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Why Estate Planning Is More Than Just a Will

Many people assume that creating a will is enough to protect their assets and ensure their loved ones are taken care of. However, a will is just one piece of a comprehensive estate plan. A well-structured estate plan includes multiple legal documents that work together to manage your assets, protect your health decisions, and ensure your wishes are carried out without unnecessary legal complications.

At KEYTLaw, we provide our clients with a fully organized estate plan portfolio that includes everything from a revocable living trust to financial powers of attorney and medical directives. This structured portfolio helps you and your loved ones easily access and understand each component of your estate plan, ensuring clarity and efficiency when it’s needed most.

If you’ve never gone through the estate planning process before, you may not know what to expect. Here’s a complete breakdown of what’s included in our estate plan portfolio and why each document matters.

What’s Inside the Estate Plan Portfolio?

When you work with KEYTLaw, you receive a professionally prepared estate plan portfolio. This organized binder contains all the essential documents you need to protect your estate and ensure a seamless transition for your loved ones.

Each section is carefully tabbed and includes:

• A Living Trust – The foundation of your estate plan, ensuring your assets are managed and transferred without probate.
• A Last Will and Testament – A backup document that directs any assets not in your trust to be placed into it.
• Powers of Attorney – Legal authorizations allowing someone to manage your financial
  

Running a business comes with risks, and one of the biggest mistakes entrepreneurs make is failing to properly protect their assets. Without the right legal structure, everything you own—including your home, savings, and investments—could be at risk if your business is sued. That’s why forming and maintaining a Limited Liability Company (LLC) is one of the smartest decisions a business owner can make.

However, an LLC alone isn’t enough. If it’s not set up and operated correctly, courts can pierce the corporate veil, leaving your personal finances exposed. Additionally, business owners should consider adding insurance protection and utilizing multiple LLCs to protect valuable assets. Understanding these key aspects can help you secure your business, maintain financial stability, and avoid unnecessary legal risks.

This guide will cover the key reasons why an LLC is essential, how to properly maintain one, why insurance is your first line of defense, and how using multiple LLCs can help safeguard valuable business assets.

Why Every Business Owner Needs an LLC

An LLC acts as a protective barrier between your business and your personal assets. If your business is sued, only the assets owned by the LLC are at risk—your personal property remains protected. However, if you operate as a sole proprietorship without an LLC, there is no legal separation between you and your business. That means creditors and lawsuits can go after your personal wealth.

Consider this scenario:

You start a business without forming an LLC. A lawsuit arises, and because you’re operating as a sole proprietorship, the court can seize your personal assets to pay business debts. However, if your business is structured as an LLC, only the company’s assets can be targeted

The First Arizona LLC and Over 9,200 Formed Since

When the Arizona Limited Liability Company Act became effective in October 1992, KEYTLaw founder Richard Keyt was ready. His legal assistant stood outside the Arizona Corporation Commission at 8 a.m. sharp, filing the very first LLC in the state.

Since then, KEYTLaw has helped over 9,200 entrepreneurs and business owners set up their LLCs efficiently, affordably, and with confidence. Unlike DIY services or impersonal online platforms, KEYTLaw provides hands-on legal guidance, ensuring every LLC is properly structured for long-term success and asset protection.

How Fast Can You Form an Arizona LLC?

One of the biggest concerns for new business owners is how long it takes to form an LLC. With KEYTLaw, the answer is simple—we file online, which means same-day approval as long as we receive your information and payment that day.

This streamlined process ensures that entrepreneurs can launch their businesses quickly, avoiding the delays that come with filing on their own or using slower services.

Once your LLC is formed, we also help with the next crucial steps:

• Obtaining your Employer Identification Number (EIN) from the IRS
• Providing a custom Operating Agreement for business structure clarity
• Guiding you on opening a business bank account
• Offering step-by-step instructions through our detailed Operations Manual

Without these steps, many businesses risk compliance issues that can lead to legal trouble down the road.

What Happens After Your LLC Is Formed?

Many business owners assume the work is done after their LLC is approved—but that’s just the beginning. To help our clients succeed,

Is a Will Enough, or Do You Need a Trust?

A will is an essential part of estate planning, but for many, a trust offers greater benefits. While a will dictates how assets are distributed, it does not avoid probate—a court process that can be costly and time-consuming.

A trust, on the other hand, allows assets to be transferred directly to beneficiaries without probate, ensuring privacy and faster distribution. Without a trust, your estate may be subject to lengthy legal proceedings, and your loved ones could face unnecessary financial burdens and delays.

Understanding the Probate Threshold in Arizona

If you have less than $75,000 in personal property or $100,000 in real estate, your family can skip probate by filing an affidavit. However, for estates above these limits, probate is required, and a personal representative must be appointed to distribute assets.

Probate can take anywhere from a few months to several years, depending on the complexity of your estate and whether disputes arise. This can be particularly challenging if family members disagree about asset distribution, leading to prolonged court battles and mounting legal fees.

A trust can bypass this process entirely, making it a preferred option for those wanting to avoid legal complexities. With a properly structured trust, you can ensure that your assets are distributed smoothly, efficiently, and without public scrutiny.

The Pros and Cons of Revocable vs. Irrevocable Trusts

Not all trusts are the same. The right choice depends on your long-term goals.

🔹 Revocable Trust: Can be updated or changed anytime. Best for those who want control over their estate during their lifetime. This type of trust allows you to modify

What Happens to Your Assets If You Don’t Have a Will?

Many people assume that their assets will automatically pass to their loved ones, but without a legally valid will, the state decides who inherits your estate. In Arizona, this means following intestate succession laws, which may not align with your wishes.

If you pass away intestate (without a will), Arizona law dictates that your estate is distributed among your closest relatives in a specific order. For example:

• If you are married and have no children, your spouse typically inherits everything.
• If you have children from a previous relationship, your assets may be split between your spouse and children.
• If you are unmarried with no children, your estate may pass to your parents, siblings, or even more distant relatives.
• If no legal heirs exist, your estate may be claimed by the state.

To ensure your assets go to the right people, it’s crucial to create a Last Will and Testament. But not all wills are valid—Arizona law requires specific formalities.

How to Create a Valid Will in Arizona

There are two types of legally valid wills in Arizona:

1️⃣ A typed will – This must be signed, notarized, and witnessed by two people who are not your relatives. 2️⃣ A handwritten will – Also called a holographic will, this must be entirely in your handwriting and clearly state who inherits what.

Each legally valid wills has its benefits, but failing to meet these legal requirements can leave your will open to contests in probate court.