Scottsdale Legal Blog

Why are you putting off making your estate plan?

You may procrastinate many things you know you must do, such as starting a diet, going to the doctor or catching up with old friends. There are many reasons why you might put off doing your taxes. It is time-consuming, confusing and the outcome may cost you money. Postponing important activities means increasing the risk that things will go badly or that you will miss your opportunity altogether and it will be too late to complete the task.

Estate planning is like that too. Fewer than 50 percent of adults have a plan in place for the end of their lives, and you may be among them. Sure, you have a lot of good reasons, and you are not alone. Your reasons are likely similar to those of most people in Arizona who still haven't made their plans. However, if something should happen to you before you create an estate plan, you may leave behind confusion and conflict for your family to suffer through.

Do you think your estate plan needs only a will? Think again.

Because estate plans hold such importance, you may find yourself among the many people who fear making mistakes with these plans. Unfortunately, estate planning errors are not uncommon, but with the right information and assistance, you could greatly cut down on the chances of your plans having any major mistakes.

If you have not yet begun the planning process, you may think that creating a will is a good place to start. You are not incorrect in this notion, but you may want to remember that relying solely on a will could be an estate planning mistake in itself. Depending on the exact details of your estate, you may need to utilize additional tools.

Are you hesitating when it comes to choosing an executor?

During many times in your life, you may have had to put another person in charge. While the decision may have been important, you likely also had some sense of ease in knowing that you would be around to step in if needed. Now that you are considering who should be in charge of closing your estate after your demise, you may feel a bit more hesitant to make a decision.

Choosing an executor is a substantial decision that deserves your time, effort and consideration. The tasks involved with probate and closing an estate overall can leave an executor feeling stressed and taxed. Therefore, you will certainly want to make sure that you choose someone who has the necessary skills and personal characteristics to serve the role effectively.

Who pays for the expenses of probate litigation?

When acting as the executor of an estate, you will have many duties to which to attend. In some cases, probate proceedings can move forward relatively easily, but you should also prepare yourself for potential complications. If your loved one had a complex estate with many beneficiaries, it can take time to ensure that you have properly completed every aspect of the process.

In addition to the complexities of the estate itself, you may also have to deal with disputes. Conflict during probate is not uncommon, and disgruntled individuals could give cause for opening estate litigation. As a result, you may need to prepare for court. Of course, resolving these issues can take time and money, and you may wonder how to pay for needed expenses.

Estate planning when your child is an addict

Making an estate plan is something you and your spouse have wanted to do for some time. You may have had definite ideas about how to distribute your assets among your adult children, and it may even be something you prepared for since they were young. However, like many families, you are hesitating, hoping things will get better.

If you have a son or daughter who is addicted to opioids, writing a will to distribute your assets presents a special set of concerns. Unfortunately, you are not alone. Millions of families across all socioeconomic groups have been touched by the opioid crisis leaving parents confused about how to prepare their estates.

Do you know the different types of personal representatives?

Estate planning can seem intimidating. Between the various tools, planning options and appointments, you may wonder what everything means. Feelings of confusion and uncertainty are understandable as you likely do not have a full working knowledge of the laws and details relating to estate planning. Fortunately, various resources exist for obtaining useful information and assistance when it comes to making a plan.

One area in particular that may cause some confusion relates to who will be in charge of your estate after your passing. You may have heard of personal representatives, executors, administrators and trustees, but you may not know whether you need one, any or all of these positions. A breakdown of each term and role may allow you to better understand how the positions could fit into your plans.

Do you need to probate your loved one's estate?

Your loved one died. You are mourning his or her loss, stressed about making funeral arrangements and trying to figure out how to close out his or her estate. There is a lot on your plate and the last thing you want to do is go through the probate process. Did you know, that under the right circumstances, going through probate in Arizona may not be necessary?

At the end of the day, probate does serve a valuable purpose. It is a way to make sure an estate is distributed appropriately and that any concerns with the estate get addressed. Even so, there are two reasons why you can avoid this process completely -- making the closing of the estate much easier on you and your family.

Don't let your estate plan become a relic

When you were in school, you may have planted a time capsule in which you and your classmates placed special items to bury for future generations. You may fondly recall the item you chose to place in the time capsule, or perhaps you can't even remember what it was. Was it your favorite 8-track tape? A picture of you in your coolest bell-bottom jeans? A ticket stub from the first time you saw Star Wars?

Unlike a time capsule, your estate plan should not be buried in the ground for someone else to dig up at a later date. In fact, there are many times when you should review and revise your plan so that it does not become just a piece of useless nostalgia.

Are you concerned an executor is not acting appropriately?

After the passing of a loved one, you may have wondered what would happen to his or her remaining possessions. In most cases, individuals are in charge of ensuring that a person's remaining estate properly closes by carrying out necessary tasks. These tasks may come as part of the legal process known as probate, and a named executor or court-appointed personal representative typically has the responsibility of carrying out these tasks.

Though the deceased individual may have named someone other than you as executor or the court appointed a different person, you may still have concerns when it comes to making sure that the estate is handled with care and proper attention. Therefore, you may wonder what actions an executor can lawfully carry out.

Problems with your estate plan could be a problem for loved ones

Arizona readers of all income levels know that having a strong estate plan is a smart step for everyone. Regardless of the types and value of your assets and savings, an estate plan can save your loved ones from complications in the future, as well as ensure that you get the final say over what happens to your assets. 

However, even having a basic estate plan may not be enough. Not having the appropriate additions, such as a trust, as part of your plan could be problematic, as can certain errors committed during the planning process. There is too much at stake, and you would be wise to have assistance as you work for a plan that meets your needs and suits your objectives. 

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The Law Offices of Mary T. Hone, PLLC
10505 N. 69th Street, Suite 1400
Scottsdale, AZ 85253

Phone: 602-903-7759
Fax: 480-478-0146
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