Estate Planning for Incapacity

in Estate Planning, Power Of Attorney, Wills & Trusts

In my previous article I have reminded you that estate planning isn’t just about who will get your assets on your death, it’s also about who will manage your assets and take care of you and your financial affairs if you become incapacitated. With proper planning, you decide; without proper planning a court may get to make the choice. What do we mean by “incapacitated?” Generally speaking, we are referring to a situation where you are unable to make decisions for yourself. Incapacity can result from an accident or arise from health issues, such as stroke, heart attack or dementia. If...

15 August

0 Comments

Sticky

Educating Your Family About Your Estate Planning

Posted by Libby Banks

in Estate Planning, Power Of Attorney, Wills & Trusts

It’s back to school time, so I thought I would write this month about educating your family about your estate plan. If you don’t have an estate plan, educate yourself at my seminar at Gentech Support located at 402 E. Greenway Parkway. More information about that at the end of my article! If you have done estate planning or are in the process of putting a plan in place, it’s a good idea to educate the people who you have appointed as trustees or executors and also to your family about what you’ve done. Here are some of the primary items...

16 July

0 Comments

Sticky

Is it time to update your old trust?

Posted by Libby Banks

in Estate Planning, Wills & Trusts

I review many trusts, and some of them are quite old. After these old trusts were put in place lots of things have changed: the federal estate planning laws, the Arizona Trust Code, and of course, the situation of the people who are included in the trust. When so much has changed, it’s clearly time to update the trust. When we do an update, we usually do a complete amendment – called a restatement – of the trust. We keep the original trust name and date, and just note that it was restated as of the date we sign the new...

20 July

0 Comments

Sticky

Your Vacation To Do List Should Include Estate Planning

Posted by Libby Banks

in Estate Planning

By Libby Banks, The Law Ofﬁce of Libby Banks Most of us create a “to-do list” to get ready for our summer vacation. On the list should be creating or reviewing your estate plan. While international travel is still probably safer than driving in Phoenix, having this checked “Done!” before you leave will give you peace of mind. Here is a checklist of estate planning “to-do’s.” Create an estate plan. If you’ve procrastinated about estate planning, a vacation can give you a deadline to move forward. Allow adequate time to complete your estate plan before your trip. If you don’t...

07 February

0 Comments

Sticky

Grandchildren and Estate Planning

Posted by Libby Banks

in Estate Planning

By Libby Banks, The Law Ofﬁce of Libby Banks I had to figure out how to connect grandchildren and estate planning just so I could announce: I had my first grandchild in December! My beautiful granddaughter and her gorgeous mother are healthy and doing well. Any of you who are grandparents know just how exciting and awe-inspiring this event is, and how you will do anything to create the opportunity to brag about your grandchild and show pictures. Seriously, though, I do get questions about estate planning from clients who have just had a grandchild about whether their plan will need an...

11 May

0 Comments

Sticky

Avoiding Family Disputes Over Inheritance

Posted by Libby Banks

in Avoid Probate, Estate Planning, Wills & Trusts

In my past as a trial attorney, I handled family estate fights. Clients hired me to sort out the gigantic mess left by their loved one, and the inevitable and escalating disagreements about the estate. Other clients retained me to fight for a share of the estate when a sibling, stepparent or other relative took advantage of his position as executor of the estate. Time after time, clients said they would never speak to their siblings again, or lamented that the messy estate issues were breaking the family apart. I value family highly, and these cases broke my heart. I...