Have you ever considered what will happen to your assets after death? If you do not have a will, any assets in your estate will be distributed according to Arizona laws.
These laws designate which of your heirs receive your assets. If you want to have control over how your estate is divided and distributed, one of our experienced attorneys can draft a will for you.
But do I need a professionally drafted will?
You do not have to possess a large estate in order to have a will. Wills not only designate who receives your assets upon death, but can also nominate a guardian for minor children and to manage assets in a trust set up for minor children.
What about managing my family’s estate during my lifetime and after my death?
In simplest terms, a trust is a way to manage your assets either during your lifetime or after death. A living trust, also known as revocable trust, is a type of estate plan by which a “trustee”, which can be one or multiple individuals, take the original owner’s, also known as the “settlor”, title to the assets. In almost all cases, the settlor is also the initial trustee.
How does a living trust work?
The terms of the living trust designate who takes over as trustee once the initial trustee is either no longer willing or able to act as trustee. Very often, the settlor is the trust’s only beneficiary during their lifetime.