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Phoenix Wills & Trusts Lawyer

Protecting Hard-Earned Assets and Property in Arizona

You have spent your life working hard, accruing property and assets, and building up wealth. If done properly, your last will and testament gives you the final say in how the fruit of your life’s work will be divided up. This can be especially important in the event of illness, accident, or other unexpected or premature death. If you pass away without a will in place, it falls to the court to select your inheritors and attempt to divide your possessions equitably.

Don’t Put Off Writing a Will or Trust Until it's Too Late

Most people try to avoid thinking about death and, consequently, many fail to prepare for it. People delay creating wills and trusts in order to avoid unpleasant conversations, but it is always better to have a plan in place. Your family members, with whom you may not want to discuss death, taxes, or inheritance, will likely experience conflict, stress, and confusion if left to collectively decide how to tie up your financial affairs. Think of your will as a roadmap that will help loved ones more easily navigate the legal and financial aspects of your passing, allowing them to focus on grieving, not court proceedings.

Why Hire a Will & Trust Attorney?

It is not unheard of for people to create their own wills and trusts. Without the assistance and insight of a will and trust attorney in Phoenix, a court may not uphold your will. While you may be able to purchase the right legal documents online or through an online legal service (attempting to make existing, pre-created documents suited your unique situation), only a live legal professional can help you take stock of your options, discuss potential problems and possibilities, and help you create a last will and testament, or trust, that fits your desired results. By bringing a legal professional into your corner, you greatly increase the likelihood of your wishes being carried out exactly as you specify.

What is the Difference Between a Will and a Trust?

Wills and trusts are both used for lessening the chance of family dispute after a loved one’s death. However, there are differences in how these documents are used.

Wills

The creator of the will is known as the “testator”. The one who will carry out the last wishes in the will after the testator’s death is known as the “executor”.

With a will, you can:

  • Name a guardian for your minor children and their property.
  • Name a person as the personal representative for your estate.
  • Name a loved one to manage your property.
  • Decide how debts and taxes are to be paid.
  • Provide for your pets.

With only a will, you cannot avoid the probate process.

Trusts

The benefits of a trust include: helping you avoid probate, reducing estate taxes, and helping you set up long-term property management.

The creator of the trust is referred to as the “settlor”. Once the trust is created, assets must be transferred to the trust and settlor names themselves as a “trustee” to the trust. The trustee can then appoint a “successor trustee”. This person will control the estate after the settlor passes away or is incapacitated and cannot make rational decisions.

With a trust, one can avoid the probate process because the successor trustee can transfer assets in the trust based on the wishes presented by the trustee. With a will, the executor is required to file for probate after the testator passes away. The probate court must supervise the executor when making decisions about the estate.

Turn to a Will & Trust Attorney in Phoenix at Taylor & Lihn, PLLC

Let our team of experienced lawyers at Taylor & Lihn, PLLC help you as you hope for the best and prepare for the unexpected. Call (602) 900-9860 or contact us online for a initial case review.

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Contact Taylor & Linh, PLLC online or call (602) 900-9860 for a consultation with a Phoenix will and trust lawyer.

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