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...
There are definitely important things to include in all estate planning: making sure all of your assets are covered, naming beneficiaries, and reducing tax burdens are a few items among that crucial list. But you also want to be aware of what should not be...
DIY, or do-it-yourself, has become a common phrase in modern language. And while a DIY attitude may work well to foster creativity for daily life, when it comes to estate planning, DIY can cause devastating complications—which is the last thing you want your family to...
There’s one crucial step that many people skip after signing their trust document—actually funding the trust. If you forget to complete this step, your assets will remain subject to probate and be vulnerable to creditors after you’re gone. No matter how detailed the instructions you...
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...
When going through the estate planning process, you may encounter words and phrases you’re not familiar with. One of the most misunderstood terms is “power of attorney.” Here at Phelps LaClair, we want our clients to fully understand every aspect of their estate plans. In...
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...
Forming an LLC is a good way to protect your business assets in the event of a lawsuit or bankruptcy. However, if you’re considering creating an LLC, you may be wondering what happens to your ownership interest after you pass away. At Phelps LaClair, we’re...