Arizona Paralegal Services

Arizona Wills and Trusts

» Initial consultation to go over necessary points

» Preparation of the Will and/or Trust

» Notarize and facilitate the signing of the Will

» In the case of a Trust, also draw up additional documents such as:

Pourover Will
Living Will
Health Care Power of Attorney
Nominations of Conservator
Nomination of Guardian(s)

LIVING TRUSTS & WILLS

General Information - Wills

What is a Will?

A will is a legally executed document that states how the property you own will be distributed at the time of your death and to whom. It names a personal representative or executor and you can designate a guardian for your minor children as well. The will does not become effective until your death. Until then, you can change the terms of it or revoke it as long as you are considered mentally competent. In almost all cases, a will must be probated.

What is Probate?

Probate is the legal process involving the court system which is used to value your estate, settle any debts, pay estate taxes, establish clear title to assets, and make an orderly distribution or transfer title of estate assets. The reason that almost all wills must be probated in the State of Arizona, is because the statutory limit for probate is $30,000. This means that if a person's entire estate is valued at over $30,000, the will must be probated.

Advantages of a Living Trust v. Wills

1. A Last Will & Testament can be easily prepared in a timely fashion and can legally be done either by an attorney or by a paralegal.

2. A Last Will & Testament is much less expensive than a Living Trust to have prepared.

What is a Living Trust?

A living trust is a legal arrangement in which you as the trustor place property in trust for the benefit of one or more individuals known as beneficiaries. You can think of a trust as a financial bridge from one generation to another, since one basic purpose of estate planning is to pass the benefits of accumulated wealth from one family member to the next, and usually from one generation to the next. A trust is established with a trust agreement in which you name someone to act as the successor trustee to manage assets placed in the trust, and you give instructions on how distributions are to be made.

Assets of all kinds can be placed in a trust, including bank accounts, real estate, securities, mutual funds, limited partnerships, and personal property. A trust agreement can spell out your wishes in detail.

After the trust is established, assets are placed into the trust while you are alive. As soon as you sign your trust agreement, you should change the title of all property you are placing in the trust from your name to the name of the trust. This process will include preparing new deeds for the transfer of real estate, changing title on bank and brokerage accounts, changing title on stock certificates and changing title on business interests.

Once your assets are in the trust, you can manage them in the same manner in which you would manage your personal investment portfolio, according to your investment objectives. You maintain full control of your assets.

Living Trusts Avoid Probate

Living trusts do not require probate and are often settled after the death of a trustor in a matter of hours, instead of months or years. With a living trust, there is usually no need to retain an attorney after the death of a trustor, so the costs of settling an estate where a living trust is involved are usually much less than the costs of probate.

Advantages of a Living Trust

-Avoids the delays and costs of probate.
If you desire, a living trust distributes assets directly to your heirs, without a time consuming court procedure.

-Valid in Every State.
Living Trusts, as opposed to Wills, are recognized as valid in every state. If you were to move to another state, typically no changes in your trust may be required. If you have a Will, on the other hand, you should have an attorney review it to be sure it meets with that state's requirements.

-Assures Financial Privacy.
The terms of a trust, unlike those of a will, are generally not required to be disclosed to the public.

-Eliminates Unnecessary Estate Taxation.
A well-prepared trust can unburden your beneficiaries of heavy and needless taxation.

-Provides the Entity for the Support and/or Education of Minor Children.
A trust can assure management (and continuity of management) of your investments after your death, allowing you to provide for your childrens' futures. Your living trust will allow you to restrict how your state is managed and spent even after your death, and can provide for the support and education of anyone, for example your spouse and children.

-Makes Assets Available to your Heirs Immediately.
By having a trust and avoiding probate, you can speed asset distribution to your heirs, if you so desire.

-Allows Pooling of Assets.
A living trust allows you to have all of your assets treated under one document for centralized control and distribution. Without a trust, your assets may be distributed piecemeal and at different times, causing delays and inequities which are not intended. When all of your assets are in your living trust, your estate plan will be easier to review and amend than if your assets were distributed among several documents.

-Preserves the Estate Against Legal Challenges.
Because a trust actually functions and is used and operated during your lifetime, it is not likely that it can be successfully challenged. It is much more difficult for disappointed relatives to upset a trust than a will because the trust was in existence during the life of the trustor, was operating under his or her observation, and was subject to his or her revocation.

Disadvantages of a Living Trust

-Some time and effort are required to transfer assets to the trust.
A certain amount of time and paperwork are required to transfer real estate, securities, bank accounts and other property in the trust. However, there are established procedures for making these changes.

-The initial costs of setting up a trust are usually much higher than simply preparing a will.


