Make Sure Your Final Wishes Are Known
Connect with an estate planning attorney in Phoenix, AZ and the Greater Valley Area
You worked hard to build your estate, and you probably know how you'd like your assets to be divided after you pass. You can put everything in writing when you work with Hilltop Law Firm in Phoenix, AZ or any of the surrounding areas.
Our estate planning attorney will discuss your needs and draft all of the necessary documents. You can also count on us to update your existing documents. If you need help with the trust or will creation process, set up a free virtual consultation with us right away.
Arizona Estate Planning Lawyer
Experienced in estate planning, wills and trusts, Hilltop Law Firm offers several comprehensive solutions that allow our clients to choose the best option for their needs. Cy Hainey and his team are experts in assisting their clients with estate planning that meets their goals and their budget. They are fully equipped to assist folks in any situation with preparing for the financial futures of their loved ones.
Age Requirements When Making Your Last Will and Testament
To create a valid will, the individual creating the will must be at least 18 years old and of sound mind. The individual who has created the will and signed off on the final draft must be able to comprehend the extent of their property and be aware of who his or her heirs are. The individual creating the will must also comprehend that by executing a will, he or she is giving clear and direct instructions on who inherits what upon his or her death.
Requirements Of Valid Witnesses To Wills (Ariz. Rev. Stat. § 14-2505)
A witness to a will must also be mentally competent. Generally, lawyers recommend that witnesses not be named as a beneficiary in the will. This demonstrates that the witness is a disinterested person not seeking personal gain as a beneficiary of the will. However, if the witness is a beneficiary of the will, that does not invalidate the will.
Administering a Trust May Be Easier Than Probate
Although a trust requires administration, a trust will streamline the process of transferring an estate after you pass while avoiding a lengthy and potentially costly period of probate. Call Hilltop Law Firm to see if a will or a trust would be better for you.
Negligence By Representatives & Trustees
Unfortunately, it is quite common for representatives or trustees to jeopardize the trust by failing to properly administer the estate. Sometimes this is not an oversight by the representative or trustee; it may be done intentionally if they benefit from leaving estate assets unsold for extended periods after the decedent's death.
Revocable Living Trusts Provide Expanded Control
In the interest of expanding control over how or when beneficiaries claim their portion of assets. A revocable living trust allows for stipulations to be applied giving these directions.
The author of the trust can direct the trustee to wait until specific time frames or benchmarks have been met before distributing the assets to beneficiaries. Often, holders of trusts direct that their beneficiaries only receive income made from investments, maintaining the principal value of the trust for future family members.
Key Benefits of Establishing an IRA Trust
Some of the benefits to establishing an IRA Trust are
- Larger Inheritances for Beneficiaries Through Income Tax Deferral
- National Asset Protection on inheritance from judgements, creditors, bankruptcy, and ex-spouses
- The holder of the account can establish a contingency plan for all IRA assets if the beneficiary dies prematurely, faces divorce, or has mental incapacity for an extended period.
In an IRA Trust, the account holder maintains control over all IRA investments, choice in beneficiaries, and distributions during their lifetime.
Tackling Future Health Care Costs Through Medicaid Planning Trusts
To maximize savings and prevent assets from being used for health care or nursing home costs, a Medicaid Trust works as a cost saving option. Medicaid Trusts hold the assets of an individual who may ultimately be in a nursing home at some point in the future. In most cases, a properly constructed Medicaid Trust names a child as trustee, though it may also be a friend, relative or independent party.
A Medicaid Trust is the only trust that has exemptions from rules on trusts that jeopardize Medicaid eligibility. To ensure Medicaid does not disqualify any assets included in a Medicaid Trust, the assets must be transferred into the trust at a minimum of five years prior to going into the care of a nursing home or seeking long-term care.
Charitable Trusts Provide For Your Family While Giving To Charity
This allows a donor to set aside assets for one or more charities. Charitable Trusts come in two types, Charitable Remainder Trusts and Charitable Lead Trusts. They are considered split-interest trusts because assets are divided between a charitable beneficiary and a non-charitable beneficiary. The maker of a Charitable Trust has the power to choose either depending on their respective goals regarding estate planning or asset preservation. Both types are similar because the assets are divided between a charity and non-charitable party in either distinction.
Asset Protection Trusts: Domestic and Offshore
Legally referred to as a Trust Deed, an Asset Protection Trust allows the value of an item to be held by one or more trustees. Duty-bound to fulfill the intentions of the Trust's settlor, trustees act in a fiduciary role for the beneficiaries of the trust.
An Asset Protection Trust ensures that creditors do not assume possession of any assets held within the trust. Asset Protection Trusts can be established for both domestic and offshore holdings.
Establishing Your Disclaimer Marriage Trust
In the interest of creating flexibility in planning for asset protection for a surviving spouse and ensuring that the assets of the deceased spouse get passed on to the original beneficiaries as intended, Disclaimer (Marriage) Trusts achieve these goals.
A Disclaimer Trust provides the surviving spouse up to 9 months to execute a valid disclaimer, typically prepared by an attorney for the surviving spouse to sign. Despite the grief that naturally occurs during the death of a spouse, this should be done sooner rather than later after their passing. The urgency of getting the disclaimer done comes through the many ways a surviving spouse might make this disclaimer invalid if too much time exists between preparing a valid document. A surviving spouse waives the rights to change any disclaimed benefit or asset in any way until they have been moved into a Disclaimer Bypass Trust. The surviving spouse may also opt to have the assets come to them outright rather than establishing a Disclaimer Bypass Trust.
Disclaimer Trusts have become more popular as a level of uncertainty has risen as to how the Federal Estate Tax Exemption may change in the future.
Enacting Mental Health Care Power of Attorney in Arizona
Often created at the same time as Healthcare Power of Attorney, Mental Health Care Power of Attorney can also be established later under Arizona State Law. A Valid Healthcare Power of Attorney must clearly outline the principal's intentions to pass authority over health care decisions to a specific person.
This declaration must be signed by the principal while free of duress and of sound mind. An adult that has no relationship to the principal and is not involved in the principal's healthcare must bear witness to the signing of these documents.