When creating a strategy for the future, it is important to consider long-term needs, goals for one’s estate and even possible medical needs that could arise in the years ahead. For most Arizona adults, estate planning is done with the intention of having the final say over assets, money and medical care decisions in the event of one’s incapacitation or passing. Depending on personal objectives, a trust may be a beneficial addition to an estate plan after creating a will.
Protecting one’s financial legacy
With a carefully crafted estate plan, a person can have the final say over what happens to his or her personal property and assets after death. It can ensure the preservation of a financial legacy by establishing protections and laying out clear instructions for the distribution of assets. With a trust, one can also set aside and protect assets for a specific use in the future.
A trust is a beneficial addition to an estate plan in certain situations. For example, this is a practical choice if one wants to set aside money for charitable giving in the future or provide money for a minor beneficiary. Assets held in a trust do not have to go through probate, and because of this, the details of the trust can remain private.
The right estate planning measures
Every estate plan is different. If an Arizona adult has a plan in place already, he or she may benefit from establishing a trust in addition to existing plans. Speaking with an experienced attorney may provide insight regarding the most beneficial estate planning steps for the individual situation.
