Moore Law Partners PLLCMoore Law Partners PLLC2024-02-27T15:54:56Zhttps://www.moorelawfirm.net/feed/atom/WordPress/wp-content/uploads/sites/1201626/2022/10/cropped-site-32x32.pngOn Behalf of Moore Law Partners PLLChttps://www.moorelawfirm.net/?p=478692024-02-27T15:54:56Z2024-02-27T15:54:56Zpower of attorney lies in its flexibility. You can tailor it to suit your specific needs, choosing what powers to grant and when those powers should take effect. It could be as broad as making all medical decisions for you or as narrow as selling a particular stock.
Medical power of attorney
A medical power of attorney gives someone the ability to make your healthcare decisions. It goes into effect if you're unable to make medical decisions for yourself. By appointing someone you trust as your medical POA, you can ensure they can make decisions that are in your best interests. This authority can cover many decisions, from the types of treatments you receive to end-of-life care options. This ensures your healthcare preferences are heard and respected, even when you can't voice them yourself.
Financial power of attorney
A financial power of attorney allows someone to make decisions about money matters for you. This includes managing assets, paying necessary bills and buying or selling assets. You can name exactly what you want them to take care of on your behalf, so this can be as general or limited as you desire. The person who has the power of attorney for your finances must be able to make decisions based on what’s best for you. They can’t have self-serving tendencies since they’re entrusted with so much.
Communicating with the designees
Discussing your wishes with the individuals who will make these decisions for you is critical. The more information they have about your wishes, the more likely they’ll be to make decisions accordingly.
Remember, the power of attorney designations are only one small part of a comprehensive estate plan. Working with a legal representative who can help you ensure everything is covered is critical.]]>On Behalf of Moore Law Partners PLLChttps://www.moorelawfirm.net/?p=478682024-02-13T14:53:26Z2024-02-13T14:53:26ZAncillary administration in Arizona requires filing in the appropriate county probate court. The goal is to make estate matters as efficient as possible.
Trigger for ancillary administration
Ancillary administration is triggered by real estate or tangible personal property in Arizona belonging to a decedent who lived in another state. If the deceased owned property like homes, land or vehicles in Arizona, their estate must go through this process to be legally transferred to heirs or beneficiaries. By preparing for the potential complexities of probate, property owners can ease the burden on their loved ones, ensuring a smoother transition of assets after they're gone.
Process for ancillary administration
To initiate ancillary administration in Arizona, the executor or personal representative must file a petition in the county where the property is located. A certified copy of the will and the primary probate proceedings from the home state must be filed if applicable. Once the court appoints a local representative, they may gather the Arizona-based assets, pay off any debts and distribute the remaining property according to the will or state intestacy laws if there is no will.
Benefits of ancillary administration
Ancillary administration offers several benefits, including the legal authority to deal with property in Arizona and ensure that assets are distributed according to the decedent's wishes or state law. This dual process helps protect the estate from claims by creditors and ensures that property titles are properly transferred, ultimately safeguarding the interests of all parties involved.
Probate matters can become complex, especially for those handling the process in multiple states. Having a legal representative who can assist with this matter is beneficial to ensure that things are managed in accordance with applicable laws.]]>On Behalf of Moore Law Partners PLLChttps://www.moorelawfirm.net/?p=478662023-12-13T15:56:30Z2023-12-13T15:56:30ZA trustee is a person responsible for managing and distributing the assets held in trust according to the terms laid down by the grantor. That means that the trustee plays a critical role in safeguarding the interests of the trust’s beneficiaries, as well as making certain that the grantor’s wishes are followed.
Should you consider appointing more than one trustee? No law says that you can’t have multiple people in charge of a trust – but that doesn’t necessarily mean it’s a good idea, either.
What can go wrong when you have multiple trustees?
While you can name as many trustees as you want, more trustees simply means there’s an increased potential for problems. Consider these:
Each co-trustee has to read and follow the rules of the trust according to the best of their abilities and their own understanding. If two trustees don’t agree on what that means, that can create a deadlock that stops the beneficiaries from receiving any assets until the dispute is resolved.
Each co-trustee can be held responsible for the other’s breach of their fiduciary duty. That means that they can both be held liable for the other’s poor investment decisions, fraud, self-dealing or other misuses of their power. That can create a lot of hostility between co-trustees, especially if they distrust one another.
Every action taken on behalf of the trust will require two (or more, depending on how many trustees you name) signatures. Coordinating that can become a nightmare if the trustees aren’t both readily available. That could lead to missed opportunities, problems with disbursements and critical lapses in action.
In general, there’s very little benefit to having multiple trustees – but a lot of potential drawbacks.
What can you do instead of naming co-trustees?
