What is the Difference Between an Arizona Living Will, Will, and Trust?

When it comes to determining your final wishes for your assets upon your passing, it is not enough to simply communicate with those you love and hope it all works out for the best. Death brings out a wide array of emotions in people and your relatives and loved ones will be grieving, which can cause confusion, disbelief, anger, sadness and despondency; not the best mental state for making decisions about your estate. Whether you’re living in Gilbert, Mesa, Scottsdale or Tempe, having an Arizona living will, Arizona will, or an Arizona living trust is crucial.

Many people avoid these scenarios by creating a written document of their wishes; they may also create an account into which to funnel assets for distribution upon their passing. This document may take the form of an Arizona will, Arizona living will or an Arizona trust. There are distinct differences between these documents and accounts, and choosing the right one is a matter of personal preference. For example, someone living in Arizona may want to create an Arizona living trust, while an individual living in another state may opt instead to draft a will.

An Arizona will is a legal document that is drafted with the assistance of an attorney stating your final wishes. It may address children, property and other assets and essentially provides a road map for what to do in the event of your passing. It is a legally binding document that must be filed with the local clerk of courts, after which it becomes a matter of public record. Upon your passing, the estate and assets mentioned in your will have to go through a legal process called probate before assets, property and such can be distributed. Different laws may vary according to region, so for example, if you opt for a will in Arizona over an Arizona living trust, you need to do a little research beforehand.

An Arizona living will is specific to medical and health-related decisions and may also be referred to as an advanced directive. This document essentially gives direction with regard to your medical care should you find that you can no longer make these decisions for yourself. A trust, meanwhile, is a special account set up to manage your assets should you either become incapacitated or you pass away. This is a legal account and does not have to be filed with any local authority (which means it is not a matter of public record). For example, an Arizona living trust may work for an Arizona citizen that wants to provide direction for their loved ones on how to proceed with assets after an untimely death.

The decision between these options is entirely personal, it is just important to understand the differences so that you make the right decision for your situation.

Need Help?

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.