Serving Queen Creek, Gilbert, Mesa, San Tan and the entire East Valley
The modern blended family has far more needs when it comes to estate planning than a traditional family. Here are some challenges, tips and solutions.
The time to start researching elder care facilities, experts recommend, is before you need one. There are numerous options for elder care, and you don’t want to be caught flat-footed in the event of an unexpected health crisis. Those sudden situations can force you to make a quick decision without the knowledge to make an informed choice.
If you die intestate, this means that you died without a valid will in place.
If you thought that doing your taxes got complicated when you acquired more assets, wait until you try to split them up among multiple children when planning their inheritance.
You cannot name a legal minor as a beneficiary. This applies to almost all legal documents, most notably wills and life insurance policies.
If you die without a will, you die “intestate” and your assets will be distributed according to your state’s law. That could result in a distribution you didn’t intend.
The amount of money required to probate a will can vary by state.
If having assets distributed outright to a beneficiary could cause potential problems, there are several reasons to think about creating a trust.
A formal probate process involves specific, usually straightforward steps. Issues that may arise during the process can lengthen the time it lasts until it is closed by the court.
If a child you’ve added to your deed goes through a divorce, has tax issues, is sued by someone, or must declare bankruptcy, your house could be on the chopping block!
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