New laws regarding marriage

Now that Arizona recognizes same-sex marriage it is a good idea to review your estate plan. Do you have a Domestic Partnership Agreement which should become a Pre-Marriage or Post-Marriage Agreement? Do you have joint property that now can be treated as community property? Does a family member have a partner who now legally can be recognized as an in-law? There can be different answers for different situations, so it is a good time to have your estate planning documents reviewed.

Having the right Successor Trustee

We can make things easier for our family when we are ill or upon our death, when we effectively use a Revocable Living Trusts are very useful for assuring access to assets due to illness or death. One way is to be sure that you have the right persons named as your Successor Trustee to take care of your assets when you cannot. If you have named a financial institution to be a Successor Trustee, make sure that your assets meet the financial minimum. If a bank will not serve as Successor Trustee because your assets are under the minimum, you want to be sure you have listed a trusted person or another financial institution. The Successor Trustee does not have to be a financial wizard, but just someone who is responsible and will hire the right professionals to assist you.

Get more than just paper when your estate plan is done.

Estate planning needs to be more than just a stack of paper. Legal services should be that-- service, including information, advice and a somewhere to call when you have questions how to use your documents. So I provide legal services, and most follow calls are answered without charge, unless new research or documents are needed.

LLC interests can be held as joint tenants with right of survivorship

If you have an LLC but do not have a trust a new law, A.R.S. 29-732.01, allows LLC interests to be held as joint tenants with right of survivorship or community property with right of survivorship. The Operating Agreement must provide for the right of survivorship. This new law avoids probate if you own interest in an LLC but do not have a trust. However, I still recommend a trust when you own an LLC because the trust will avoid court involvement if you become incapacitated and avoid probate upon the death of both you and your spouse or joint tenant.