We all understand that a will is a legal document that divides property (money, real estate, etc.) after our death. However, these assets will not be given to the beneficiaries until the will has completed the probate process. In Arizona, the probate process generally takes from six to 10 months.

A revocable living trust, which is perhaps the most popular type of trust used in the United States as well as within Tucson estate law, is very similar to a will. It divides the assets, just as a will does; but with a revocable living trust, you will avoid the probate process. This is because all of your property basically becomes owned by the trust with clear beneficiaries and automatic transfers of property. A will does not automatically transfer property; it must go through probate first.

This may sound ideal, but creating a trust is a much more complex and time-consuming process than creating a will, and it is more expensive. With a will, you easily can do this process yourself, although it never hurts to spend some time discussing your will with an attorney. With a trust, you will need to work with an experienced attorney who understands Arizona estate law. Even if you do have a trust, you also will need to create a will to accommodate any property you might have left out of your trust.

Typically trusts should be used when the estate is large or complicated. However, there are many reasons to use a trust even if you have a small estate. For example if a client is currently in a second marriage, a trust can protect the inheritance of children from a previous marriage. In addition, if you have a child who is disabled, either physically or mentally and on public assistance, the trust will protect the inheritance from the state and prevent interruption of government benefits. A trust also can protect a child’s inheritance from creditors, divorce (greedy ex-spouses), and from bankruptcy.

Moreover, if for some reason, you become incapacitated, your medical and financial affairs will be directed by the Successor Trustee, which will protect you as well as preserving your final wishes. A will, on the other hand, provides no such protection.

Whether you opt for a will or a living trust, consider discussing these matters with an attorney. Someone experienced in Tucson estate law can make the whole process easier and far less stressful.

Julio Arrant likes blogging and discussing estate planning. For further details about estate planning Tucson or to discover more about a Tucson family law attorney, please check out the TucsonEstateLaw.com site now.

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