Estate Planning
What is an Executor?
An executor is the person named in a will and appointed by the court to oversee the administration of an estate and carry out the terms of the will. In Phoenix, the executor is called the personal representative. What are the Responsibilities of an Executor in Phoenix? If you are named as the executor of…
Read MoreDo I Have a Right to Inherit in Arizona?
In Arizona, spouses and minor children have a certain limited right to inherit regardless of what is written in the will. Read below to learn more about inheritance rights in Phoenix, Arizona. Right to Inherit Laws for Spouses in Arizona Although most couples decide to leave the majority, if not all, of their estate to…
Read MoreEstate Planning After a Divorce
The divorce process is incredibly stressful and overwhelming. With so much on your plate, it is easy to overlook your estate plan. However, revising your estate plan after a divorce is a critical step and involves more than just updating your will. Below are six areas you must address when updating your estate plan after…
Read MoreWhat is Joint Tenancy with Rights of Survivorship (“JTWROS”)?
What is Joint Tenancy with Rights of Survivorship (“JTWROS”)? Joint tenancy with rights of survivorship (JTWROS) is a type of property ownership where two or more people hold property together with equal rights and responsibilities. In Phoenix, joint tenancy is most commonly seen in real estate, but JTWROS can also be used with personal property…
Read MoreBasic Parts of a Last Will and Testament
What are the Essential Components of a Will? A will is an essential document in a comprehensive Phoenix estate plan. In general, it lays out your final wishes. Below is a list of the basic components of a last will and testament. Your will should include a statement that all prior wills are being revoked.…
Read MoreWhat is Parental Power of Attorney
In general terms, the power of attorney is a legal document created to allow you to name a trusted person to temporarily act on your behalf. It empowers that one individual to act as your “agent” to take care of things when you are unable to do so. It is a common and recommended part…
Read MoreA Residuary Clause for Last Will and Testament
When it comes to estate planning, it is important to have a last will and testament that has all the necessary parts. Under Arizona law, a well prepared will usually needs something called a residuary clause. A residuary clause is a part of that last will and testament to pass all other items that a…
Read MoreEstate Planning and Succession Planning
Know the Difference and Plan As Needed In very general terms, estate planning refers to personal assets and succession planning lays out the terms for a business. And while both terms refer to plans intended by the creator once they’ve passed, it’s very important not to equate the two terms. A person does not need…
Read MoreRevocable Trust and Irrevocable Trust
What To Consider With Trust Options When it comes to your estate plan, the trust provides solid options to protect your assets and ensure your beneficiaries receive those assets with limited difficulties. Revocable Trust Revocable trusts work best for people who want to adapt their estate plans in the face of new information and/or situations.…
Read MoreCan My Will Be Challenged in Arizona
Once you have done your will you may wonder is that enough or can my will be challenged in Arizona. A will filed with the state of Arizona can be challenged, but certain requirements have to be met before the challenge can be made. Arizona law states a petition for probate can be filed regarding…
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