Many of our Peoria clients have commented that they delayed creating an estate plan because they thought estate planning is only for the wealthy. In fact, many clients only arrive at the decision to create an estate plan with a Peoria estate planning lawyer after a loved one dies and they had to go through a long probate process. But, for Peoria residents, creating an estate plan is essential for anyone who:

• Owns a home
• Has children, or
• Wants to protect their assets

If you live in Peoria, Arizona or nearby and are interested in learning more about the differences between these two important documents, read on.

What happens if you die without an estate plan?

Without a legally binding, correctly created will or trust, your assets will be distributed according to Arizona’s laws of intestacy. These are the default rules that apply when a Peoria resident dies without a valid will or correctly funded trust. This means that an Arizona court, not you, will decide who inherits your estate. This leads to unintended consequences, unnecessary delays, and disputes among family members. Disputes among family members truly taints a person’s legacy and leaves behind a negative memory often overshadowing the wonderful times that a family shared together.

The Benefits of a Will

A Last Will and Testament allows you to:

• Specify who should inherit your assets.
• Appoint a guardian for minor children so that they are cared for by someone you trust
• Appoint a conservator for minor children so that you can pick who manages any money they receive
• Choose someone to handle your estate affairs (this person is called a Personal Representative).
• Provide instructions for your final arrangements – Did you know that being cremated is a lot more difficult when you have not pre-authorized it?

A will alone does not avoid probate.

However, a will alone does not avoid probate. In Arizona, a will must go through the probate process, which can be time-consuming and costly for your heirs. Most people do not have the knowledge to be able to figure out how to use the probate process and ultimately end up with major delays and needing to hire an attorney. If you have a mortgage or other bills that need to be paid, the delays of probate can have enormous consequences.

Why a Trust Might Be a Better Option

A revocable living trust provides additional benefits that a will cannot. Unlike a will, a trust avoids probate, ensuring a smoother and faster transition of your assets to your beneficiaries.

• Continuity – Having a properly funded and crafted trust allows your designated Trustee to step right in and act as you to ensure that the financial transition is smooth
• Privacy – Unlike a will, which becomes public record, a trust keeps your estate matters private.
• Control over asset distribution – You can set conditions for when and how your beneficiaries receive their inheritance.
• Protection in case of incapacity – A trust allows a designated trustee to manage your assets if you become unable to do so.
• Someone responsible in charge – When you have multiple beneficiaries, it’s useful to have one person who can manage and distribute everything to make things as easy as possible. A trust lets you do that.
• Tax and financial planning advantages – A properly structured trust can help minimize estate taxes and protect assets from creditors.

Do You Need a Will or a Trust in Peoria?

The right estate planning tool depends on your unique situation. If you have children, own real estate, or want to simplify the process for your loved ones, a trust may be the better option. On the other hand, if your estate is relatively straightforward and you are comfortable with probate, a will might be OK.

How to Get Started with Estate Planning in Peoria

Taking the first step can feel overwhelming. Who wants to talk about dying? We don’t always know what we don’t know. But, truly, having a plan in place makes things so much easier. Working with a Peoria estate planning attorney can make the process simple and stress-free. An experienced attorney will help you:

• Evaluate your financial situation and goals
• Determine whether a will or trust is best for you
• Draft legally sound documents tailored to your needs
• Ensure your assets are properly titled to align with your estate plan

Secure Your Family’s Future Today

Estate planning is one of the most important things you can do to protect your family’s future. Don’t leave your legacy to chance—take control with a customized will or trust. If you’re ready to create an estate plan that fits your needs, schedule a consultation with our Peoria estate planning law firm.