Morris Hall, PLLC

Estate Planning Attorneys

MakePayment with multiple options
CALL NOW: 1 (888) 222-1328
  • Home
  • Our Firm
    • About Morris Hall
    • Attorneys
    • Our Team
    • Morris Hall Core Values
    • Communities We Serve
      • Carefree
      • Chandler
      • Flagstaff
      • Mesa
      • Oro Valley
      • Phoenix
      • Prescott
      • Scottsdale
      • Sedona
      • Tucson
    • Career Opportunities
  • Estate Planning Services
    • Advanced Estate Planning
    • Asset Protection
    • Power of Attorney
    • Trust Administration and Probate
    • Wills and Trusts
  • Resources
    • Blog
    • Do I Need an Estate Plan?
    • Elder Law Reports
    • Elder Law Resources
      • Phoenix Elder Law
      • Tucson Elder Law
    • Estate Planning Problems
    • FAQs
    • Probate Resources
      • Probate
      • Flagstaff Probate
      • Phoenix Probate
      • Sedona Probate
      • Tucson Probate
    • Published Books
      • Don’t Go Broke in a Nursing home
      • Tax Free Money for Long-Term Care!
    • Recent Law Changes and Improvements Affecting Arizona
      • Update My Living Trust
    • Reports
    • Videos
    • What to Do When Death Occurs
      • What Not To Do When Someone Dies
      • Who To Contact After A Loved Ones Death
  • Reviews
    • Testimonials
    • Review Us
  • Locations
  • Events
    • Seminars / Webinars
    • Past Webinar Recordings
  • Contact
    • Consultation Policy
    • Contact Us
    • Discounts

When a Will Isn't Enough for Your Estate Plan

July 26, 2018 by Morris Hall, PLLC Leave a Comment

Phoenix estate planning attorneysWhen most people set out to create an estate plan, the first document they execute is a Last Will and Testament.  A Will may act as the foundation of your estate plan in the beginning; however, at some point you may need more than just a Will.  How do you know that your Will is no longer sufficient to handle your growing estate planning needs and goals?  The Phoenix estate planning attorneys at Morris Hall PLLC offer some guidelines to help you decide if it is time to add to your plan.
Last Will and Testament
A Will is a legal document that allows the Testator (the creator of the Will) to make specific and/or general distributions of estate assets to beneficiaries at the time of the Testator’s death. A well drafted Will can distribute the Testator’s entire estate, ensuring that the Testator does not leave anything behind.  A well drafted will is critical because when a decedent dies without a will (referred to as “intestate”), the Arizona intestate succession laws dictate what happens to the decedent’s estate – something you undoubtedly want to avoid.  A Will also allows the Testator to name someone to be the Executor of the estate.  The Executor is the individual responsible for overseeing the administration of the estate following the death of the Testator.  Finally, a Will is the only opportunity to officially nominate a Guardian for your minor children, should a Guardian ever be needed. 
These basic estate planning objectives are typically sufficient to meet the needs of someone early in life.  However, as your estate and family grow, you will likely outgrow this basic estate plan.
When Your Will Is No Longer Enough
As a general rule, your estate assets increase in value and become more complex as you move through the various stages of life.  In addition, if you choose to marry and/or become a parent, you will have additional people you will want to protect and provide for within your estate plan. Consequently, you will likely need to incorporate additional strategies and tools into your plan. The only way to know with certainty that you have outgrown your Will is to consult with your estate planning attorney.  If you think that you have outgrown your Will, please consider the following common indicators that a simple Will is no longer enough:

  • Your assets have increased significantly in value. When your assets increase, the need to protect those assets from creditors, divorce, or an economic downturn increases as well. It may be time to include asset protection strategies in your plan.
  • You marry and/or become a parent. Marriage and parenthood mean you now have additional beneficiaries and additional estate planning concerns.  For example, because your minor children cannot inherit directly from your estate, you will need to set up a trust to protect your child’s inheritance.
  • You need to plan for the possibility of your own incapacity. Once you have a family, you need to ensure they are provided for if you cannot provide for them.  The terms of a Will only apply upon your death.  To protect yourself and your family from the possibility of incapacity, you may want to add a revocable living trust to your estate plan.
  • You want to plan for the high cost of long-term care. Unless you can afford to cover LTC expenses out of pocket, you will need to include Medicaid planning tools and strategies in your estate plan well ahead of time to ensure that you qualify for Medicaid down the road.
  • Your estate’s value now potentially subjects it to gift and estate taxes. By planning ahead you can shelter a considerable amount of your wealth from taxation – something a simple Will cannot do.

For more information, please join us for an upcoming FREE seminar.  If you have additional questions or concerns about adding to your current estate plan, contact the experienced estate planning attorneys at Morris Hall PLLC by calling 888-222-1328 to schedule your appointment today.

  • Author
  • Recent Posts
Morris Hall, PLLC
Morris Hall, PLLC
Company at Morris Hall, PLLC
For more than five decades, Morris Hall has been providing quality estate planning legal services for its clients seeking opportunities to preserve wealth and assets through estate preservation plans.

In fact, estate planning, asset preservation and probate law have been our only areas of practice. We are proud to have helped thousands of individuals of all levels of wealth and assets, people concerned about protecting their families from the devastating legal and financial effects of disability and death.
Morris Hall, PLLC
Latest posts by Morris Hall, PLLC (see all)
  • Why Do I Need an Estate Plan? - March 31, 2023
  • Protecting Your Assets from Marriage and Divorce - March 30, 2023
  • Getting Ready for Retirement: Top 10 Tips - March 29, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

MH logo

Main Office

7600 N 16th St, Ste 105

Phoenix, AZ 85020

Phone: 602-249-1328

Fax: 602-248-2887

Subscribe to Our Newsletter

For a sample Click Here

Offices

Our law firm proudly serves many areas in Arizona. See all of our locations here.

Our law firm proudly serves the state of Arizona.  See all of our locations here.

Toll Free: 888-222-1328

Mon-Thur: 8:00am – 5:00pm
Fri: 8:00am – 4:00pm

  • Linkedin
  • Twitter
  • Facebook
  • Youtube
  • Instagram

Need an Estate Planning Lawyer in Arizona?

Looking for an estate planning attorney near you? We have office locations in Phoenix, Mesa, Chandler, Scottsdale, West Valley, Carefree, Prescott, Sedona, Flagstaff, Tucson, and Oro Valley in Arizona so please visit us at the location that is closest to you.

  • © 2023 American Academy of Estate Planning Attorneys, Inc All rights reserved.
  • Disclaimer