When you chose a Will over a Trust you are essentially choosing to make your loved ones go through Probate. Many people don't realize this, and have the misconception that a Will should prevent probate. However, the very definition of probate is "to prove the Will," meaning the judge will determine whether he will support the dictates of your Will, or if he will change it if he deems necessary.
By only creating a Will, you are also choosing to deny your surviving spouse and beneficiaries the many protections they could have had through the creation of a Trust. Finally you also provide little option for your heirs when it comes to minimizing tax issues. Really, when all the costs and losses are considered, why would you choose a Will over a Trust? To add to that, why would you choose to put your family through the headache and cost of Probate? Why would you choose not to protect your beneficiaries?
The simple answer is look at all the benefits of a Revocable Living Trust and all of the problems it can solve. Yes, creating a Trust cost more up front than it does to create a Will, but when you take into account the savings by avoiding probate (which can be extremely costly), maximizing tax planning strategies, and the protection to the assets and your loved ones...the cost for a Will is far too high.
For more information or to schedule your free consultation, contact our office today at 888.222.1328.
Contributed by MH Phoenix, Flagstaff and Cave Creek Estate Planning Attorney West Hunsaker
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
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You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!