The best estate plans are created by focusing on people not just property. In its most basic terms estate planning is how your affairs will be managed in the event you are not around, either because of your death or incapacity. No one wants to think about their mortality but do you honestly want to leave your loved ones to sort out your affairs without your input? Worse yet, if you do not create your own estate plan the State will create one for you.
Trusts
Trusts are a legal construct that allows you to create a separate legal entity to hold your assets. A trustee is named who manages the assets for the benefit of you and your beneficiaries. Revocable living trusts are created and funded during your lifetime and you often name yourself as trustee to maintain control of the assets until your death or incapacity. A testamentary trust is created after your death by a provision in your will. Trusts are very flexible and there are many different types. The type of trust used is dependent on your specific goals and circumstances.
Wills
A last will is a written document that states who you wish to be the guardians for your minor children and how you would like your assets distributed at your death. The last will names an executor to facilitate the management of your will during the probate process.
If you die without a valid will (known as dying intestate) your assets will be divided up according to State statute.
AZ Trust and Will provides you with the convenience and affordable fixed fee of an on-line estate planning service together with professional legal advice and individually drafted estate planning documents to meet your unique needs.
The Process
Overview of the AZ Trust and Will estate planning process:
- Fill in a simple questionnaire
- If Chosen: Estate Planning Attorney reviews your questionnaire
- If Chosen: Consultation with an Estate Planning Attorney
- Review draft documents
- Receive your documents with instructions to properly execute them
An in-depth look at how AZ Trust and Will estate planning process works:
- Begin with a secure, simple questionnaire completed at your leisure, in one session or in as many sessions as you need, to ensure that all of your pertinent information is included in the decision-making process.
- Once this questionnaire is completed, an estate planning attorney will analyze your situation to make an initial determination regarding how your individual and family needs should be addressed in your estate plan.
- An informative consultation with an estate planning attorney will be scheduled at a time convenient for you. Your options, questions and concerns will be addressed. The discussion will be used by the estate planning attorney to devise an appropriate strategy for your individual and family situation.
- After the initial consultation, your draft estate planning documents are emailed to you. After you have reviewed your draft documents, a further consultation will be scheduled if needed.
- Now that your outstanding questions have been resolved, any necessary alterations will be made to your documents. Final estate planning documents will be mailed to you with detailed instructions on how to proceed with signing or executing your documents.
- Many people obtain living trusts from purely on-line services, but then do not “fund” their living trust. Only those assets formally transferred into the living trust will enjoy its benefits – for example, avoiding probate. Establishing a living trust and then failing to fund it is a waste of time and money, leaving your assets exposed to expensive and lengthy probate, as well as potential threats from creditors and others.
AZ Trust and Will helps you complete the final stages, wrapping up the process of ensuring your estate plan really does become effective, protecting your loved ones.
