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When considering the best strategy for an estate plan, many Arizona residents narrow their choice between a will and a trust.
Here are a few benefits of both. The estate planning instrument that is best for you will depend on your specific needs.
Benefits of Wills
•Creating a will is a low-cost option for handling how assets are distributed after death.
• Revoking a will is often a simpler process than revoking a trust.
• Once a will is signed and executed, no further actions are needed unless changes need to made at a later date.
• Trusts are more “hands-on”, by comparison.
Benefits of Trusts
• A revocable trust (also known as a living trust) allows the trust to be revoked or amended by the Grantor. This is ideal for estate planners who may change their mind.
• Trusts can be managed in both life and death. By contrast, a will instructs how property is handled upon death.
• Trusts allow estates to plan for incapacitation. In fact, trusts allow for more detailed estate planning strategies in general.
• Trusts can be used to avoid probate and can also keep financial information out of public records.
There are clear benefits and drawbacks to both wills and trusts. Schedule a consultation with a Phoenix estate planning attorney at Tyler Allen Law Firm to determine which option is best for you.