Sun City Estate Planning Blog

There are many aspects to estate planning, all of which need to be carefully considered. Amongst those is choosing estate executors and trust administrators. These individuals are charged with managing either an individual trust or the estate as a whole, and they carry a fiduciary duty, meaning that their decisions must be in the best interests of the estate and/or trust in question. Therefore, those selected to serve in these roles need to be carefully selected. Also, those who are chosen and those who choose to serve in these capacities need to understand what they are getting themselves into.

There are many tasks an estate executor must take on. First of all, he or she must inventory the estate to account for all assets and debts. This is not as easy as it sounds. Some assets, for example, may be difficult to valuate, meaning that they will need to be subjected to appraisal. Once an inventory is complete, the executor must pay off all estate debts as well as maintain ongoing expenses, such as a house mortgage and utilities. Once debts are paid off, then assets can be distributed in accordance with the estate plan.

On its face, much of estate planning seems pretty self-explanatory and simple. Arizonans can even conduct a quick Internet search or visit their local book store and find a number of do-it-yourself and self-help resources that promise to help make estate planning easy. Although these resources may be helpful in educating you as to the basics of estate planning, in order to make a customized plan that is right for you it is wise to consult with an attorney who has years of experience handling estate planning issues. By doing so, you can decrease the risk of legal issues that could jeopardize the validity of your estate plan which could, in turn, threaten the financial well-being of your estate as well as your heirs and beneficiaries.

For more than 25 years, the Moore Law Firm has been committed to bringing dedicated and reliable representation to our clients. With an eye on reaching desired results, we carefully consult with our clients to identify their goals and how best to reach them. Oftentimes this includes a holistic approach to estate planning, which may mean the creation of a will as well as trusts that ensure that one's estate is distributed in accordance with his or her wishes.

There are many legal tools available to Arizonans who are wanting to engage in estate planning. While many of these tools seem relatively easy to create, and there are even a number of self-help and do-it-yourself resources, these documents can actually raise significant legal issues when improperly handled. This is why it is always advisable to have an experienced legal professional assist in the drafting of these documents. Failing to do so could result in a lot of headache, heartache, time and money.

This is especially true when it comes to wills. Although most wills are found to be legally enforceable, sometimes arguments arise with regard to whether the individual who created the will was of sound mind to do so at the time of signing the document, as well as whether he or she was coerced into signing the document. One way to prevent this is to have witnesses who can testify, if need be, as to the testator's state of mind and the circumstances surrounding the signing of the document.

Although legal professionals like us tend to harp on the importance of estate planning, some individuals fail to take notice until something bad happens to them or their loved ones. Stories about celebrities can be illustrative, too, as is the case of former pop singer Prince. Even though the artist died two years ago, his estate has yet to be distributed to heirs.

The main reason is that Prince died without a will. This has made it difficult for those administering his estate to determine how to distribute the estimated $100 to $300 million in assets. One reason for the delay is merely trying to value the estate. Prince had numerous unreleased works, including a vault that contained recorded informal studio sessions. Should these works be released? If so, when? Should they all be released at the same time? If release is withheld until a later date, how does one place a value on that work considering that markets change, thereby changing the value? These are just a few of the questions that those involved with the estate are struggling with.