Most of the time, the motivation for having co-trustees is to make sure that the trust will continue to operate smoothly even if a trustee is suddenly unable or unwilling to continue serving. There are two potential solutions to this problem. First, you can simply designate successor trustees. They can step in if something happens to the first trustee. Second, you could hire a professional trustee. Professional trustee services can help alleviate numerous concerns, including the worry about what would happen if a private trustee dies or becomes incapacitated.When you’re creating a trust, legal guidance can make it easier to understand the pros and cons of every decision you make so that you can keep your legacy intact.]]>On Behalf of Moore Law Partners PLLChttps://www.moorelawfirm.net/?p=478652023-11-29T00:43:36Z2023-11-29T00:43:36ZA majority of adults do not have an estate plan
Younger adults would typically benefit from estate plans, but they may have a hard time recognizing their own vulnerability. People often delay estate planning until they have dependent family members who rely on them for support or major resources that they want to leave for a specific person.
Even when someone starts preparing for retirement, they may still find reasons to delay estate planning. Roughly half of adults who are nearing retirement age do not have a written estate plan. While that is lower than the more than two-thirds of all adults without a will, it is still surprisingly low. Those preparing for retirement are often more aware of their mortality and the possible major costs of long-term care than younger people. Despite that awareness, they still put off estate planning.
What happens without an estate plan?
If someone dies without an estate plan, the law determines what happens to their property. Specific family members, including spouses and children, will likely inherit all of the property from their estate.
Family members will frequently fight over the resources left behind by someone without an estate plan to clarify their personal preferences. Children and other dependent family members could be at risk of foster placements if there is no guardian named to support them. If someone experiences health challenges, not having an estate plan might mean that someone who does not have their best interests at heart is able to obtain a guardianship over them.
Learning from the mistakes of others can help those who want to be proactive about protecting their interests and legacy to make the best decisions for their circumstances.]]>On Behalf of Moore Law Partners PLLChttps://www.moorelawfirm.net/?p=478642023-10-13T14:32:06Z2023-10-13T14:32:06ZLeaving a meaningful legacy
Providing resources for loved ones is a valuable legacy, but those who know the testator may sometimes take their inheritance for granted. Outside parties that receive resources from someone's estate are more likely to be grateful and to memorialize the individual making the contribution posthumously. In some cases, a donation will lead to a scholarship named after someone or the installation of a new bench at a park with a plaque memorializing them. For many people, having an impact on the broader world that expands their personal legacy is the biggest reward for making a charitable contribution through an estate plan.
Diminishing tax liability
Larger estates could sometimes have tax obligations. Those leaving behind millions of dollars’ worth of property could end up triggering estate taxes. Such taxes can significantly diminish the value of someone's estate, sometimes by as much as 40% or even more. The decision to make charitable contributions with personal resources can reduce the total value of the estate and potentially diminish or eliminate estate tax responsibilities.
Careful planning, possibly including the creation of a trust, may be necessary for those with very specific legacy goals, including charitable contributions. Evaluating the benefits of different estate planning choices and seeking legal guidance accordingly can help people establish the most meaningful and sizable legacy possible given their circumstances.]]>On Behalf of Moore Law Partners PLLChttps://www.moorelawfirm.net/?p=478632023-08-22T20:43:38Z2023-08-22T20:43:38Zimportant life events that require an update to the plan.
When should you make life-inspired updates?
To keep your plan updated properly as life unfolds, keep the following landmark events in mind:
You suffer from an illness, an injury, a disability or some other type of ailment that must be addressed through a medical power of attorney or other estate planning documents.
Your family expands because new children or new grandchildren are born, and they need to be added into the plan.
Your marital relationship changes, either because you get divorced or because you get remarried – or married for the first time.
There are significant financial changes in your life, such as selling a family home or a business.
There is another death in the family that changes how assets are going to be distributed, perhaps, because that person was included in the estate plan and now needs to be removed.
These are just five of the reasons to make an update, and this is definitely not a complete list of all the events that may warrant an estate plan update. If you have concerns, keep in mind that you can seek legal guidance at any time.]]>On Behalf of Moore Law Partners PLLChttps://www.moorelawfirm.net/?p=478622023-08-16T05:24:38Z2023-08-16T05:24:38ZDuring estate planning
There are many ways for a testator to reduce probate conflict and set up their loved ones for a smooth probate process. These include drafting thorough estate planning documents. Testators can minimize future conflict both by including the right clauses in their wills and other testamentary documents and by communicating effectively with their loved ones about their intentions. Those receiving an inheritance will be less likely to fight with their family members or challenge a testator's paperwork. Trusts and even no-contest clauses could be smart estate planning inclusions for those who believe their loved ones are more prone to conflict.
During the probate process
The personal representative handling someone's estate will usually need to present their estate planning documents to the courts and also account for the assets left behind by the deceased. They will need to pay taxes and debts before distributing property to beneficiaries. The more fastidious and thorough someone is in the early stages of gathering documentation and securing assets, the less likely they are to face challenges alleging they were incompetent or that they misappropriate estate resources. Those who maintain thorough documentation, abide by Arizona probate rules and carefully uphold the specific instructions provided by the testator can minimize the possibility of oversights or errors on their part leading to probate disruptions.
