The life and death of one of the 20th century’s most celebrated American authors offer valuable reminders about the differing natures of wills and trusts.



By

Ryan Scharber

This year is the 65th anniversary of the release of the classic American novel,

To Kill a Mockingbird

, written by Harper Lee and published in 1960.

I mention this because, first, an autographed copy resides on my bookshelf. Also, and more germane to this article, after Ms. Lee’s death in 2016, her estate was involved in controversies that raise at least two useful lessons in

estate planning

, especially in

While beauty is in the eye of the beholder, there’s no denying that the One Big Beautiful Bill Act is big – and important. Aside from a few terminated deductions and credits, it delivers welcome news for many taxpayers.

If you are a long-time reader of our

Family Wealth Matters

articles, you might recall seeing several mentions that, “if Congress fails to act by 2025,” the tax issue being discussed might revert to a less favorable condition.

Henceforth, you will not see that phrase. When President Trump signed into law last month the One Big Beautiful Bill (OBBB) Act, he

Immediately after a person dies, their personal representative or trustee should be alert for opportunities to safeguard the decedent’s assets.

“What do I do now?”

If you have been named as the personal representative of an estate or the successor trustee of a trust, that might be among the first questions that come to mind when you learn of the death of the testator (will) or trustor (trust).

Several years ago, we sought to help answer that question with the publication of two popular Arizona-specific resources:

Personal Representative Handbook

and

Successor Trustee Handbook

.

While both handbooks offer fairly in-depth

As long as Arizona requires a will to be signed, with the signer and witnesses physically together, video wills won’t work, and “electronic” wills are likely to be more trouble than they’re worth.

In 2022, a Montana man, Jesse Beck, sent a selfie video to his brother, Jason. In the video, Jesse stated, “If anything happens to me whatsoever, I give all my possessions – everything – to Jason Beck, my brother.”

Four days later, Jesse died in an auto accident. His daughter asked the court to appoint her as Jesse’s personal representative “in intestacy” – i.e., without a will.

In contrast to a prenuptial agreement, which stakes out each spouse’s position in case of divorce, premarital estate planning blend the spouses’ separate property into a financial union.

By

Ryan Scharber

When Michael and Jessica, a 40-something engaged couple, made an appointment for premarital estate planning, we assumed (OK,

I

assumed) that they would want to create a

prenuptial agreement

.

Wrong assumption. The couple made clear from the beginning of our meeting that they wanted nothing to do with a traditional prenuptial (or premarital) agreement, which they viewed as a divisive “what’s mine is mine” step in planning for

Whether the result of legislation or voter approval, a number of new state laws and more have recently become effective.

In Arizona, new state laws can be created in two ways: as the result of a bill that passes both houses of the legislature and is signed by the governor, or by voter approval of an

initiative

(initiated by the public via petition) or a

referendum

(referred to the voters by the legislature). While laws can be passed by the legislature or by voters, a state constitutional amendment can be approved only by public vote.

Following is a short list

Whether your funeral plan is part of, or separate from, your estate plan, specifying your wishes and perhaps pre-funding your funeral expenses can ease the burden on your loved ones.

One of the ironies of estate planning is that, after going to great lengths to create specific, thorough instructions regarding the disposition of their assets, many people provide little or no direction concerning the disposition of their remains.

That’s too bad. Just as a well-conceived estate plan can eliminate legal and financial stress in the months following your death, a simple statement of your funeral wishes can lighten your family’s

You don’t have to go into great detail; giving them the highlights can go a long way toward avoiding confusion and a family fight after your death.

Last summer, in “

Equipping Your Successor Trustee or Personal Representative

,” we outlined the benefits of notifying your estate administrator – perhaps one of your adult children – that you have named them to serve in that role and how to locate the documents they will need to carry out their duties.

While we stand by our suggestions, we also endorse a November 2024

Wall Street Journal

article, “

Warren Buffett Talks

For estates that will not be subject to estate tax, the removal of a generally unnecessary trust provision can make life much easier for the surviving spouse.

Over a decade ago, we wrote a practical article (“

Is It Time for an Estate Plan Review? You Be the Judge

“) that lists several triggering events that might warrant updating your will or trust. The following article addresses an issue that was not included in that list and frequently applies to older trusts.

If (a) you are married, (b) the value of your estate is below the estate tax threshold, and

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A professional diagnosis, appropriate legal planning, and understanding the available financial resources are keys to meeting the needs of a loved one in decline.

It’s one of the handful of questions that we dread hearing from our clients:

My spouse is showing signs of dementia. What do I do?

After taking a deep breath, expressing our sympathy for their concern, and acknowledging the potential seriousness of Alzheimer’s disease and other forms of dementia, we seek to help our clients examine their situation from three perspectives:

medical, legal,

and

financial

.

Medical Diagnosis.

If your spouse, parent, or other loved one