Wills and trusts are essential components for estate planning. Estate planning is the process of setting up legal arrangements that meet your wishes and give instructions on what happens to you, your assets, and the people you care about in the event of incapacity or death.
Wills:
A will, sometimes called a Last Will and Testament, is a legal document used to transfer and divide your assets and property to the person(s), organization(s), or business(es) you want to have it. Wills also contain instructions regarding the care of minors, and the distribution of funds for charity and/or trusts. A will usually appoints someone to act as the personal representative, whose responsibility it is to make sure your wishes and instructions are carried out. Your will only becomes effective upon your death, and after it has been admitted to probate. Furthermore, you must sign the will in the presence of two witnesses and be mentally competent, free of duress, and not under the influence of another person or entity in order for a will to be legally valid.
A living will is a document of your written expression that gives directions for medical treatment if you become incapacitated at the time of your injury or illness. If you become unable to communicate, your medical treatment may go against your personal beliefs and/or wishes. These treatments can include the use of life-sustaining machines such as feeding tubes, breathing tubes, ventilators, heart-lung machines, etc. A living will is an important necessity to ensure your medical preferences are indeed carried out.
Trusts:
A trust is a legal arrangement where money or property is owned or managed by one person or organization for the benefit of another. The grantor sets up the trust for one or more beneficiary, and trustees appointed by the grantor manage the trust for the benefit of the beneficiary(s). Most trusts are able to be changed, modified, or terminated. Unlike a will, a trust (unless contained within a will) becomes effective immediately, and continues throughout your lifetime even in the event of injury, incapacity or death. Trusts are in a sense more convenient than wills because you do not have to wait until probate for the conditions of the trust to come into effect.
Wills and trusts are very serious and important legal documents that can have life-altering effects for people included in them. If you seek legal guidance for will and trust laws, it is important to speak with a knowledgeable attorney who can provide you with legal options and protect your rights.
The Law Offices of Trullinger & Wenk have prepared many wills and trusts in Arizona. The attorneys at the Law Offices of Trullinger & Wenk provide effective legal counsel, timely communication, and extensive resources. The Law Offices of Trullinger & Wenk are committed to protecting your personal rights and best interest.
Probate:
Probate is the legal process of settling the terms of a decedent's person's will and estate. Once these terms have been settled, probate also deals with transferring said property to the proper beneficiaries. Probate is a way of proving the terms of a valid will, and determining which individuals are the rightful beneficiaries of the decedent's property and assets. Depending on the circumstances, probate can take anywhere from a few months, to many years to be completed.
The main purpose of probate is transferring the title of the decedent 's property into the beneficiaries' names. If an estate or will has no property that needs to be transferred, there is usually no need for probate to occur.
Probate also functions as a way to collect any taxes that may have resulted from the death of the decedent or the transferring of his/her property to the beneficiaries. Probate can establish a payment system for any outstanding debt or taxes from the decedent's estate, and sets a deadline in which all claims made by creditors must be filed. This is a way to ensure the beneficiaries are not plagued with any old or unpaid debt.
If you need help with a will, trust, or probate, call the Law Offices of Trullinger & Wenk at:
(602) 343-1860 for our Phoenix location.
(623) 546-5500 for our Goodyear location.
