Attorney Norman Blakey Featured on “The Real Deal” Podcast

Brown & Hobkirk, PLLC proudly announces that estate planning attorney Norman M. Blakey was recently a guest on the Arizona-based podcast, “The Real Deal with Asher Cohen.”

In the episode titled “Trust Matters — Protecting Your Legacy,” Blakey discussed the benefits of utilizing trusts as an integral part of a comprehensive estate plan. Using real-world examples, Blakey also explained the risks of not setting up a trust and its potential consequences for heirs.

Blakey knows first-hand what can happen without reliable advice on protecting your assets. He was drawn to estate planning law after seeing his grandmother’s assets severely depleted because of inadequate guidance on asset preservation. Helping others avoid similar situations is what motivates him today to create custom estate plans tailored to each client’s needs.

Key takeaways from his appearance include:

• A will is not enough to bypass probate. Contrary to popular belief, families will have to go through the Arizona probate process if you die with only a will.
• Trusts can help you avoid probate and simplify asset distribution. By designating a trustee to manage your property, you can shield your heirs from the probate process, saving money and specifying how your assets should be distributed.
• Trusts can be customized to your needs. For example, If you have a child with special needs or who suffers from addiction, you can set up trusts so they receive money to support themself and avoid squandering funds.
• Trusts need regular updates. Review your trust documents every three to five years or whenever you acquire new assets or experience a life event, like the birth of a child or divorce.
• Trusts are not only for the wealthy. Whether you’re 18 or 88, you have assets worth protecting.

“A trust itself is an act of love,” Blakey said. “This is the best gift you can give your 2-year-old child —  or your 50-year-old child — because it will make their lives so much easier.”

Want to see the episode? Watch the video below.