Does your law firm prepare Wills?
At our firm, our main goal is to educate clients about their options in estate planning. We then give our clients our recommendations as to what is best for them. If it is appropriate, a Will may be prepared.
What are the advantages and disadvantages of having a Will rather than a Trust?
The main advantage of a Will is that it is usually less expensive to create than a Trust. A Will is also easier to set up than a Revocable Living Trust because it is not necessary to title real estate, bank accounts and other assets in a Will like it is with a Revocable Living Trust. The disadvantages of having a Will rather than a Revocable Living Trust generally include probate (see Probate discussion below), lack of estate tax planning, lack of control over distributions to children and other beneficiaries, and lack of disability planning.
What will happen to my property if I die without a Will or Trust?
If you die without a will or trust, the law determines who will be your ultimate heirs. This distribution plan can be found in the intestacy statutes of the Arizona Probate Code.
How is my property typically transferred when I die?
The transfer of property after death is usually accomplished through a court-supervised proceeding called probate that generally takes a minimum of six months. Probate often may take a year or more. These proceedings generally are expensive and time-consuming and tie up your property for several months. More information regarding Probate is set forth below.
Why do I need a Pour-over Will if I have a Trust?
A Pour-over Will protects against intestacy in the event any assets have not been transferred into the trust at the death of the Trustor/Owner. Its function is to “pour” any assets left out of the trust into it so they are ultimately distributed according to the terms of the trust.
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