It can take a lifetime to build wealth. You should be able to do exactly what you want with your estate and pass on only to those beneficiaries that you intend.
Whether a Power of Attorney, Last Will and Testament, a Living Trust, or some combination of estate documents, we want to help you understand what is involved in planning your estate and preparing the proper documents for you. Estate Planning Documents are not one-size-fits-all. What may be the best solution for one person, may not be what you need. We offer a free, no obligation consultation to evaluate various choices for your situation.
The seamless transfer of your assets cannot be accomplished without a trust, will, or other essential estate planning documents. Drafting these documents can be simple or notoriously difficult, but it is best tackled sooner than later. Scott Weible provides patient guidance throughout the entirety of the estate planning process and helps you make the hard decisions that will later benefit your loved ones.
Please note there have been new laws around digital assets and if your will was signed before 2015 you may need to update it with new language to cover the requirements of the “Fiduciary Access to Digital Assets Act”.
Trusts versus Wills
The estate planning process is full of important decisions, but one of the most essential involves choosing a will or a trust. There is no one good solution for all estate holders, so it is important to look carefully at both options and consult an estate planning attorney before making a final decision.
Trusts are generally favored by those eager to avoid probate. A variety of other conveniences are associated with trusts, such as the immediate transfer of property management if the estate holder becomes incapacitated. Without a trust, the court may be required to appoint a guardian or conservator before beneficiaries can access assets. Another advantage of a trust is that it is never a matter of public record.
Although there are many advantages associated with trusts, there are numerous situations in which wills are preferable. Trusts create several conveniences down the road, but at the outset of the estate planning process, wills are far less complex. During the will creation process, property need not be transferred to a separate entity. Additionally, wills can be used to designate guardians for minor children should the parents pass away.
Avoiding Probate and Why a Trust
If you leave your estate to your loved ones using a will, everything you own will pass through probate. The process can be expensive and time-consuming. The probate court is in control. If you are married and/or have children, you want to make certain that your surviving family has immediate access to cash to pay for living expenses while your estate is being settled by the courts. It is not unusual for the probate courts to freeze assets for weeks or even months while trying to determine the proper disposition of the estate. Your surviving family may be forced to apply to the probate court for needed cash to pay for current living expenses. With proper planning, your assets can pass to your loved ones without undergoing probate.
Other Estate Planning Services Offered by Weible Law Firm PLLC
Wills and trusts are just two of many estate planning services provided by us. In addition to these important documents, we also drafts powers of attorney, letters of intent, and advance health care directives. Learn more about the terminology used in estate planning here.
Weible Law Firm, PLLC: A Trusted Estate Planning Resource in Oro Valley, Arizona
The estate planning process can be incredibly stressful, both for estate holders and their loved ones. While this process is often uncomfortable, it is absolutely essential. Careful planning can ensure that your end-of-life care is adequate and that your property is passed on to the appropriate heirs.
At the Weible Law Firm, PLLC, you will receive compassionate legal support through all phases of the estate planning process. Scott Weible truly cares about his clients — and he wants nothing more than to provide you with the peace of mind you deserve.