Probate is a long and costly process that can take a year or more, and it’s best to avoid it if you can. For a small estate with property valued below a certain threshold, the best way to skip the probate process is to use...
If you are legally married, it’s important to know how your marital status will affect the distribution of your estate. For instance, whether or not your spouse inherits your property depends on which state you live in. Some states consider certain assets to be community...
Have you started working on your estate plan yet? There are many common myths and misconceptions about estate planning that can cause people to make mistakes with their plans, or prevent them from making one at all. If you’ve heard and believed any of these...
Have you ever wondered exactly what it means to be named as the executor of an estate? An executor has many important duties to carry out, and understanding what the executor of an estate has to do can help you make better choices. We put...
Wondering when to start estate planning? It’s a question that pops up from time to time, but in young adult life it can seem unimportant. Many young people consider estate planning the type of task that can gets pushed off for another time...
Hopefully, you’ve already created an estate plan that benefits your spouse or partner as well as any children and grandchildren in your family. But there are some other important family members you may have forgotten to consider when estate planning—your pets. Planning ahead for your...
Choosing the right executor for your will is one of the most important parts of an estate plan. But what happens if you or your executor move to another state? Do you need to draft a new will? Can you have an out-of-state executor? Here’s...
Have you drafted your will yet? If you have one, when was the last time you made an update? Many factors can invalidate a will, such as moving to a new state or changes in state laws. Whether you still need to draft your first...
Whether you’re planning your own estate or settling a loved one’s, it’s important to understand how probate works. At Phelps LaClair, we help Arizona families design successful estate plans and smoothly administer their loved ones’ estates. We put together this guide to formal vs. informal...
Trusts aren’t just for the wealthy, they’re for anyone looking to save their family time and money after they pass away. There are many reasons for creating a trust, from controlling the distribution of your assets to protecting loved ones with disabilities. At Phelps LaClair,...