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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 […]
Why an Advance Directive Should Be Part of Your Estate Planning
Very often, people only use estate planning to control how their property will be disposed of after their deaths. But it’s also advantageous to arrange for making important decisions regarding healthcare and management of assets late in life or when a medical emergency strikes. An advance directive can serve to provide instructions and authorize a […]
What Happens To Your Property If You Don’t Have A Will?
When a decedent has not made a will, they have died “intestate,” meaning their property is subject to distribution to their legal heirs under Arizona state law. The process is similar to estate probate, being carried out by an appointed representative under court supervision. The laws regarding intestate succession determine who are the heirs to […]
Understanding Arizona’s Small-Estate Affidavit Procedure
A small-estate affidavit is a procedure available under Arizona estate law that allows heirs and beneficiaries to bypass the probate process, which can be lengthy and expensive. The procedure is typically carried out by the decedent’s surviving spouse and/or children but can be initiated by anyone claiming to be a legitimate heir at law, whether […]
