Uncategorized Archives - My AZ Legal Team, PLLC

Tax Consequences of Receiving Inheritance

Receiving an inheritance is something that most people would welcome. Tax consequences are probably not the first thing you would think about when you receive assets or money, but they play an important role in your life. Taxes may increase or reduce the value of your inheritance. Are there any tax consequences to receiving an […]

Creating a Trust

Trusts are some of the most flexible and useful tools that you could use to manage your assets. However, they do come with fees and formalities. A trust is a tool that is created when a settlor declares it for a valid purpose and gives a fiduciary (trustee) the rights to assets or property for […]

Spendthrift Clauses

If you believe you were promised a gift or inheritance, it might be tempting to pledge that gift or inheritance to a creditor or other third party to get rid of a debt. That way once you get the money or other assets you can just turn them over to the other party and everybody […]

Who Inherits Intestate? An Introduction to Generational Lines

Inheritance can be a big deal for most people. Your assets are important to you, but so are the people who you love. You need to make sure that the people you want to inherit will in fact inherit. The best way to avoid the forms of intestate succession for all your property as described […]

Powers of Appointment

There are many estate planning tools at your disposal to ensure that your life and end-of-life experiences are handled as you wish and to ensure that your loved ones are provided for. One of these tools is the power of appointment. What is the power of appointment? The power of appointment in the estates and […]

Revoking A Will In Arizona

Wills are very important tools in planning for the disposition of your assets at the end of your life. It is a great idea to be proactive and to have a will early on. However, times change and so do your assets and your feelings about certain people. If you ever need to revise your […]

The Witness Requirement for Wills

Since wills are legal documents, they come with a set of rules to be considered valid. In order for a will to be considered valid in Arizona, it must be in writing, signed by the testator in the testator’s name or someone else in the testator’s conscious presence and by the testator’s direction, signed by […]

Property that Does Not Pass through a Will

The property that you accumulate over your life is very important. If you have a will, then you have specified where you want your property to go at the time of your death. However, not all property can be passed to beneficiaries through a will. What property does not pass by means of a will? […]

Simultaneous Death and Its Impact on Wills

It is not common, but it does happen: people die at the same time. This causes issues with inheritance since in some situations people in second or third generations die alongside each other, or sometimes spouses die at the same time. For example, assume a couple gets in a car crash. The husband dies instantly, […]

What are Pour-Over Wills?

What is a pour-over will? A pour over will is a mechanism in your will that allows all the property in your will to “pour over” into a trust that you created.1 The property is then distributed to your beneficiaries that you named in your will.2 The pour-over will is designed to ensure that property […]