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Last Will And Testament Vs. Trust: Which Is Better?

Creation date: Jan 5, 2023 7:18pm     Last modified date: Jan 5, 2023 7:18pm   Last visit date: Jun 18, 2024 9:33am
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Jan 5, 2023  ( 1 post )  
1/5/2023
7:18pm
Keystonel Lawfirm11 (keystonelawfirm11)

Creating an estate plan is essential to provide for your loved ones when you pass away. It is important to learn about the two most popular tools used in estate planning - last will and testament and trust. Discuss the benefits of each with an experienced estate planning lawyer in Chandler AZ so that they can help you determine which tool best suits your needs. This blog will discuss the benefits of a last will and testament or trust.

 

What Is A Last Will And Testament?

A last will and testament is a legal document stating how you wish your estate to be distributed and managed upon death. It can also name guardians for your minor children or elderly parents if you have any. This document must be signed by two witnesses and accepted in court before it can become effective. In addition, it is essential for proper estate planning, as it allows you to specify exactly where your assets go upon death.

 

What Is A Trust?

A trust is another tool commonly used for estate planning in Chandler AZ. A trust is an agreement between yourself, the grantor, and a trustee who can be an individual or organization, which holds legal title to the property in your name. The trustee must manage the trust assets following your wishes, as outlined in the trust document. Trust is beneficial when minimizing taxes and ensuring that funds go directly to beneficiaries.

 

When Is A Last Will And Testament Necessary?

A last will is necessary for estate planning if you want your assets distributed according to your wishes upon death. It is also essential if you have minor children or elderly parents who need guardianship after you are gone. Finally, it can provide assurance and peace of mind that your estate will be handled the way you want after death.

 

The benefit of a last will and testament is that it is simple, easy to create, and effective in the short term. However, it can be expensive if you have a complicated estate or if your situation has changed without revising the document. However, a last will and testament must undergo probate, which can be costly and time-consuming. People who want to avoid probate often use other estate planning tools.

 

When To Use Trusts For Estate Planning In Chandler AZ?

Trusts are helpful if you’re looking to minimize taxes or avoid probate on your estate. They are also beneficial in cases where the grantor has a complex estate that needs longer-term management. Additionally, trusts provide more legal protection than last wills since the latter requires a trustee to oversee the distribution of assets according to the grantor's wishes instead of relying on court procedures. Lastly, trusts can last much longer than last wills, even beyond death.

 

Deciding Between Last Will Vs. Trust

Choosing between a last will and trust is an important decision and one that should be made with the help of an experienced estate planning lawyer in Chandler AZ. They can help you understand your options and assist you in deciding which tool best suits your needs.

 

Creating an estate plan is essential for your loved ones when you pass away. It's vital to discuss last wills vs. trusts with a qualified estate planning lawyer to determine which tool works best for you and your family's needs. With the proper guidance, creating an estate plan will give you peace of mind knowing that your assets are taken care of properly upon death.

 

Keystone Law Firm

The estate planning team at Keystone Law Firm is experienced in helping clients decide which tool best suits their needs. They understand that creating an estate plan can be overwhelming, but everyone needs to ensure their assets are properly cared for after they die. They can provide you with a will and trust attorney to draft your document.

 

Having a last will and testament or trust in place ensures that your wishes are carried out and gives your loved ones peace of mind knowing that you have made the right decisions for them even when you pass away. With the help of an experienced estate planning lawyer in Chandler AZ, at Keystone Law Firm, you can confidently create an estate plan to protect your assets and legacy for years.

 

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Keystone Law Firm
2701 W. Queen Creek Rd. #3
Chandler, AZ 85248
(480) 418-8448