A Will comes into play only after you die, but a Living Trust actually starts to work and benefit you while you are alive. After you create the trust you will transfer substantially all of your assets into it during your lifetime. Any assets you may have forgotten to transfer into the trust will be transferred into the trust upon your death through the use of a Pour Over Will. You should always create a Pour Over Will at the time that you create your trust.
Upon your incapacity or death the trust is in place to manage your financial affairs through someone called a Successor Trustee. A trust is not subject to Probate, which means no court involvement in your affairs. All provisions of your estate plan will remain private.
Contributed by MH Arrowhead, Scottsdale and Phoenix Estate Planning Attorney and Partner, David T. Eastman.
Why Choose Morris Hall:
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!
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.