Trusts offer numerous advantages compared to will. They offer you more control over your assets and help your loved ones avoid probate. They even offer enhanced privacy protection. A will, on the other hand, puts your assets through the expensive and lengthy probate process. Since...
Estate planning aims to ensure that your assets are distributed exactly according you your wishes. However, achieving this goal can be complex. “Do you need a trust if you have beneficiaries?” is a common question we get. While naming beneficiaries for your accounts is a...
A revocable living trust is a powerful estate planning tool, but it's only effective as long as you remember to fund it after you set it up. That means retitling your assets or naming the trust as the beneficiary of certain accounts. For instance, putting...
As of the middle of September, 2020, Maricopa County has 710 active COVID-19 cases. 606 of those cases are found in long-term care facilities (166), assisted living facilities (364), and rehab facilities (76). We have long advocated for everyone to have an estate plan that...
Creating a revocable living trust is a crucial step in estate planning. The trust allows you to protect your assets from probate after your death, while still allowing you to access and manage them during your lifetime. However, understanding what happens to a revocable trust...
Over the 4th of July weekend, I came home from a trip to one of my favorite places on earth: Alpine, Arizona. This is where my family has had a cabin since I was 5 years old. The cabin itself doesn’t amount to much, but...
Phelps LaClair is a premier estate planning law firm in the Phoenix Metro area. We are well acquainted with folks who want a solid estate plan. But they also feel an urgency to get it done quickly at this time. We understand that. And we...
aaa Protecting your assets is vital to you. And they face many potential risks during your lifetime, such as: lawsuits, divorce, creditors, or bankruptcy. Some people choose to dissolve a living trust to protect their assets in a divorce. If you’re facing a lawsuit you might be...
People who are single and childless often assume they don’t need estate planning services. While it’s true that estate planning can benefit married couples and people with children, the reality is that estate planning is for everyone. Here’s why estate planning is so important, whether...
Revocable trusts offer many benefits, protecting your assets and keeping them out of probate. They also allow you to control and access the assets in the trust at any point during your lifetime. But in spite of its name, the time when you can amend (or...