Home About AZPS Incorporation/LLC Divorces Child Support Wills & Trusts Paternity Miscellaneous Contact Us	ARIZONA PARALEGAL SERVICES, INC. "Stress Free for a Small Fee"
Phone: (520) 531-8322 Arizona Wills and Trusts » Initial consultation to go over necessary points » Preparation of the Will and/or Trust » Notarize and facilitate the signing of the Will » In the case of a Trust, also draw up additional documents such as: Pourover Will Living Will Health Care Power of Attorney Nominations of Conservator Nomination of Guardian(s) LIVING TRUSTS & WILLS General Information - Wills What is a Will? A will is a legally executed document that states how the property you own will be distributed at the time of your death and to whom. It names a personal representative or executor and you can designate a guardian for your minor children as well. The will does not become effective until your death. Until then, you can change the terms of it or revoke it as long as you are considered mentally competent. In almost all cases, a will must be probated. What is Probate? Probate is the legal process involving the court system which is used to value your estate, settle any debts, pay estate taxes, establish clear title to assets, and make an orderly distribution or transfer title of estate assets. The reason that almost all wills must be probated in the State of Arizona, is because the statutory limit for probate is $30,000. This means that if a person's entire estate is valued at over $30,000, the will must be probated. Advantages of a Living Trust v. Wills 1. A Last Will & Testament can be easily prepared in a timely fashion and can legally be done either by an attorney or by a paralegal. 2. A Last Will & Testament is much less expensive than a Living Trust to have prepared. What is a Living Trust? A living trust is a legal arrangement in which you as the trustor place property in trust for the benefit of one or more individuals known as beneficiaries. You can think of a trust as a financial bridge from one generation to another, since one basic purpose of estate planning is to pass the benefits of accumulated wealth from one family member to the next, and usually from one generation to the next. A trust is established with a trust agreement in which you name someone to act as the successor trustee to manage assets placed in the trust, and you give instructions on how distributions are to be made. Assets of all kinds can be placed in a trust, including bank accounts, real estate, securities, mutual funds, limited partnerships, and personal property. A trust agreement can spell out your wishes in detail. After the trust is established, assets are placed into the trust while you are alive. As soon as you sign your trust agreement, you should change the title of all property you are placing in the trust from your name to the name of the trust. This process will include preparing new deeds for the transfer of real estate, changing title on bank and brokerage accounts, changing title on stock certificates and changing title on business interests. Once your assets are in the trust, you can manage them in the same manner in which you would manage your personal investment portfolio, according to your investment objectives. You maintain full control of your assets. Living Trusts Avoid Probate Living trusts do not require probate and are often settled after the death of a trustor in a matter of hours, instead of months or years. With a living trust, there is usually no need to retain an attorney after the death of a trustor, so the costs of settling an estate where a living trust is involved are usually much less than the costs of probate. Advantages of a Living Trust -Avoids the delays and costs of probate. If you desire, a living trust distributes assets directly to your heirs, without a time consuming court procedure. -Valid in Every State. Living Trusts, as opposed to Wills, are recognized as valid in every state. If you were to move to another state, typically no changes in your trust may be required. If you have a Will, on the other hand, you should have an attorney review it to be sure it meets with that state's requirements. -Assures Financial Privacy. The terms of a trust, unlike those of a will, are generally not required to be disclosed to the public. -Eliminates Unnecessary Estate Taxation. A well-prepared trust can unburden your beneficiaries of heavy and needless taxation. -Provides the Entity for the Support and/or Education of Minor Children. A trust can assure management (and continuity of management) of your investments after your death, allowing you to provide for your childrens' futures. Your living trust will allow you to restrict how your state is managed and spent even after your death, and can provide for the support and education of anyone, for example your spouse and children. -Makes Assets Available to your Heirs Immediately. By having a trust and avoiding probate, you can speed asset distribution to your heirs, if you so desire. -Allows Pooling of Assets. A living trust allows you to have all of your assets treated under one document for centralized control and distribution. Without a trust, your assets may be distributed piecemeal and at different times, causing delays and inequities which are not intended. When all of your assets are in your living trust, your estate plan will be easier to review and amend than if your assets were distributed among several documents. -Preserves the Estate Against Legal Challenges. Because a trust actually functions and is used and operated during your lifetime, it is not likely that it can be successfully challenged. It is much more difficult for disappointed relatives to upset a trust than a will because the trust was in existence during the life of the trustor, was operating under his or her observation, and was subject to his or her revocation. Disadvantages of a Living Trust -Some time and effort are required to transfer assets to the trust. A certain amount of time and paperwork are required to transfer real estate, securities, bank accounts and other property in the trust. However, there are established procedures for making these changes. -The initial costs of setting up a trust are usually much higher than simply preparing a will.