Arizona residents with an existing estate plan need to review it regularly and potentially update it. Failing to do this regular review is a common error associated with estate planning, but there are also common mistakes connected to the actual review process....
Wills And Trusts
What to consider when creating an estate plan
Any property left in your Arizona estate may be subject to probate. A quality estate plan may allow you to hold assets outside your estate or otherwise allow your property to avoid probate. Estate planning may also help ensure that your kids are taken care of after...
The basics of ILITs in Arizona
When it comes to estate planning, there are a few different options available to you. One of those options is an irrevocable life insurance trust, or ILIT. This special type of trust has many benefits, including estate and tax savings. What is an irrevocable life...
Gun trusts: What you need to know
If you own a firearm in Arizona, you want to prevent your heirs from facing issues, such as felony charges, when they receive it. The first step is to understand what a gun trust is and how it works in estate planning. For this and more information, keep reading. What...
Reasons for establishing a pet trust
Pet owners love their pets and may want to ensure that their beloved companion receives care during their lifetime and after their death. A pet trust assures that your wishes are in force so that your beloved animal has funded visits to their vet or other necessary...
When a living trust may be needed
Besides wills, trusts can also be part of an estate plan to control assets. Without a will or trust, a person's assets will get divided according to Arizona state law after they pass away. One popular type of trust is the living trust, which has many benefits....
An irrevocable trust may be challenged
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...
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...
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...
Can you protect your digital assets after death?
Most trusts deal with a customary set of assets - real estate, cars, stocks and bonds. In my firm I have placed a special focus on passing on unusual assets and addressing unusual situations. One of these is the Digital Asset Protection Trust. What are digital...