{"id":873,"date":"2020-02-22T13:58:00","date_gmt":"2020-02-22T20:58:00","guid":{"rendered":"https:\/\/ogbornelaw.com\/?p=873"},"modified":"2023-07-21T17:15:16","modified_gmt":"2023-07-21T17:15:16","slug":"is-it-better-to-have-will-or-trust-in-arizona","status":"publish","type":"post","link":"https:\/\/webtechs-designs.com\/2023Ogborne\/is-it-better-to-have-will-or-trust-in-arizona\/","title":{"rendered":"Will vs Trust in Arizona: Which is Better?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_video link=&#8221;https:\/\/youtu.be\/tN7-qM0KRs4&#8243; align=&#8221;center&#8221;][vc_column_text]It is up to us to live up to the legacy that was left for us, and to leave a legacy that is worthy of our children and of future generations.\u00a0-Christine Gregoire<\/p>\n<p>Your legacy \u2013 what you leave behind for those you love and who love you \u2013 is not about money. Kindnesses, compassion, caring\u2026these acts will live on in the hearts of your heirs for as long as they live. When it\u2019s time to plan for the future, you want to do what\u2019s best for everyone.<\/p>\n<p>Even if you aren\u2019t wealthy, <a href=\"https:\/\/ogbornelaw.com\/estate-planning-basics-where-to-start\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/estate-planning-basics-where-to-start\/\">estate planning<\/a> is important. Both a <a href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\">will or trust<\/a> can prepare your assets to be passed on after you\u2019re gone. What are their differences?<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/is-it-better-to-have-will-or-trust-in-arizona\/#Trust_vs_Will_in_Arizona_Whats_the_Difference\" >Trust vs Will in Arizona: What\u2019s the Difference?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/is-it-better-to-have-will-or-trust-in-arizona\/#Can_You_Have_Both_a_Will_and_a_Living_Trust\" >Can You Have Both a Will and a Living Trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/is-it-better-to-have-will-or-trust-in-arizona\/#What_is_a_Living_Trust_in_Arizona\" >What is a Living Trust in Arizona?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/is-it-better-to-have-will-or-trust-in-arizona\/#Revocable_Living_Trust_in_Arizona\" >Revocable Living Trust in Arizona<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/is-it-better-to-have-will-or-trust-in-arizona\/#5_Reasons_a_Trust_is_Better_Than_a_Will_in_Arizona\" >5 Reasons a Trust is Better Than a Will in Arizona<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/webtechs-designs.com\/2023Ogborne\/is-it-better-to-have-will-or-trust-in-arizona\/#Your_Will_or_Trust_for_Peace_of_Mind\" >Your Will or Trust for Peace of Mind<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Trust_vs_Will_in_Arizona_Whats_the_Difference\"><\/span>Trust vs Will in Arizona: What\u2019s the Difference?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A <a href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/will-arizona\/\">will in Arizona<\/a> is a document that states what you want to happen after your death. It\u2019s sometimes referred to as your \u201c<a href=\"https:\/\/www.nolo.com\/legal-encyclopedia\/what-is-will.html\" data-cke-saved-href=\"https:\/\/www.nolo.com\/legal-encyclopedia\/what-is-will.html\">last will and testament<\/a>.\u201d If you die without a will in Arizona, your estate is distributed to your family following general, pre-established guidelines. This means your estate may be divided in a way you didn\u2019t want. The people you hoped would inherit your estate may not. Your will can include:<\/p>\n<ul>\n<li>Beneficiaries<\/li>\n<li>Business assets\/distribution<\/li>\n<li>Care for your pets<\/li>\n<li>Disposal of debts\/taxes<\/li>\n<li>Guardianship for your children and their inheritance<\/li>\n<li>Property beneficiaries<\/li>\n<li>The executor of your estate<\/li>\n<\/ul>\n<p>There are two types of trusts; a revocable trust, sometimes called a \u201cliving trust\u201d or a \u201crevocable living trust,\u201d and an irrevocable trust. You can change the revocable trust at any time. But you can not change the irrevocable trust. Property held in a trust won\u2019t go through \u201cprobate\u201d (the official proof of a will) before your loved ones receive their inheritance.<\/p>\n<blockquote><p>Wills and living trusts are not mutually exclusive estate planning devices. In fact, if you have a trust, you should\u00a0probably have a will to make sure all of your assets will be distributed according to your wishes. Most trusts do not provide instructions for everything in your estate. \u2026Without a will, anything you didn&#8217;t transfer into the trust will go through that long and expensive probate process. Once again, those assets will be distributed according to state law \u2013 and most likely not the way you would choose to have your property dispersed. &#8211;<a href=\"https:\/\/www.balancepro.net\/education\/publications\/willslivingtrusts.html\" data-cke-saved-href=\"https:\/\/www.balancepro.net\/education\/publications\/willslivingtrusts.html\">balancepro.net<\/a><\/p><\/blockquote>\n<p>Wills are public and trusts are private and more difficult to contest. A trust is also a way to better manage your children\u2019s inheritance.