Making end of life plans is certainly not a way that most people would prefer to spend their time. However, this is a very necessary step, if for nothing else than to spare grieving relatives the agony and stress of trying to determine what you may have wanted. Most people elect to draft a will, which is one way to communicate your wishes; however, there is generally a lot of legal processing that comes along with drafting and filing this document. However, a revocable living trust is another option that is more simple and to-the-point.  It allows your heirs to avoid probate and get on with the business of dividing your assets according to your wishes. No matter where you live, you can fill out one of these documents; an Arizona living trust follows the same process and procedures as a living trust filed in another state.

You should always start with a consultation with an attorney or financial planner. For example, if you live in Arizona, this professional can explain if an Arizona living trust is right for you, depending on your assets and wishes for them after your passing.  When you designate a responsible party to administer the elements of your living trust, make sure you choose someone that you trust and provide them with a certified copy of your living trust, so they have it in the event of your untimely passing. Keep in mind, it needs to be an original copy in order to be rendered valid.

The difference between a will and a living trust is that a will requires probate and must become a matter of public record. A living trust does not have to be a public record, and thereby isn’t subject to public scrutiny; in other words, you wishes are your business. Keep in mind that while this is not a subject you want to think about, it is important so that your estate is not in disarray should something happen to you, particularly if you have major assets – like property – or minor children, who need to have a guardian designated for them as you see fit.

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If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.

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