Choosing Between a Will and a Living Trust

When it comes to estate planning, there are so many options from which to choose that it can be hard to determine the best one for your situation. From a will to a living trust to a living will, each piece of your estate planning arsenal serves a different purpose. However, many people opt between a will and a living trust Phoenix to make their final decisions about assets and other aspects of their estate.

To accurately choose between a traditional will and a living trust Phoenix, it helps to know what each one actually is. A traditional will is a document that gives guidance for the best way for your assets to be distributed once you have passed. You can amend this document at any juncture during your lifetime and provides a way for you to appoint someone to take care of your minor children, if you have them.

A living trust, by comparison, allows you to manage your assets during your life and after your death. You can serve as your own trustee for a living trust Phoenix and can be used to manage larger assets, such as property. If you become disabled during your lifetime, you can appoint someone to manage your living trust Phoenix on your behalf. This estate planning tool allows you to avoid probate on your estate and control what happens with your assets, property in particular, once you’ve passed away. It also prevents certain information about you, such as your finances, from becoming a matter of public record upon your death.

If you don’t want a complicated process after your death, then a living trust Phoenix might be the best option for you. Keep in mind, however, that your assets don’t just end up as part of this account; you have to re-allocate them to be part of a living trust account. If you don’t take this important step, then you may find that some of your biggest assets weren’t re-titled properly and must go through the probate process after your passing as a result. It may take a little pre-planning on your part to get everything in place with a living trust Phoenix, but once you’ve done so, you can have the peace of mind in knowing that you’ve planned ahead for your loved ones and made it so that managing your estate is easy and efficient.

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.