Tips on Living Trusts in Arizona
Most people have heard the phrase, “living trust,” but they would not be able to verbalize a definition of what a living trust in in Arizona. A living trust, simply put, is option to having a will or to supplement an estate plan that includes a will. It important to have a written legal document distributing your assets upon your death to avoid your family having to spend money in a probate case and to avoid conflicts among family members. Once you have decided to create your estate plan, you need to decide whether you need to supplement your will with the creation of a living trust.
Top Three Benefits of a Living Trust in Arizona
A Living Trust Avoids Probate – a living trust does not go through probate. This means a faster distribution of your assets to your heirs. With a will, asset distribution can take months or even longer. With a living trust the time period is cut down to weeks.
A Living Trust Could Save You Money – depending upon your financial situation, a living trust could be the most cost effective solution. Drafting a living trust will probably cost more than drafting a will because it is a more complex document, but there are less court costs associated with the living trust. So in the long run, your estate will most likely save money.
A Living Trust Offers Privacy – the living trust is not made public. Upon your death, your estate is distributed in private. In comparison, a will that results in a probate case being filed becomes a matter of public record with resultant transactions becoming public record as well.
A living trust will not be the best choice for everyone. In fact, for some people it would not make much sense. But as a general rule, tax planners agree that the larger the value of an estate, the more likely a living trust would be the best idea.
If you are interested in discussing how a living trust could benefit you and your estate, we would enjoy talking to you. Please get in touch with one of the experienced Arizona Estate Planning attorneys at Hildebrand Law, PC.