
What Should I Know About Powers of Attorney?
Are you worried about what might happen to your estate and investments if you become disabled or incapacitated?
Serving Queen Creek, Gilbert, Mesa, San Tan and the entire East Valley
Are you worried about what might happen to your estate and investments if you become disabled or incapacitated?
Either a will or trust can be the foundation of your estate plan. If it’s a trust, it’s usually a revocable living trust.
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.
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.
The term ‘estate planning’ conjures specific ideas about leaving assets to heirs, fighting over Mom’s jewelry and lengthy entanglements with the probate court.
Unless you’re a member of the Addams family, thinking about death probably isn’t your favorite afternoon activity. However, not thinking about it can cause even more pain when death ultimately does come knocking.
A life estate is a form of property ownership that splits control and ownership of a property. The person who creates the life estate for their home and assets is known as the life tenant. Though the tenant retains control of the property, they share ownership during their lifetime with the remainderman, a legal term referring to the estate’s heir.
There is a general consensus that having a last will and testament is important. However, few people realize the necessity of having medical documents in place.
One major misconception is we simply can tell loved ones what we want to happen for the purposes of health or property distribution and family members can ensure that those wishes are followed.
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