Living Wills in Arizona
When it comes to estate planning, many feel that they know the basics. And most do know some basic information, but what they do not know could lead to misinformed decisions that have the potential to negatively affect their estate and their loved ones after they are gone.
If you have been considering some of the legal documents in connection with your estate planning and are confused, contact an experienced estate planning attorney to go over the details with you and consider a couple of the most commonly confused estate planning documents below.
The Living Trust and the Living Will have similar names, but they serve different purposes. The living trust is used to transfer property to beneficiaries. It differs from the standard last will in that is does not usually leave estates subject to probate court. As probate court can take a long time and may cost thousands of dollars, this is almost always seen as a benefit.
To put it plainly, the most common purposes of a living trust include the ability to avoid the cost and delays of probate, the opportunity to keep estate details private, and the possible reduction of estate taxes that can be assessed at time of death.
Living Wills in Arizona | Why You Need One
The Living Will allows an individual to designate healthcare decisions in advance of when they will be needed. For instance, many choose to use a Living Will as a means of communicating whether or not they would like to remain on artificial life support should it become an issue. The Living Will is also commonly used to specify whether or not an individual would like to participate in organ donation. Many wills include a Power of Attorney designating a trusted individual to make important healthcare decisions down the road.
As you can see, the living trust and the living will are not in competition with one another, but are actually both fairly common aspects of the same estate planning package. If you are unclear about which estate planning documents stand alone, which support one another, and which are in an “either/or” category that calls for a decision as to what best suits your particular situation, please get in touch with one of the experienced estate planning attorneys at Hildebrand Law.
At Hildebrand Law, we have the experience in Arizona estate planning to help you determine which elements are most important for you and your loved ones as well as the preservation of your estate. Please get in touch now. You don’t want to find yourself in a “rush” to get things in order.