Question: Do you need to update your will when you move to a new state? Answer: Yes, you should update your will when you move. Wills are governed by state law and should be updated to reflect the law in the new state of residence. Wills are a very state specific document. In Arizona,…
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Avoiding Probate with Probate Affidavits Also called a “small estate” affidavit, probate affidavits allow the heirs of a deceased person to collect the decedent’s property without having to open probate. This is also sometimes called the small estate probate exemption. There are two types of probate affidavits – personal property and real property. Personal property is anything…
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Question: I can’t afford the commercial lease for my office. What should I do? Answer: Many business owners are faced with the difficult issue of wanting to break their commercial lease, for any of a host of reasons. And with the increased use by landlords of personal guaranties, breaking a commercial lease can be an…
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When a loved one passes a person may find out that they were named as the deceased individual’s Personal Representative. What does that mean? It mean the person was nominated by the deceased to administer his or her estate after passing. A Personal Representative (called an Executor in other states) has the following duties: Duties…
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Upon the death of a loved one, families face the burdensome task of distributing the property and debts of the deceased. That process—sadly—has the potential to strain familial relationships. With this in mind, Neal Law Firm provides estate planning, including the creation of wills and trusts, in order for individuals to plan ahead and potentially…
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Question: How is an Arizona Beneficiary Deed different from any other Arizona deed? Answer: When most people think of a deed, they think of the typical Warranty Deeds, Special Warranty Deeds or Quit Claim Deeds. As soon as a person signs and records one of these types of deeds (the “grantor”), the legal title of…
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Question: I want to form an Arizona LLC. I know I need to file articles of organization with the Arizona Corporation Commission, but do I need an operating agreement too? What if I am going to be the only member of the LLC? Answer: Every LLC should have one. An operating agreement is one of…
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When reading over an estate plan, terms such as per stirpes and per capita distribution often appear. These terms describe different ways to distribute property to heirs after someone passes away. While these terms may seem confusing at first, they are deeply embedded in legal tradition and it is important to understand what they mean as part of…
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Arizona law provides that certain “small estates” may avoid probate by using a small estate probate Affidavit. Recently, the dollar amount of assets that qualify for the exemption increased. Previously, if a decedent owned $50,000 or less in personal property, the decedent’s heirs could use a Small Estate Affidavit for the Collection of Personal Property. …
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Question: I don’t have a Will but I want my spouse and kids to inherit everything. If my spouse and kids will inherit everything anyway, what’s the point of making a Will? Answer: That’s a good question. In certain circumstances, a person’s spouse and kids will inherit everything. However, that may or may not apply…
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Arizona corporation commission nonprofit forms: the good and the bad regarding them. We’re here to keep you covered. Recently, the Arizona Corporation Commission (ACC) released all new forms for entity filings. This includes new forms for nonprofit corporations. Depending on your goals, this could either help you or hurt you. Nonprofit corporations that wish to…
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What is a Homestead? Generally, a homestead is a dwelling including the land and buildings on the land that is occupied by the owner. What is a Homestead Exemption? A homestead exemption is a law that states that a person’s homestead is exempted from seizure or sale for a debt in certain situations. This means…
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