Wills and Trusts Lawyer Scottsdale AZ
If you want to draft a will, you may want to speak to a wills and trusts lawyer Scottsdale AZ trusts. A will is an important document and it helps to have an experienced lawyer on your side. We have helped many individuals set up wills in an efficient manner.
Even if you do not have a lot of assets, it still may be important for you to have a will. If you draft a will with the help of a wills and trusts lawyer in Scottsdale AZ, your belongings and assets will go to the beneficiaries you designated after you die. If you have minor children, it becomes even more important to have a will. In your will, you can choose the guardian you want to take care of your children until they become adults if you become unfit to care for them.
If you go without a will, the court will make all the decisions upon your death. It can be a lengthy and stressful process that you don’t want to put your family through.
Understanding the Difference Between a Will and a Trust
A wills and trusts lawyer Scottsdale AZ provides can help you to determine what is better suited to your needs which is why you should take advantage of a free consultation. If however, you are interested in learning the basics, you can read on to understand the differences between a will and a trust.
A will and a trust are both a part of estate planning but serve different purposes. A will goes into effect only when you die while a trust takes effect immediately after it is drafted. A will discusses who will receive your property, including physical and financial, upon your death. It might also appoint a legal representative to carry out your wishes. This can be a family member or a wills and trusts lawyer in Scottsdale AZ.
On the other hand, a trust can distribute property before or after death. The legal arrangement assigns a trustee to hold the legal title to properties for a beneficiary. The trustee is usually a bank or a wills and trusts lawyer Scottsdale AZ offers. A trust typically has at least two beneficiaries: those who receive income while they are alive and those who receive what is left once the first beneficiary dies. For example, if a child is named a beneficiary of their parent’s trust, and the child lives a long life and then dies, their children may be considered the second set of beneficiaries.
A will legally cover property that is in your name; it does not cover property held jointly or in a trust. A trust covers property that has been transferred into the trust and cannot be in a sole person’s name. A wills and trusts lawyer Scottsdale AZ can provide may discuss this in further detail during a free consultation.
Another major difference between a will and a trust is that a will must go through probate. This is a time in which the court oversees the administration of the will and makes sure it is valid and distributed as the deceased specified in the document. When you have a trust, beneficiaries do not need to go through probate, which can save huge amounts of time and money. Finally, a will becomes a public record which means anyone can view it, whereas a trust will remain completely private. Either way, you should have a wills and trusts lawyer Scottsdale AZ has to offer on your side.
Wills and trusts have considerable differences as well as advantages and disadvantages. A will enables a person to specify funeral arrangements or a guardian for children, a trust does not. A trust can discuss a plan which can be put in place should the drawer of the trust become incapacitated or disabled. A will cannot include this.
Realistically, if there are large amounts of financial wealth or property involved, having both a will and a trust could be most ideal. If you are not sure which one is most appropriate for your needs, please call a Scottsdale wills and trusts lawyer today.
If you have decided to draft a will, you might be wondering if you should do it yourself or hire a wills and trusts lawyer Scottsdale AZ respects. While it is possible to draft a will on your own with software, it might not be in your best interest. Here are a few benefits of hiring a lawyer to draft your will:
- Save Time and Stress: Drafting a well thought out will may take a lot of time, which can stress you out. If you have a busy schedule, writing your own will may not be such a good idea. If you hire an experienced wills and trusts lawyer Scottsdale AZ relies on to draft your will, you can save yourself a lot of hassle.
- Reduce Complications: Even if you have the best software, drafting a will can be quite complicated. The laws are constantly changing and it is easy to make mistakes if you do not possess knowledge about wills. An experienced wills and trusts lawyer will have drafted many other wills in the past and should know what to expect. If you work with an experienced lawyer, your will should be free from errors.
- Offer Objectivity: A Scottsdale wills and trusts lawyer may be objective and prevent you from making any bad decisions with your will.
- Save Money: Although you do have to pay a wills and trusts lawyer Scottsdale AZ depends on upfront, he or she may help you save more money in the long run by reducing your estate taxes and probate costs.
At our firm, we have substantial experience when it comes to drafting valid wills, trusts, and other estate planning documents. We know that this type of security can provide a great deal of reassurance for the entire family. For more information about working with a wills and trusts lawyer, Scottsdale AZ offers, contact us at (480) 947-4339.