A durable power of attorney (POA) is a legal document that gives someone you trust the right to make financial and/or medical decisions on your behalf. It's a good safeguard to include in your estate plan, just in case a time comes when you are...
Being named as successor trustee is a big responsibility that comes with legal and fiduciary duties. It means you’re in charge of managing someone’s trust after they pass away or become incapacitated. While it may seem straightforward at first, there are several dangerous mistakes that...
Setting up a trust is often a crucial step in estate planning. Whether they are revocable or irrevocable, trusts are designed to ensure the smooth transfer of assets to their beneficiaries. But what happens when the trust instructions don’t seem to align with the grantor’s...
In our last two blog posts, we introduced several key concepts involved with Long-Term Care. In today’s blog post we’ll finish the 3-part series by highlighting possible solutions for protecting your estate’s assets from the prohibitive costs of Long-Term Care. At Phelps LaClair in Phoenix,...
The easiest and clearest way to leave someone money, possessions, or valuables when you pass away is through choosing a beneficiary. The decision of who to make your beneficiary should be carefully considered and can change with significant life events or legal requirements. Making the...
Estate planning is a strategic step to setting your finances and assets in order prior to incapacitation or death. Life has many unexpected turns along the way, and when we plan for them in advance, it saves time, money, and unnecessary headaches. The estate planning...
Keeping your will up-to-date is very important. Whether you want to add a new family member or new assets to your will, it’s best to make those changes as soon as possible. But even if you meet with your estate planning attorney on a regular basis,...
One of the most important steps in making a will is having it witnessed. Whether your will is typed, handwritten, or electronic, without the signatures of witnesses it will not be legally valid. But you have to be careful who you choose to be your...
Estate planning is a sensitive matter that many people avoid, especially if they’re young. But don’t assume that you won’t have to worry about it until the distant future—adults of all ages can benefit from estate planning. A thorough estate plan ensures financial security and...
Boomers OK, Boomers—it’s time to consider some wisdom from Phelps LaClair! Popular culture would have us believe that life is a never-ending party. As a second generation estate planning law firm serving Chandler, Mesa, Phoenix and Scottsdale, we know that you need an estate plan. Because...