Common Questions

Who needs estate planning?

Everyone. Whether the size of your estate is large or small, unless you plan ahead, the legal system will step in and make the decisions for you, and how your assets are distributed will be decided based on state law (intestate succession) and not necessarily how you would have chosen had you put an estate plan in place.

What about while you’re still alive? The person who will make decisions on your behalf when you cannot do so for yourself will again be decided based on state law, and will require court action, unless you plan ahead. Having proper durable powers of attorney and advanced directives/living wills in place will ensure that you are being cared for in the exact manner you desire.

What will happen after my death?

The correct response to this is “it depends.” What do you want to happen? Have you taken the proper measures to ensure that your wishes can and will be followed? Far too many people find themselves in a “now what?” position once their loved one has died, and if the deceased did not follow through with a properly executed estate plan, the already grief-stricken family could quickly find themselves traveling down a complex road of probate court and attorneys’ fees, potentially leaving the estate drained and the heirs receiving a much smaller inheritance than intended.  A properly executed estate plan that takes advantage of the best legal options available to an individual offers the best means to convey a decedent’s estate to the intended beneficiaries with minimal involvement of the legal system.

What is the probate process like?

Probate in Arizona is a court-monitored legal proceeding in which a personal representative is nominated on the estate’s behalf to settle all remaining debt and administer the assets. The very definition of probate is to “prove a will”, so with or without a last will and testament, your estate, depending other variables such as its value at the time of death and/or other titling features associated with your assets, will most likely see the inside of a courtroom. It’s an extremely common misconception that having a will in place will keep a family out of court, when in fact, wills and probate go hand-in-hand.  There are various estate planning strategies available to you that can help avoid having to resort to the Probate Courts may be of interest to you instead.

Should I have my existing plan reviewed?

Because life and laws are ever evolving, it is always sensible to have your estate plan reviewed to make sure your plan is keeping up with changing times. Prior to 2010, it was commonplace for married couples to set up A-B Trusts, which sought to take advantage of both spouses’ estate tax exemptions by creating “sub-trusts,” that required additional and extensive management. With the estate tax exemptions having been increased or otherwise modified, many families are finding these types of trusts no longer provide the benefits and savings they once did and unnecessarily restrictive and are also realizing the pitfalls of administering multiple trusts such as a potential loss of income tax advantages. Our firm has assisted many families in reducing the complexity of and streamlining their existing estate plan, saving them time, money and headaches down the road.

What if my situation feels complex?

There are a number of factors that can make estate planning more complex. While your circumstances may seem exceptional or more involved to you, it is likely that out office has worked with families in similar situations many times before, and will effectively address your concerns without the need for advanced planning. Your work with our office begins in consultation with a licensed attorney. This ensures that all of the nuances that make your situation unique are being thoughtfully considered and accounted for and that your legacy is preserved for your spouse, children, and future generations.