At Sanchez Law Group, our goal is to ensure that you have everything you need to transfer your assets to the intended heirs when the time comes. There are different ways to do this, and we will take the time to fully understand your goals so that we can recommend an effective strategy. By planning now, you can help your family avoid unnecessary costs and complications in the future.
Our office is in Yuma, Arizona, and we serve individuals and families throughout the area. Please call 928-597-0939 or contact us online to set up an appointment to discuss your estate plan. Se Habla Español
Wills And Trusts: What Is The Difference?
These are two very different legal instruments, but many people do not know what the difference is. Simply put, a will is a legal document that designates who should receive your assets after you pass away. A will should identify any heirs, and a will should name a person to carry out the terms of the will and distribute property accordingly.
A trust is different. When establishing a trust, you actually create a legal entity that "owns" the assets you put into it. To manage these assets, a person must be named as a trustee. A trust can also be created so that assets are distributed to beneficiaries in a specific way. For example, the assets could be distributed when the beneficiary reaches a certain age, completes certain tasks or meets other requirements.
Unlike wills, trusts are not necessarily subject to the probate process. This is important because a trust could help your family avoid the time commitment and cost of probate.
Create A Trust To Achieve Your Specific Goals
Trusts can offer a great deal of flexibility, depending on your specific goals. Here are some of the kinds of trusts that Sanchez Law Group can help you create:
Revocable Living Trust
This is a trust that you create during your lifetime, and you can change the terms of the trust during your lifetime. This distinguishes a revocable living trust from an irrevocable trust, whose terms cannot be changed, and a testamentary trust, which would only take effect after your death.
Any assets placed into a revocable living trust can bypass probate court. The assets will instead pass to beneficiaries through the trust when and how you specify. For example, the terms of the trust could specify that the funds must go to mortgage payments, or to discharge other debts, or to make regular payments to surviving heirs.
Specials Needs Trust
If you have a loved one with special needs, you might have worries about who will provide for your loved one after you are gone. A special needs trust is one way to address your concerns.
It is important to understand that receiving an inheritance could disqualify your loved one from receiving government disability benefits. A special needs trust can be created so that your loved one remains eligible to receive government benefits while also benefiting from the trust.
Gun trusts ensure that firearm collections do not get tied up in the probate process and are instead smoothly and legally transferred to their next intended owners. In addition, you can use gun trusts to purchase certain kinds of highly regulated firearms.
Contact Our Attorneys For Effective Estate Planning
To discuss your estate planning goals, contact one of the experienced lawyers at Sanchez Law Group. You can reach us by email or by phone at 928-597-0939. Our office is in Yuma, Arizona, and we advise and represent individuals and families throughout the area.