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Can_You_Have_Both_a_Will_and_a_Living_Trust\"><\/span>Can You Have Both a Will and a Living Trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Yes, you can have both a will and a living trust. A trust doesn\u2019t replace a will; they are two separate documents. You can manage most of your assets through a trust. But you need a will to designate who gets what; the will specifies the distribution of items in your estate. A family heirloom or a beloved book can go to anyone you name in your will.<\/p>\n<p>A will covers everything you own at the time of your death. It will be managed by the court system. You can specifically transfer property in a trust. It is not regulated by the court. A trust goes into effect before you die.<\/p>\n<p>One of the advantages of a trust is if you become incapacitated, your trustees (heirs) can handle your estate. Another advantage of a trust is to establish satisfactory distribution and management of children\u2019s inheritances. In most circumstances, a trust will save your heirs money on taxes.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_Living_Trust_in_Arizona\"><\/span>What is a Living Trust in Arizona?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A <a href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/living-trust-arizona\/\">living trust in Arizona<\/a> is a legal document that allows a person to transfer legal ownership of the assets they accumulated during their life into a living trust, as a part of their estate planning. After you pass away, the assets in your trust will be transferred to the beneficiary that you named.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Revocable_Living_Trust_in_Arizona\"><\/span>Revocable Living Trust in Arizona<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A <a href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/living-trust-arizona\/\">revocable living trust in Arizona<\/a> is a legal document that determines how a person\u2019s assets will be handled after they die. Your assets can include anything from investments and bank accounts to valuable possessions and real estate. One benefit of a revocable trust vs irrevocable trust is that you can alter or cancel the trust however and whenever you want.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"5_Reasons_a_Trust_is_Better_Than_a_Will_in_Arizona\"><\/span>5 Reasons a Trust is Better Than a Will in Arizona<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The five reasons trusts are better than wills include:<\/p>\n<ul>\n<li>A will cannot be used to Avoid probate as a trust can<\/li>\n<li>A will cannot provide creditor protection for the inheritance you will leave to your children as a trust can<\/li>\n<li>A will cannot protect government benefits for people with disabilities but a trust can<\/li>\n<li>A will can\u2019t reduce estate taxes as a trust can<\/li>\n<li>A will can\u2019t administer assets for beneficiaries (minors) without court intervention as a trust can<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Your_Will_or_Trust_for_Peace_of_Mind\"><\/span>Your Will or Trust for Peace of Mind<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/services\/estate-planning\/\">Estate planning<\/a> is the right thing to do for the people you love. It\u2019s another way to say \u201cthank you\u201d to those who love you. Some of the decisions are hard, but at <a href=\"https:\/\/ogbornelaw.com\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/\">Ogborne Law<\/a>, we will help you navigate these difficult decisions. Your <a href=\"https:\/\/ogbornelaw.com\/how-to-find-an-estate-planning-attorney\/\" data-cke-saved-href=\"https:\/\/ogbornelaw.com\/how-to-find-an-estate-planning-attorney\/\">Arizona estate planning attorney<\/a> can help you select a will or trust or both. Your estate solution will work for you. You will have the peace of mind that comes with effective planning for the future. Call 602.343.1435 or <a href=\"https:\/\/ogbornelaw.com\/contact\/\">contact Ogborne Law with questions<\/a>.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>What\u2019s the difference between a will or trust? Which is best for you? Learn more about estate planning in Arizona.<\/p>\n","protected":false},"author":3,"featured_media":11206,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[37],"tags":[71,72,73,74,75,76,77,78,79],"class_list":["post-873","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-estate-planning","tag-arizona-wills-and-trusts","tag-can-you-have-both-a-will-and-a-living-trust","tag-do-you-need-a-will-and-a-trust","tag-living-trust-in-arizona","tag-revocable-living-trust-arizona","tag-trust-vs-will-in-arizona","tag-trusts-in-arizona","tag-will-or-trust-which-is-better","tag-will-vs-trust-in-arizona","post_format-post-format-video","category-37","description-off"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will vs Trust in Arizona: Which is Better? \u2013 Ogborne Law<\/title>\n<meta name=\"description\" content=\"What\u2019s the difference between a will or trust? 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