Do You Need A Will Or A Living Trust?

Julio Arrant — Fri, 26 Aug 2011 16:41:41 +0000

Estate planning, whether it means creating a will or a living trust, is one of the kindest things one can do for one’s heirs. After you pass away, the last thing you want your loved ones worrying about is how to carry out your final wishes. So, while it might be uncomfortable to discuss, it is important to decide whether you need a will or a living trust and then to create these legal documents.

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.

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

I Am Powerless in the Presence of Your Adorableness, Kangaroo

admin — Thu, 21 Jul 2011 21:00:37 +0000

Visit msnbc.com for breaking news, world news, and news about the economy

Don’t let any of those other kangaroos tell you you’re different, albino kangaroo. You’re beautiful and the world loves you.…

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

At The Ballpark Tonight: Help A Family In Need

admin — Thu, 21 Jul 2011 20:00:52 +0000

Tonight at Kino Stadium, $1 from every ticket sold will help the family of this 5-year-old boy make ends meet.

An Update On Franklin, The Poodle You Saved

admin — Thu, 21 Jul 2011 19:00:34 +0000

A few weeks ago, we told you about an abused poodle named Franklin who needed surgery after a large gash on his face became infected, leaving his sinus cavity exposed.

According to Franklin’s owner, Effie Craven, Tucson Weekly readers alone donated about $800, allowing the poodle to get his surgery.…

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Tucson Bars, Don’t Sign Up for Barspace

admin — Thu, 21 Jul 2011 18:00:44 +0000

The above picture is a still from Barspace.tv – specifically, an image of what was happening at the Queen City Grill in Seattle when I happened to visit the site a few minutes ago. Barspace is a new website that features live feeds from bars in a few states, although not Arizona at the moment.…

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Let’s Listen to Some Jay-Z and Kanye West

admin — Thu, 21 Jul 2011 17:00:51 +0000

The sound quality is kind of terrible, but the leak of “Otis”, the first single from the Jay-Z/Kanye West collaboration album Watch The Throne is bound to be an event of some musical importance. Plus, Otis Redding samples are always welcome.…

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

New Proposal: Name Capitol Meeting Room For Gabe Zimmerman

admin — Thu, 21 Jul 2011 16:00:07 +0000

A new resolution proposes naming a meeting room in the U.S. Capitol Visitor Center for Gabe Zimmerman, the 30-year-old Giffords aide who was killed in the Jan. 8 shooting.

More from U.S. Reps. Debbie Wasserman Schultz and David Schweikert, who introduced the resolution:

“Gabe Zimmerman was a loyal, determined, public servant who made the ultimate sacrifice for this country,” said Wasserman Schultz.…

[ Read more ]

[ Subscribe to the comments on this story ]

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Cheap Shots

admin — Thu, 21 Jul 2011 11:00:00 +0000

Pictures taken by plastic cameras get their artistic due
by Margaret Regan
Act now to see the biggest camera in town. At 6 feet tall and 9 feet wide, the giant replica Holga camera is probably the largest camera you’ll ever see.…

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Noshing Around

admin — Thu, 21 Jul 2011 11:00:00 +0000

Union Public House; Shaved-Ice in Tucson; A new spice place; and more!
by Adam Borowitz
Coming Soon: Union Public House The old Acacia spot at St. Philip’s Plaza (4340 N. Campbell Ave.) will soon be home to a new restaurant called Union Public House.…

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Guest Commentary

admin — Thu, 21 Jul 2011 11:00:00 +0000

Center for Biological Diversity: Our goal is to save species, not make money
by Kiéran Suckling
Industry-funded zealots are angling to prevent nonprofits from protecting veterans, children, workers and the environment. With the absurd argument that nonprofits are getting rich by making the government follow its own laws, they want to ensure that only the truly rich are able to take the government to court.…

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

Top Stories Tucson

Do You Need A Will Or A Living Trust?

I Am Powerless in the Presence of Your Adorableness, Kangaroo

At The Ballpark Tonight: Help A Family In Need

An Update On Franklin, The Poodle You Saved

Tucson Bars, Don’t Sign Up for Barspace

Let’s Listen to Some Jay-Z and Kanye West

New Proposal: Name Capitol Meeting Room For Gabe Zimmerman

Cheap Shots

Noshing Around

Guest Commentary