planning your estate - physical numerical clock

Estate Plan 3-Year Checkup-Phoenix, AZ

As we age, we all understand the importance of taking time for a yearly medical checkup with our doctor. We also know biannual dental checkups are vital in helping to prevent tooth decay, so our teeth can remain healthy for the duration of our lives. We’d like to point out another crucial checkup essential to financial wellbeing: a 3-year checkup of your estate plan. Why is this particular checkup so critical? Because the nature of time is that things change: tax laws, circumstances, assets, and relationships, just to name a few of the possibilities. At Phelps LaClair, located in Phoenix, Chandler, and Mesa Arizona, our 3-year checkups are part of our free service package. So, why wait? If you have questions about planning your estate, or if you need to schedule that checkup, pick up the phone and give us a call!

Don’t Waste the Effort You Made in Planning Your Estate

Planning your estate is essential for making sure your assets are protected as you grow older: protected for your golden years, and preserved for your beneficiaries after your death. Updating your estate plan is equally as important as planning your estate. An outdated estate plan could cost your family thousands of dollars and result in untold hassles in the event that your paperwork is no longer valid or current. We know you’re busy, but this is one checkup you’ll want to put on your calendar. After all, it’s FREE, so it’s only a matter of taking an hour or so of your time to review your Living Trust with one of our lawyers.

Have there been any divorces or deaths in your family?  If so, names of your beneficiaries may need to be updated to reflect these changes. It’s especially important if you no longer wish a divorced spouse (e.g., the ex-spouse of a son or daughter) to be included as a beneficiary in your Living Trust.

Are there any new assets you’ve acquired which should be “named” to your Living Trust? Without naming assets to your trust (also called funding your trust), after you’re gone or in the event that you’re incapacitated, those assets could end up in probate and be exposed to lawsuits or loss.

Having second thoughts about the person you’ve named as your trustee? Your trustee needs to be responsible, capable of handling your finances, and committed to carrying out your wishes in a timely, efficient manner. If you’re sensing there needs to be a change of trustee—or if you wish to add a trustee—you’ll want to come in for your review.

And what about Tax Laws? Unless you’re a C.P.A. or you’re a numbers person, you may not be aware that tax laws change all too frequently. That means, what worked a few years ago for your estate plan may no longer work. Fortunately, our lawyers at Phelps are qualified in Tax Law, which means we can keep your plan up-to-date and maximize your assets. It’s another reason to make time for that checkup.

Don’t wait 5, 10, or 15 years to come in and update your Living Trust. We’ve seen too many situations where an outdated plan has cost unwanted delay or family division. Our free checkup makes the process as easy as sitting down with us every three years to review your paperwork and to discuss any changes you may wish to make. At Phelps LaClair in the Phoenix Valley, we care about helping you with planning your estate. And for your benefit and the benefit of your heirs, we also understand how important it is to keep your plan current. Is it time for your 3-year review?  Give us a call at (480) 892-2488 and schedule that checkup appointment!


Images used under creative commons license- Commercial use, (6/15/18) Photo by Loic Djim on Unsplash

Next webinar
starting soon
Free Webinar