Sun City Estate Planning Blog

We've spent a lot of time on this blog discussing some of the pitfalls that can land an estate plan in hot water. Concerns over competency, vague or ambiguous terms and even fraud can all draw the validity of an estate plan into question. Yet, those issues may not be the biggest threat to Arizonans estate plans. Instead, infighting amongst family members could be the biggest cause of derailed estate plans.

A recent survey found that nearly half of accountants, attorneys and trust officers listed internal family conflict as the number one risk to estate plans. One reason for this is because families are becoming more blended and diverse. People divorce and remarry, children are adopted and grandparents are raising grandchildren. These changing familial landscapes can cause an individual to rethink how he or she wants to leave his or her assets, and it may not be in a way that conforms with the law's default or familial expectations.

If you own antiques, they may well become part of your Arizona estate plan. After all, they represent highly valuable assets – or do they? Unfortunately, TV programs like Antiques Roadshow, et al notwithstanding, just because you own something old does not necessarily mean that it is an antique or worth a lot of money.

In all likelihood, many of the things you own are not antiques at all. Definitions matter in the collecting world, particularly the following three:

1. Antique: an object 100 years old or older
2. Vintage: an object 75-100 years old
3. Retro: an object produced or manufactured in the 1950s or 1960s

Our topic of discussion last week on the blog was conservatorships. Although these court-ordered arrangements can prove beneficial, they can leave some individuals feeling uneasy, and for good reason. Fortunately for these individuals, this issue can be completely avoided through careful planning, but it does highlight just how fact-specific and detail-oriented estate planning can be. It also shows how a little-known or little-considered issue can throw an estate plan into a tailspin.

There are a number of these types of issues that, if neglected, can threaten the purpose of an estate plan or its very validity. To avoid these potentially devastating pitfalls, Arizonans need to ensure that their estate plans are well thought out and plan for every conceivable situation. This can be hard to do if your unaccustomed dealing with these matters, which is why many who find themselves in this position choose to seek out assistance from an attorney who is experienced in this area of the law.

When Arizonans engage in estate planning, they often think about how best to protect their assets and ensure that their beneficiaries receive those assets upon the planner's death. In a nutshell, this is the heart of estate planning. However, there are many other issues that can play an important role in estate planning. These matters, when left unaddressed, can leave an individual facing serious financial troubles, but also problems related to his or her own healthcare.

These problems often arise when an individual winds up needing long-term care. Sadly, about 10 million Americans need some sort of long-term care. While some of these individuals will be fortunate enough to have family and friends take care of them free of charge, most will require hired help in one form or another. A home health aide or visiting nurse may be able to provide in-home care and assist with caring for one's self and his or her residence, but others require more extensive care provided by nursing homes.