Designing a Proper Phoenix Will

A living will is an extremely document for anyone who has something to protect. Learn about what is involved when it comes to designing a proper and thorough Phoenix Will.

Who is Involved in a Phoenix Will?

When establishing a Phoenix Will, there are commonly three parties involved. The person who establishing the will is the person passing along their estate – they are referred to as the trustor. There is also a party responsible for seeing that the terms of the will are carried out – this party is known as the trustee. The person, people, or organization who receives property or money from the trustor is known as the beneficiary.

Things to Cover in a Phoenix Will

A Phoenix Will is very useful in both the final stages of your life and after death. Many people establish a Phoenix Will to protect both their requests and final wishes, and how they want their estate and dependents assigned after they die. Commonly covered wishes/requests include your preferences on life saving medical treatments such as life support, feeding tubes, and other important medical decisions. People also use their will to make their wishes clear about their burial and funeral. Parents of minor children often name guardians through a will. A will also allows people to distribute their assets after they pass; you can choose who gets what and name as many beneficiaries to your estate as you’d like.

Do You Need to Add a Trust to Your Phoenix Will?

A trust is a document you add on to your Phoenix Will when there are circumstances that require further attention and detail. Trusts are made in addition to a Phoenix Will when there are other issues which need to be handled in a specific way. Basically, a trust is different from a Phoenix Will because you can designate how funds are spent, not just who they go to when you die. Commonly, a trust is added to your Phoenix Will when the person who is passing on their inheritance wants certain things to happen in order for their heirs to benefit from their estate. An example of when a trust might be added to a Phoenix Will is if your heir was a minor child and you wanted to hold the funds for them until they reached legal age. Another scenario that commonly comes into play with trusts is when you specify that inheritance be used for specific uses such as living expenses or education.

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.