Generally speaking, you lose control over any assets that are placed in an irrevocable trust. This is because you are not allowed to serve as the trustee, and the terms of such a document are tough to change. However, it may be possible to challenge the validity of an...
Beth Kruchek Legal Blog
Estate planning with stepchildren in mind
Blended families have become increasingly common in Arizona. When married couples have children from earlier marriages and subsequently have children together, their estate plans should be written in a way to ensure that everyone's interests will be protected so that...
Can step-parents inherit an entire estate?
If someone dies in Arizona and leaves a will behind, their children might feel like they should get priority over their step-parents. Some people leave everything to their new spouses, assuming that they'll divide their estate among their children from previous...
What happens to your debts when you die?
In an ideal situation, when you pass away, your heirs would be able to receive the assets that you want to leave to them without any creditors involving themselves in the process. Unfortunately, ideal situations aren’t always realistic, and some of the debts that you...
How common are pet trusts?
Socially, the emotional bond between pets and their owners can feel like family. It should come as no surprise that more owners in Arizona feel the need to set up trusts to care for their fur babies. This is especially true for individuals who own multiple pets. How...
Are personal belongings part of your estate?
When you’re planning your estate in Arizona, it’s important to include any belongings that you want to pass along to your friends or relatives. Naming all your assets in your will might be time-consuming, but it pays off in the long run. Your assets will be...
Passing a home to kids while housing a surviving romantic partner
Adult children in Arizona sometimes learn that their parent wants to keep a home in the family while also giving their romantic partner a place to live. After hearing your mother or father express this wish, you may have mixed feelings. You naturally worry that an...
Understanding how wills work
Arizona property owners who do not already have an estate plan may want to start thinking about how to pass their property on after they pass away. If a person holds a joint tenancy with a right of survivorship and only one owner dies, the other owner will take full...
Drafting several powers of attorney for simplicity
People in Arizona can write powers of attorney to give others the power to act for them if they become incapacitated and are unable to make important decisions for themselves. In some cases, it might make sense to draft several powers of attorney to grant the...
Do you have a succession plan for your business?
Be more organized, improve your networking and give back to the community are some common resolutions small business owners make year after year. You may be among those who hope to increase your sales and your own business savvy at the same time over the next 12...