Have you gotten your living trust done? Your will? We all have a mental list of things we need to get done but are not thrilled about paying for them, nor are we even thrilled about taking the time to dedicate to getting them done. Having your estate plan completed is one of those things. Since few people know the WHY about it, they are not sure that it is really THAT important. In fact, fewer than 38% of Americans have their estate plans done.
Here’s the truth: It really is THAT important.
In fact, getting these things done can be one of the single most important decisions you make that involves the people you care the most about.
When you own property in Arizona and have specific ideas of who you want to be responsible for that property if you cannot be, you need an estate plan. Wills are generally simple ways to plan and they also cost less than trusts, which also can be somewhat more complex. Which is your best option?
- Work well for a very small percentage of people.
- Can have many drawbacks if you are expecting to leave money to more than one or two loved ones.
- Can require probate involving paperwork and the potential to involve a judge who may make decisions about your estate that you did not intend.
Those who create living trusts or revocable living trusts are also able to designate who will be responsible to receive specific assets. Although, there are key differences.
- Allow you to be specific with custom language. The maker of the trust, you, can be very specific and detailed in your trust. You can lay out ages and conditions that dictate how your beneficiaries will receive their inheritances. A trust can also be very simple allowing the trust to be administered quickly.
- Keep property and assets out of probate making for a private administration rather than a public one.
- Are the cleanest, strongest way to make provisions for your property and assets.
- Because they are “Living Trusts” or revocable, Living Trusts are made so that you can manage your assets while you are alive, changing them, investing them, moving them, and spending them. When you die, your trust becomes irrevocable. This means, your wishes cannot be changed, revoked or removed from the trust.
Discussing what will happen when you die is never easy. Yet, making your plan today will assure that your plans and desires are followed when it counts. When a trust is not created correctly, which is often the case when a trust is created online or by a document preparer rather than an experienced attorney, costly results are possible. If you do not place your assets into the trust or you do not implement the trust right, expensive problems can arise making probate a reality even though you invested in a trust. When you work with an experienced attorney, a trust can be a very clean, much faster means of administering your estate—a gift to the family you leave behind.
You have saved and worked hard to prepare for the future you want and the legacy you desire for your family. The investment you make in getting a quality estate plan completed will give you the peace of mind to know that you have done everything you can to make things as easy as possible when you are gone. An experienced trust attorney can educate you on your options and help you keep your plan current and up to date as you age.
Contact my office to gain the advice and direction you need to make sure your trust is set up correctly. I can help educate you on your options and then ensure you have a comprehensive estate plan that can avoid the potential hassle of probate, saving your family from the pain and added hassle when they are already grieving over a loss.
Call me today.