Is it Better to Have a Will or a Trust [Infographic]
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.