One cannot overstate the importance of choosing a professional estate executor in Arizona. This individual is critical in carrying out the deceased’s wishes efficiently and legally. Understanding the key benefits will help you make an informed choice to suit your...
Wills And Trusts
Why you need a will if you are single
When most people think about writing a will, they often assume that it's only necessary for married couples with children or for those with significant assets. However, this isn't necessarily true. Even if you are single, there are still important reasons why an...
Avoiding common mistakes when updating your estate plan
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....
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...