Estate planning may go beyond a simple distribution of assets when you pass. Discover what areas you need to cover when considering a Phoenix will or Phoenix trust program.

Phoenix Will and Phoenix Trust Assets

What usually prompts the instigation of a Phoenix will or Phoenix trust is having certain assets you want to protect. The most common assets to assign in your Phoenix trust and Phoenix will are those which have a certain level of value – by value that could mean either monetary value or sentimental value. Common monetary items include cash, savings bonds and retirement accounts, stock, property, jewelry, and vehicles. Items with sentimental value that people often protect with Phoenix will or Phoenix trust accounts include photo albums, furniture, and clothing.

How to Carry Out Your Wishes with a Phoenix Will or Phoenix Trust

In addition to protecting assets, many people also establish Phoenix will and Phoenix trust documents to carry out certain wishes. The most commonly addressed situation in a Phoenix will is who will be responsible for your children should you pass before they reach legal adult age. This part of your Phoenix will is perhaps the most important because failing to plan could leave your children without a guardian, in which case it would be up to the state to appoint a guardian. Phoenix trust programs are often instituted to control the way your assets are handled once you pass, instead of just who they go to. A Phoenix trust allows you to instate certain clauses like only making money available for education or living expenses.

Choosing Between a Phoenix Will and Phoenix Trust

Now that you know what these programs are for, it’s time to decide between a Phoenix will and Phoenix trust. Both programs operate essentially the same way, but deciding on which one depends on what you have to protect and why. When it comes to the transfer of money or belongings and you have no further wishes except that the right people get what they are entitled too, a Phoenix will is likely your best option. When it comes to a more complex situation, a Phoenix trust can give you the option to make your final wishes as specific as you’d like – for instance, if you have a need to protect your money from debt collectors or have multiple beneficiaries, a trust is likely the best option for you.

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.

Contact us today by clicking here!