Wills and trusts attorney
A Last Will and Testament (“Will”) is a legal document left behind by a deceased person. Its contents gives instructions on how the deceased would like their assets divided, who should take care of minor children, and who should be in charge of distributing assets. Many know that having a Will is important, but do we fully understand the reason why. If you pass away without a valid Will intact courts will step in and make decisions for you. They will decide on the future of your children and who will act as their Guardian. It may not be who you would want or who your children would want to be with. Furthermore, a court would decide who will be named as your executor. An executor (a.k.a. administrator) is the person who will make decisions on how to dispose of your assets.
Is a Last Will and Testament (a.k.a. “Will”) Important?
Without a valid Will you will give up control of who should inherit your possessions and who will look after your children. Making a Will is the only way to make certain that your wishes are carried out. Also, if you do not have a valid Will, it is a possibility that it may take longer for your family to finalize your estate, during this delay your beneficiaries may not be able to withdraw any money from your estate. This may cause stress in addition to the pain of losing a loved one that may lead to distress and arguments among relatives.
If you are married, do not assume that your spouse will automatically inherit everything. Other family members which could include parents, siblings and children could have a claim on your estate. If you are living as a couple but not legally married, you may be treated as a single person and the surviving partner may not receive anything at all from your estate. If you created a Will a long time ago, it most likely needs to be updated to include subsequently born children or grandchildren or to remove persons you no longer wish to manage your affairs or receive your assets. Whatever your situation may be, if you prepare ahead of time, there shouldn’t be any question how you would like your estate divided and who you wish to take taken care of your children. Making a Will can give you peace of mind by knowing that your wishes will be carried out and your loved ones will be taken care of after you have died.
Contact Hedtke Law Firm to form or update your Last Will and Testament today!
A Revocable Trust, often called a Family Trust or Living Trust, differs from a Will. Having a Trust will save your estate from a probate and also provides greater privacy. A common question people ask is why should I bother creating a Trust? It is a misconception that only wealth individuals should create a Trust. A Trust is beneficial for many reasons. An Arizona family Trust or living Trust creates a legal contract that specifies and manages the distribution of the Trust’s assets. A Trust can take advantage of tax benefits, avoid probate, preserve your privacy and manage financial dealings. Much like financial planning while you’re alive, preparing a Living Trust allows you to make plans for your estate after your death. A Family Trust is established during your lifetime and is usually revocable, so you can make changes to your Trust. If the situation arises due to changes in your financial circumstances, you can also reclaim property that was transferred into the Trust. A Revocable Trust dictates how your want your property to be handled while you are alive as well as distributed after your death. If a person dies without a Trust, there could be a probate to determine how to distribute your estate. This can become a lengthy and costly process. Having a Last Will and Testament in place can help the courts determine how to make distributions, but it does not avoid the probate process. The probate process validates the Last Will and Testament if one exists, however this process allows public access to the deceased’s estate and it opens up the estate’s distributions for public viewing. That is why you should not only create a Will but a Trust as well. If set up properly, the Revocable Trust will not go through the probate process, this is because the owner of the property (the Revocable Trust) did not pass away, just the person in the role of the Trustor or Grantor (you). The successor Trustee will be able to step in and handle the affairs of the Trust, including the distribution of the assets. Most families like to use Trusts to minimize inheritance taxes that can be associated with the transfer of assets from parents to children or grandchildren. A Trust also allows parents to remain in control of their assets and decide on the distributions amounts and place age restrictions on the beneficiaries as to when they receive the assets. It can also ensure providing for family members who are disabled. Some Trusts can be created for the purpose of protecting assets and build lasting framework for the family’s wealth. The key to a successful Revocable Living Trust is to create one that best suits the family’s needs and one that will function properly over time and ensure to fulfill the wishes of the Trustor. For more information on creating your Revocable Trust, call the Hedtke Law Offices.
Frequently Asked Questions
What is a will, and why do I need one?
A will outlines your wishes for asset distribution and guardianship of minor children after your death.
What happens if I die without a will?
Your assets will be distributed according to state intestacy laws, which may not match your preferences
Can I write my own will?
While you can, a lawyer ensures your will is legally valid and avoids potential disputes. Call us today to know more.
How often should I update my will?
Update your will after significant life changes, like marriage, divorce, or acquiring new ass
Do I need witnesses for my will?
Yes, most states require two witnesses to sign the will for it to be valid.
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