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Estate Planning with pen, glasses, and caculator

5 Ways Estate Planning Avoids Family Conflicts

The primary goals of estate planning include protecting your family and ensuring that they benefit from your financial legacy.  But there is another important purpose behind planning your estate, one that many people do not even consider consciously. Thoughtful and thorough estate planning avoids family conflicts that could ruin relationships irre… Read More
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Categories: Estate Planning
Close up of a Family Estate planning document with writing hand

What Is the Difference Between a Will and a Trust?

Wills and trusts are both important estate planning tools.  But they accomplish very different goals.  If you understand the difference between a will and a trust, you have an excellent foundation for planning your estate. What Is a Will? A will is a legal document in which you designate the individuals or organizations that receive your assets a… Read More
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Categories: Estate Planning
Probate Court Documents and Gavel

How Does the Arizona Probate Administration Process Work?

When a person passes away, Arizona law may require that the estate of the deceased person go through a process called probate or probate administration.  Those terms refer to the legal process necessary to distribute the deceased individual’s property to the beneficiaries and heirs.  Arizona probate administration involves completion of specifi… Read More
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Categories: Arizona Probate
Diagram of Estate Planning

10 Life Events That Tell You When To Update Your Estate Plan

When you create an estate plan, you accomplish a significant goal.  You also gain the peace of mind that comes with protecting your financial assets and legacy.  However, you can follow up that accomplishment with a major mistake if you do not update your plan when circumstances warrant.  But exactly how do you know when to update your estate pl… Read More
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Categories: Estate Planning
LLC operating agreement

New Arizona Limited Liability Company Act Impacts New and Existing LLCs

Arizona laws applicable to limited liability companies (LLCs) in the state change substantially beginning in 2019.  The Arizona Limited Liability Company Act (ALLCA), enacted in 2018, affects all current and new LLCs.  If you own or are a member of an LLC or contemplate creating one, it is critical that you know about these significant changes. I… Read More
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Categories: Business Planning
Types of business

Should You Form an LLC for Your Arizona Business?

Many business owners initially set up their new business as a sole proprietorship.  A Limited Liability Company, commonly called an LLC, offers advantages that a sole proprietorship does not.  LLCs are a popular choice of structure for many Arizona businesses, but they are not always the best or right choice for every business and owner. Finding… Read More
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Categories: Business Planning
Gears Printed with Business Continuity - Business Succession Planning

What Is Business Succession Planning — and Why Is It Important?

If you own a business, you spend most (or all) of your time running the business. Do you ever consider what would happen to your business without you? You probably don’t — but you really need to consider that possibility. Business succession planning is the best way to plan for unexpected events that can dramatically affect your business. You… Read More
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Power of Attorney

Why Do You Need a Durable Power of Attorney?

Some of the most important documents in a sound estate plan do not relate to what happens to your property after death. Those documents — called durable powers of attorney — protect you and your assets during your lifetime. If you become unable to make your own decisions for any reason, your durable powers of attorney designate someone you ch… Read More
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Categories: Estate Planning

How Does a Revocable Living Trust Work?

In our East Valley estate planning practice at Peterson Law Offices, clients often ask about how a revocable living trust works and also wonder if they need one. There isn’t a simple answer to those questions. Every estate plan is carefully designed to the individual client’s family and financial situation. A revocable living trust is a… Read More
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Categories: Estate Planning, Trusts
Last Will and Testament Document

What Happens If You Die Without a Will?

If you die without a valid will or trust — referred to as dying intestate — Arizona laws make all your decisions for you. That includes determining who gets your money and property. The laws also decide who can make your funeral and burial decisions and arrangements. In addition, absent a will that gives your directions about what happens aft… Read More
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Categories: Estate Planning

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