A Phoenix Living Trust can be a powerful tool to protect your estate and beneficiaries. If you do not understand what’s true and what’s false when it comes to a Phoenix Living Trust, you might be put off at the idea of starting one. Learn about the most common misconceptions about Trusts and what the truth is behind the myths.
Myth 1: If I have a Will, I Won’t Need a Phoenix Living Trust
A Will and a Trust are not the same thing and do not offer the same types of protection. Living Wills outline your requests and wishes when it comes to your medical care, burial, and distribution of your assets. A Trust is different in the sense that it details just exactly how everything is divided up and how it is spent. An example of when you would need a Phoenix Living Trust instead of or in addition to a Will is if you want to leave a portion of your wealth to your children, but you want it to go towards college, a trust would be the appropriate document to ensure those conditions are met before money is released.
Myth 2: Establishing a Phoenix Living Trust is Expensive
The average cost of establishing a Living Trust is likely lower than you think. In the long run, it actually saves your family money and time by avoiding court battles or debt collection against your estate.
Myth 3: Married People Don’t Need to Establish a Phoenix Living Trust
Being married doesn’t change the fact that you need to protect your assets! Couples may choose to enter into a trust jointly, or they may establish Phoenix Living Trusts on their own.
Myth 4: Phoenix Living Trust Take Time to Execute
With a proper plan in place, your family and beneficiaries will not have to wait on any type of ruling or judgment to receive what is rightfully theirs. As long as the Trust was set up in a way that is recognized as to be legal in your jurisdiction, your estate plans should carry along smoothly.
Myth 5: A Phoenix Living Trust is Complicated
This program is not designed to be complicated, but it is designed to cover complicated situations. In all actuality, a Phoenix Living Trust can be as simple or as complex as you need it to be.
Myth 6: Only Wealthy People Need a Phoenix Living Trust to Protect Their Assets
Most people think that only persons with large amounts of money or assets of high value should establish a Phoenix Living Trust, but that is simply not true. If you own any kind of property, have bank accounts with any amount of funds in them, own stocks, or have personal items you wish to protect, you need a Phoenix Living Trust!
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.
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