Will vs Trust in Arizona, what are the differences? This article should have everything that you need to know about the two options.
Concerning ourselves with what we want to take place should the worst happen is something that most residents of Arizona take seriously.
Doing so shows care and concern for our loved ones. On the other hand, leaving things unclear can be lead to complications and disruption for an already grieving family.
Yet 68% of Americans don't have an estate planning in place, being that a will or trust. If you are among them but are starting to consider estate planning in Chandler, it would be understandable to be confused between the main options, a will vs trust.
This article will clarify not only what a will and trust are, but also which one may be the right for you.
A Will (Last Will and Testament) and the Benefits of Having One
A will is a legal document that outlines your wishes for your assets when you pass away. A will can also extend to cover who you wish to be appointed as a guardian over any children and any specific funeral arrangements.
Having a will in Chandler will not avoid probate. In this legal process, a probate lawyers in Chandler will ensure that your will is adhered to as well as the processing of any documentation via the courts.
So who should consider getting a will?
When comparing a will vs trust there is one clear group that stands to benefit: Parents of young children. A will can be a good instrument for young couples that are still accumulating assets and building savings, but are not over the threshold for probate.
A will can stipulate who will have legal custody of any children. Without one, the decision about who will raise your children will be in the hands of the courts.
In addition, your belongings do not need to be legally transferred before your passing. This is not the case if you have a trust which will need to be maintained by you or your an estate planning attorney based in Chandler, AZ.
Having a will provides peace of mind. With one, you can be safe in the knowledge that your wishes have a sound legal foundation.
For more details and to understand if you need a Last Will and testament click here.
Living Trust and the Benefits of Having One
In a Living trust, you transfer the legal authority of your assets to a "trustee". This person or organization is then responsible for ensuring that your wishes are fulfilled after your passing. Different from common knowledge the person creating the Trust and the Trustee can be the same. You can still create a Trust and retain our the powers over it.
So who should consider getting a trust?
Well if you are concerned with privacy or what should happen to your affairs should you be incapable of looking after them while still alive, a trust may be for you. If you also have assets that are both the limits for probate in Arizona a trust, when probably funded, will help you avoid probate all together. If you want to avoid Probate a Living Trust may be the right instrument for you.
When a case goes to probate, it automatically goes on public record. Yet, having a trust means that agreements have been legally verified, avoiding what can be at times an expensive and long probate process. This allows for a smooth transition for any beneficiaries of your estate.
You also have the advantage of appointing a successor trustee. This is someone that can look after your affairs should you fall ill or have a serious accident. Having a successor avoids any intervention from the courts over your assets.
For more details and to understand if you need a Living Trust click here.
Will vs Trust in Arizona: We will be there for You No Matter What You Decide
As we have seen there are some differences when you make a side-by-side comparison between a Will and a Trust. Regardless of the choice you make, we can help.
Reach out for free consultation today, click here or call (480)565-8020.