Developing a succession plan for your family cabin requires long-range planning that involves the whole family. This may seem obvious, but cabin owners should confirm that each child or other prospective new owner has an interest in becoming a cabin owner. After it’s determined that there...
Some assets belong in a trust, but others don’t. We’re going to help you outline what doesn’t belong in a trust and give you a quick breakdown on how revocable living trusts work. After getting your feet wet here, you can dive even further into...
At Phelps LaClair, we are often asked how long it takes for a trust to be distributed. In our experience as a second generation law firm, we know that the general rule is to have the trust distributed within a reasonable time. But what does...
Revocable trusts offer many benefits, including protecting your assets and keeping them out of probate. They also allow you to control and access the assets in the trust as well as make other changes at any point during your lifetime. If you've already set up...
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...
If you have set up a living trust or are considering one, you may need a pour-over will. This failsafe will protect any assets you neglected to add to your living trust. Whether you intentionally left some assets out, or simply forget about them, you...
What happens after the grantor of revocable living trust dies? Phelps LaClair, serving Mesa, Chandler, and Phoenix, has heard this question hundreds of times. In fact, revocable living trust distribution is one of the things written into every trust we design. But if you have...
You’ve begun to set in place a Living Trust that will protect your assets and keep your estate from going through the expense and delay of probate. But there’s one area of your planning that has been causing you a bit of difficulty: you’re struggling...
There are many kinds of trusts, and sorting through which one is right for your estate plan can feel a little like trying to figure out the best car to buy among the more than 240 models available in the United States. Fortunately, there are...
Besides the peace of mind it offers, one of the main advantages of a revocable living trust is the ease of making changes according to your wishes. Amending a revocable trust is a fairly simple process and help from your estate planner will make it...