Guiding You On Whether To Use A Will or Revocable Trust
Estate planning can help you control what happens with your assets after you pass away. Two common methods for asserting such control are wills and revocable trusts. Picking the right estate planning tools for you unique situation is critical. As experienced attorneys, we at Benavidez Law Group, P.C., help individuals throughout Tucson and southern Arizona make informed choices when it comes to major estate planning decisions, such as whether to have a will or revocable trust.
What Happens If You Don’t Have A Will Or Trust?
If you die without a will or trust in Arizona and most other states, your property will be distributed according to the state’s intestate succession laws, with spouses and children getting first priority as beneficiaries. If your intent is to leave your property to your spouse, or to your children if your spouse predeceases you, then a will is not absolutely necessary to ensure that your property will get to the right people. However, you should have some say in who serves as your executor, or personal representative, and a will can be crucial if you wish to deviate in any way from the state’s intestate succession laws (e.g., you wish to omit a child or leave a bequest to charity).
Addressing Special Needs
Parents of a disabled child (minor or adult) receiving government benefits should also have wills or trusts, since an outright distribution to that child could disqualify the child from eligibility to receive benefits such as SSI or AHCCCS. The will or trust should either expressly omit the child, or set up a special treatment trust.
Does A Will Bypass Probate?
No, assets distributed through a will are subject to probate. This is also the case for the assets of trusts created within a will, which are called testamentary trusts. However, assets transferred to a revocable living trust during one’s lifetime can bypass probate completely.
Should You Go With A Revocable Trust Instead Of A Will?
The ability to bypass probate is one reason why some choose to have a revocable living trust in place of a will. Other advantages revocable trusts can have over wills include privacy, flexibility and the ability to control and protect assets during your lifetime. However, these trusts can be more costly and complex to get in place than a will. Because of this trade-off, whether a will or revocable trust would be better for you depends on your situation and goals. A skilled estate planning lawyer, such as a member of our team, can advise you on what estate planning documents are a good fit for your needs.
Make Estate Planning Decisions With Confidence – Reach Out Today
We are ready to answer your questions about wills, revocable trusts and other estate planning tools. Contact us today by email or by phone at 520-314-8954 for the personalized guidance you deserve.