Revocable Trust or a Will in Arizona
When it comes to matters of your estate, you do not want to make a decision lightly. Whether you are trying to determine who will inherit your property or who you will choose to carry out your wishes, these are important matters that need to be discussed with a trusted Phoenix estate planning lawyer. At Hildebrand Law, P.C. we are committed to helping each of our clients address a variety of mattes regarding their estate and planning matters, hopefully being able to avoid the costly process of probate entirely. One of the questions that often arise is whether a person should file for a living trust or a last will and testament. While there are benefits for each, it comes down to both preference and the details of your unique situation. Continue reading to learn more about the specific benefits of a revocable living trust.
Keeping your estate plans hidden
One of the benefits for having a revocable living trust is that it is a process done only between you as the trust maker (with the help of your attorney) and the trustee. This process all together avoids probate court, unless there is a lawsuit that arises later regarding the property. This living trust will allow you and your family to keep the matters of your pretty and assets, and their values, private. Where as a Last Will and Testament will have to have all document filings made with the local probate court. Unfortunately, once this happens, these documents are then considered to be public records, and therefore open to the public eye. Depending on your situation, you may prefer to have these details kept confidential.
Planning ahead for mental disabilities
With a revocable living trust, you are given the option of planning ahead for a mental disability, or something that will inhibit you from making personal decisions. Within your trust, you will be able to not only specific whom you wish to care for you in your illness but also look after your property and assets. This person is called a disability trustee, and should you be unable to oversee your own health and belongings, they will do that for you. The main benefit of this will be that it will keep your property from being taken over by the court or conservatorship. Discuss these details specifically with your estate planning attorney.
You can avoid probate
Probate can be an expensive and complicating process, and if it can at all be avoided, that is encouraged. Simply put, if you choose to establish a living trust, at the time you die they will likely be able to avoid the process of probate all together because your property is already titled in your trust.