An estate plan that includes a revocable living trust is an excellent way to protect yourself and your loved ones upon your passing or in the event you are unable to manage your own affairs. As opposed to other estate planning options, a revocable living trust gives you the ability to keep control of and…
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Being named as a successor trustee in someone’s revocable living trust document can be considered a great honor. But with that honor comes responsibility. Whether you were appointed to this role due to someone’s death or incapacity, we are here to assist you with understanding your role in the trust administration process and to offer…
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Create a Will and Other Estate Planning Documents Everybody should have an estate plan, yet over half of all Americans do not have one. Some people might think that since they are not millionaires that estate planning isn’t something they need. Others may know that they need one but just haven’t gotten around to doing…
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Personal representative’s duties are commonly considered, but often misunderstood. This guide will help you understand what a personal representative does and his or her duties (a personal representative is called an executor in some states). Acting as a personal representative can be a time consuming task. It’s a good idea to review this list before…
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I often get asked “how can I use a revocable living trust to avoid probate?” My answer: by properly funding your Revocable Living Trust. A large part of the probate process is transferring title to assets out of the name of the deceased person and into the name of the new owners (the heirs). You…
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How to Do a Will We are often asked how to create a Will. To start, you should look at your state’s requirements for creating a valid Last Will and Testament (otherwise known as a “Will”). While we always recommend working with an experienced estate planning attorney when you create a Will, here is an…
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What Is a Probate?* Probate is a superior court action that is filed when someone passes away. Although the probate court has other jurisdiction (for example, to handle guardianships and conservatorships), when most people think of probate think they think of the process of transferring assets out of the name of the deceased person and…
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We are often asked whether a Will or a Trust is most appropriate for a client’s particular situation. Our answer? It depends on how the client wants their assets passed to their beneficiaries, if they want to avoid probate, the value of their assets, and their desire to create a plan based on their wishes…
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If you want your nonprofit corporation to be exempt from federal taxation and allow donors to deduct their donations on their tax returns, you will need to complete and submit an Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code (IRS Form 1023). Before getting started, you should check to be…
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If you’ve already formed your nonprofit organization, congratulations! You’ve taken the first step in creating a charity or tax exempt organization. However, just because you formed a nonprofit organization doesn’t mean that you will automatically be tax exempt. The IRS has specific requirements that must be followed before it will grant tax exempt status to…
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An Arizona beneficiary deed: what is it and how do I acquire one? A Beneficiary Deed is an easy and inexpensive way to transfer title of real property. Since a person’s real property is usually one of their largest assets, it makes sense to ensure that it goes to the right person or place at…
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Is it absolutely terrible if you don’t have an estate plan? Maybe, maybe not. The problem is that you won’t really know if you needed an estate plan or not until you need an estate plan. In a way, you can think about it like insurance – you don’t need it until you need it.…
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