Oftentimes, having the right guidance throughout the process will be of the utmost importance to both those planning an estate and those tasked with estate administration. Being properly organized and prepared can go a long way toward reducing the risk of expensive and frustrating conflicts during the probate and estate administration processes.]]>On Behalf of Moore Law Partners PLLChttps://www.moorelawfirm.net/?p=478612023-06-15T11:36:59Z2023-06-15T11:36:59ZWhat are the benefits of having an estate plan when you own a home?
Ultimately, how you decide to dispose of your assets will depend on the specifics of your situation and your goals, but here are the biggest reasons you should consider putting your estate plan together right away:
You can decide what you want to happen with your house after your death. You can leave it to a specific person, such as your spouse (if they don’t have a joint tenancy with the right of survivorship), your child or even a friend – or you can divide ownership rights among multiple heirs.
You can also specify how the house should be used. With a careful arrangement that puts the house in a trust, you can dictate whether the home should be given over to a specific person’s use (through, for example, a life estate), rented out for the benefit of your heirs, sold so that its value can be divided or used in another way.
You can avoid potential conflicts among your heirs over the house. If you don’t have a clear plan for your house, your heirs may disagree on whether to keep it, sell it or share it. This could lead to legal disputes, emotional stress and costly mistakes that destroy any legacy you hope to leave behind.
You can reduce the tax burden on your heirs. Depending on the situation, your heirs may have to pay estate taxes, inheritance taxes or capital gains taxes on the house. By planning ahead, you can use various strategies to minimize these taxes, such as creating a trust, gifting the house during your lifetime or using a transfer on death deed.
You can protect your house from creditors and lawsuits. If you have outstanding debts or liabilities, your creditors may try to claim your house after your death. Similarly, if your estate is sued for any reason, your house may be at risk of being seized to settle the claim. By transferring your house to a trust, you can shield it from these threats.
Seeking experienced legal guidance can help you make sure that your estate plan is properly drafted and aligned with your intentions.]]>On Behalf of Moore Law Partners PLLChttps://www.moorelawfirm.net/?p=478572023-05-30T14:12:07Z2023-05-30T14:12:07ZThey will reduce the total value of an individual's property
Annual gifts to loved ones will potentially significantly reduce the total taxable value of the estate. The bigger someone's family is and the bigger the gifts that they make each year, the less likely it is that they will have to worry about estate taxes after they die. Of course, large gifts can also trigger taxes while someone is still alive, so structured giving is very important. Currently, in 2023, people can make a gift of up to $17,000 per recipient each year without triggering any gift taxes.
They can sometimes trigger tax burdens
Gifts made before someone's death can potentially put them over the limit for the total value of their estate and trigger federal taxes. When seeking to establish the financial value of someone's estate after they die, it is typically necessary to include the gifts made to their friends, family and other loved ones in the three years prior to their death. If there were large gifts made from an estate near the threshold, the gifts could be the reason that the estate ends up owing taxes.
Ideally, gifts can help push an estate below the estate tax threshold for the year when someone dies and can occur annually for multiple years before tapering off in someone's later life. The value of someone's estate, the circumstances of their loved ones and their current health can all influence the best strategic gifting plan for someone hoping to minimize estate taxes.
Exploring numerous options for controlling the transfer of property is an important aspect of the estate planning process, especially if someone has significant personal resources. Seeking legal guidance is usually a good place to start.
]]>On Behalf of Moore Law Partners PLLChttps://www.moorelawfirm.net/?p=478562023-04-24T21:23:25Z2023-04-24T21:23:25ZThey head to the Clerk of the Superior Court
Maricopa County is the most populous county in the state of Arizona, with more than three times the population of the second-place Pima County. Therefore, it sees quite a few court cases. There is actually more than one accessible Superior Court Clerk Office where an individual can file the paperwork to begin the probate process in person. There are two offices in Phoenix, one in Mesa and one in Surprise. Those who are unable to make it to the Clerk's office during business hours have the option of leaving necessary paperwork in external secure boxes installed to facilitate the safe delivery of paperwork to the courts.
Personal representatives who bring in professional support by hiring a probate attorney may not need to go in person at all, as the lawyer can handle most of the in-person requirements on behalf of the representative.
Filing the paperwork is only the beginning
Probate can take months or even longer than a year to fully resolve. Estate administration can easily become a complex process when there are questions about the documents or complex assets. Many people who agree to serve as the executor or representative of an estate will benefit from having legal support throughout the process.
Before someone can communicate with creditors or start handing out assets to beneficiaries, they will first need to assume their role and begin the probate process. Taking the first step and notifying the courts of the recent death and the need for estate administration can help those who are responsible for the legacy of a loved one.]]>