People generally create wills to direct how their estate should be distributed after death. Many believe establishing a will requires a personal representative and/or the probate court to abide by the will’s exact terms. It is generally true that a will’s dispositive directions will be followed if … [Read more...] about The Difference Between Probate and Nonprobate Assets and Why It Matters
A trust is a legal entity used to hold legal title to property. Trusts can provide many benefits such as probate avoidance, tax savings, and control over the administration of your property at death. Many people prefer using trusts as an estate planning method because it provides flexibility in the … [Read more...] about Remember to Review Your Beneficiary Designations
Have you ever wondered why a trust is called a trust? I have been asked this question on a few occasions. My answer, although generic as it sounds, is because you are trusting someone with your property. So recently I embarked on a journey to discover the etymology (bonus word of the day – means … [Read more...] about A “Trust”: Means What?
You can integrate your various planning with your estate plan At Morris Hall we focus our legal practice on estate planning to provide the best possible protection for your most important assets – your family. However, to provide our clients with a full-circle of protection, we have financial, … [Read more...] about It’s About Estate Planning…and So Much More
The answer to this question can depend upon the following factors. 1) What is the size of your estate? An estate consists of real property, life insurance, retirement, cash, securities and personal property. In Arizona, a probate will be triggered if you pass away with assets in your name totaling … [Read more...] about Do I need a Revocable Living Trust?
One of the key elements when you utilize a revocable living trust as the centerpiece of your estate plan is the funding of your assets to that trust (funding involves the re-titling of your accounts from your name to the name of the trust). And lately, this is where many of our clients are coming … [Read more...] about Can you outline the rules for “Sports”?
I recently met with a couple who created their trust several years ago in another state. After they moved to Arizona, they knew that they should have the trust reviewed, but they were busy with life and trying to keep up with their grandchildren. Lately, one of their close friends passed away … [Read more...] about Why is it important to have your trust reviewed?
If you are single, your assets titled to your Revocable Living Trust (“trust”) will not be protected from creditor claims while you are alive. Your assets will be subject to claims whether the asset is titled in your individual name or the name of your trust. However, a properly drafted trust would … [Read more...] about Can my creditors make a claim against my assets titled to a Revocable Living Trust?
The world is becoming more and more digital. We listen to music not from CDs, but from MP3 players. We don’t read physical books, instead pulling out our Kindle or Nook to read – carrying a whole library in one device. We purchase movies to download, write our journals online, social network … [Read more...] about Passing On a Digital Legacy – Who Gets Your Ebooks and MP3 Files?
Have you ever felt squeezed by the responsibility of caring for your children while also helping your aging parents? If so, you are part of the new Sandwich Generation—a generation caught in the middle of caring for their own children as well as their aging parents. As the Baby Boomers get older, … [Read more...] about The New Sandwich Generation