property, it […]
Is a No-Contest Clause in Your Will or Trust Enforceable?
Wills and trusts should be carefully drafted to express your final wishes clearly and explicitly. But even the most well-prepared documents can be subject to lengthy and costly challenges during probate and other legal proceedings. One way you can try to avoid such disputes is by including in your will or trust a provision that […]
Blended Families Present Estate Planning Challenges
Planning your estate can be complex, and more so if you are part of a blended family, such as one that includes children from prior marriages of you or your spouse. In addition to considering the typical financial ramifications and tax consequences, you must take added measures to ensure you are making adequate legacies for […]
How Joint Ownership of Property Can Simplify or Avoid Probate
Probate is a judicial process by which property that was owned by a decedent is managed and distributed according to terms of the decedent’s last and will and testament or the state intestacy statute. Probate can be lengthy, expensive and subject to pitfalls. However, some assets may be exempt from probate, including those jointly owned […]
The Advantages of Creating a Financial Power of Attorney
A power of attorney is a legal instrument by which one person a gives another person certain authority over their affairs. A financial power of attorney empowers an agent to perform a range of financial activities such as buying, selling, and managing property, entering into contracts, managing stocks, conducting bank transactions and making business decisions. […]
Your Responsibilities If Named as Personal Representative of a Will
The personal representative is the person charged with managing a decedent’s estate. It is a position of trust with important duties that must be faithfully and efficiently carried out. These responsibilities begin with submitting the will for probate. The person named as personal representative in the will must first determine if probate is necessary. If […]
