Faith, Ledyard & Faith, PLC
COVID-19 NOTIFICATION: To protect your safety and the safety of our staff, in response to the threat of COVID-19, we are offering the option to connect with us via telephone, email and video-conferencing. Our staff are fully operational. Please call or email us to discuss your options.
A Full-Service Law Firm Serving the West Valley and Greater Phoenix for More Than 40 Years
PA Image
Real Estate Law
PA Image
Personal Injury
PA Image
Civil Litigation
Construction Law
PA Image
Bankruptcy
PA Image
Employment Law
PA Image
Estate Planning
PA Image
Debt Collection
PA Image
Government Law
PA Image
Criminal Defense
PA Image
Business And
Commercial Law
PA Image
En Español

Comparing trusts with wills in estate planning

| Jul 10, 2018 | Trusts |

When starting to plan your estate, it can be sightly confusing to figure out whether creating a trust or a will is more beneficial. Deciding on wills and trusts can be done after a careful analysis of your financial situation, as well as who you want to benefit from your estate and how.

Before taking action on estate planning, it is important that you take the time to conduct research into the benefits of each. Not all trusts are equal, and while some might benefit you considerably, others may not help your particular situation.

What are the benefits of trusts?

One of the key reasons why people planning their estate opt to create a trust is because they are able to avoid probate by doing this. Probate is a costly and often lengthy process that takes place after the death of a person, so that finds can be justly distributed. By creating a trust, the funds contained within this trust manages to bypass the probate process.

How do wills compare to trusts?

Wills are the more traditional form of asset distribution after a person’s death. The creator of the will usually appoints a personal representative, and this person has the responsibility to fulfill the instructions of the will. The downside of wills is that they are often subject to contestation in the probate court.

If you are starting to think about planning your estate, it is a good idea to think about who you would like your beneficiaries to be. From there, it is possible to establish an estate planning strategy that can help you to accomplish your goals.

Lead Counsel Rated LC
Certified specialist | State bar of Arizona | Real Estate | Law Specialist
Distinguished AV | Peer Review Rated | LexisNexis Martindale-Hubbell | For Ethical Standards & Legal Ability
Martindale Hubbell AV Preeminent peer rated for highest level of professional Excellence 2020
Expertise Best Real Estate Layers in Phoenix 2020
FindLaw Network

Stay Connected With Us