Loose Law Group
4835 E. Cactus Rd., Suite 145
Scottsdale, AZ 85254
Phone: (602) 971-4800 | Fax: (602) 953-3621
Loose Law Group
What is estate planning? Why is planning your estate important in Scottsdale AZ?
What is estate planning? In the simplest sense, estate planning is the process of making a plan for how you want your estate to be handled after you pass or if you’re incapacitated. Much can go into this planning, but a good first step when embarking on your journey to create an estate plan is to conduct a comprehensive review of your estate’s assets. Your estate is made up of all the property that you own.
A typical estate plan involves the employment of a last will and testament and revocable trust for disposition of assets; health care powers of attorney for health care decisions; and a power of attorney for delegation of financial authority.
These documents are specially designed to help our clients achieve their individual estate planning goals, which often include paying the least amount of taxes and avoiding probate.
A Scottsdale Estate Planning Attorney is not just for the wealthy: everyone should have directives in place. A good estate plan brings peace of mind.
At the heart of estate planning is wealth preservation, family protection, and succession planning. A last will and testament and a revocable trust will result in paying the least amount of estate and gift taxes, avoiding probate, and implementing important health care directives. Our Scottsdale Estate Planning Attorney Team would welcome the opportunity to assist you.
Learn How and Why to Plan Your Estate Now
Our Scottsdale Estate Planning Attorney Team
Laura Biever
Legal Assistant
Kaitlin Yates
Legal Assistant
Business Succession Planning
Deeds for Real Property
Formal Probate
Heath Care Powers of Attorney
Informal Probate
Irrevocable trusts
Last Wills and Testaments
Living Wills
LLC Formation
Operating Agreements
Living Trusts
Revocable Trusts
Statutory Durable Powers of Attorney
Trust Administration
Trust Litigation
Scottsdale Estate Planning FAQ
1. Does it matter that the address of my health care agent may change over time?
Your agent’s address, which appears on the health care directives, doesn’t really matter all that much. In a medical emergency, the doctors likely will phone your designated health care agent at the number shown on the document, not send him or her a letter. If your agent changes their address or phone number, you may wish to update the information on the health care directive by using a sticky note affixed to the document.
2. I have a term life insurance policy. Any adjustments to take into consideration for a trust?
You may consider naming your trust as the beneficiary under the life insurance policy. Then, the life insurance proceeds will be distributed pursuant to the terms of your trust. Alternatively, you may name the beneficiaries individually under your life insurance policy, and they will receive their distributions directly from the life insurance company.
3. Does my son require a bond for being a future trustee?
It is your choice whether you will require a bond for your son to serve as trustee, but most people do not require that a child post a bond to serve as trustee.
4. What do I do regarding assets in my trust that are protected by insurance, e.g., my house. Since it is now incorporated into the trust, do I contact my insurance company to make adjustments to reflect the trust’s name instead of my name.
Yes, you should notify your insurance company to report the change of ownership. The trust likely will be added as an additional insured under your policy.
5. When I die, my oldest son will become the trustee. Is the trust now revocable by him?
Once you pass away, your revocable trust becomes irrevocable and your son will administer the trust as it stands on the date of your death, including any amendments thereto.
6. Does my trust provide liability protection?
A revocable trust, which is the most common type of trust, does not provide liability protection. For liability protection, consider putting your assets into a limited liability company, or creating an irrevocable trust.
7. What are the options for rental property when creating a trust?
You may either put the rental property into the trust, or create an LLC to hold title to the rental property, in which case the trust would own the LLC. The latter provides liability protection, while the former does not.
8. Why create a trust instead of a Will only?
A trust is a way to dispose of assets outside of probate after you die.
An estate plan will secure the future that your loved ones deserve…
Getting prepared for your meeting with your Scottsdale Estate Planning Attorney is easy. The first step is to organize your goals, your important people, and your belongings.
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