It Is better TO Have A Will Or Trust?
When considering the best strategy for an estate plan, many Arizona residents narrow their choice between a will and a trust.
The estate planning instrument that is best for you will depend on your specific needs.
BENEFITS OF WILLS Creating a will is a low-cost option for handling how assets are distributed after death. Revoking a will is often a simpler process than revoking a trust. Once a will is signed and executed, no further actions are needed unless changes need to made at a later date.
Trusts are more “hands-on�, by comparison.
BENEFITS OF TRUSTS A revocable trust (also known as a living trust) allows the trust to be revoked or amended by the Grantor. This is ideal for estate planners who may change their mind. Trusts can be managed in both life and death. By contrast, a will instructs how property is handled upon death.
Trusts allow estates to plan for incapacitation. In fact, trusts allow for more detailed estate planning strategies in general.
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