If you have a large estate or die without a will, your estate will go through probate after you pass. The process of probate can be overwhelming for your loved ones, and create conflict when it comes to distribution. At Phelps LaClair, we help Arizona...
Probate is the legal process of transferring the ownership of a deceased person’s property to their heirs, and it can take a long time to complete. There are many types of assets that are automatically subject to probate unless you place them in a trust. At...
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...
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...
Every estate planning law firm will advise you to avoid probate when and wherever possible. Phelps LaClair is no exception. We tell our potential clients what having an estate go through probate will entail. There will be court costs, legal fees, and time lost in...
You have probably heard over and over again that avoiding probate is a good idea, and that’s because it’s true! If you’re dealing with an estate in probate, you will face court costs, legal fees, and time lost. A slow-moving legal process, probate court cases...
Prince is back in the news again. Early this month, the IRS announced that Prince’s estate was undervalued by $80 million. As you may recall, the probate battle over Prince’s estate has been dragging on since 2016. Every day that passes costs the estate money...
One of the top 10 estate planning mistakes that many people make is having an inadequate plan that will necessitate probate court. Why is probate so negative? It devours time and money that is better invested in the inheritance you leave to your beneficiaries. At...
In some of our recent blog posts at Phelps LaClair we have been writing about celebrities who have died without a will or trust in place. In most cases, the lack of planning comes down to procrastination. But even for folks who do have an...
Aretha Franklin has been in the news this week. She died last August without a will, and her estate of $80 million dollars has been tied up in probate court. It was announced several days ago that as some of her belongings were being moved...