Whatever the size of your estate, you’ve worked hard for your money. It is therefore natural that you care deeply what happens to your assets when you die. At the same time, you are naturally concerned about your estate being consumed by taxes, administration costs, and other expenses.
Some people have a Last Will and Testament (Will) prepared to deal with these issues. But there are situations in which a revocable (living) trust may accomplish your goals more efficiently, with less cost and administrative expense, and with more protections than a Will can provide. If you are concerned about your estate, and how to deal with questions of distribution, taxes, probate and expenses, it is time to speak to an experienced Scottsdale estate planning lawyer to understand which alternatives make sense in your case.
At Colby & Thornes, we can help. We can advise you as to the best legal techniques to make sure that you minimize expenses and taxes, and at the same time, fulfill your wishes as to the disposition of assets upon your death.
A Will is a written document that, in its simplest form, determines how your assets are to be distributed when you die. You can change a Will at any time by adding a codicil, by revoking the Will, or by having a new Will prepared. All Wills must be probated.
There are many types of trusts. Here, we are speaking about a revocable (living) trust that holds some or all your assets, where you serve as your own trustee and have complete control of all trust assets while you are alive and competent, and which provides that there will be a new trustee substituted in your place in the event of your death or incapacity. The Trust also directs the distribution of the assets upon your death and specifies the terms of distribution.
There are advantages and disadvantages associated with various estate planning tools. An experienced estate planning attorney can tell you which will work best in your situation. The following are some of the relative advantages and disadvantages of using a revocable trust or a Will to deal with the disposition of your assets:
Reading about trusts, wills, and similar matters will give you an idea of the types of estate planning tools that exist generally, the specifics of your case – the amount and nature of your assets, your age, your family situation, etc. – will determine which will be best suited to accomplish your goals both effectively and cost-efficiently.
At Colby & Thornes, we will analyze all the relevant factors, and use our decades of experience to provide a custom solution that works best for you. Call us to schedule an appointment.
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