A Wills Attorney Can Ensure Your Assets Are Distributed as You Wish
A last will and testament is a document that, like a living trust, names beneficiaries for property and assets in the event of the author’s death. It is read by a court of law to ensure that these wishes are upheld. A will can also be used to name a guardian for children and their property. A standalone will may be a sufficient option for clients whose total property value does not exceed $150,000. However, estate planning can be complicated, and it is recommended that you speak to a lawyer before making these important decisions. A wills attorney can help draft a will that best serves your estate planning goals and needs. We have helped many clients achieve peace of mind knowing that their assets will eventually be distributed exactly as they wish.
Why Do I Need a Will?
If someone dies without making a will or some other arrangement of property transfer, the fate of their property will be determined according to state laws. According to these laws, the deceased’s wealth and assets are generally inherited by their spouse and children or by the closest living relative. If the deceased had neither a family nor relatives, the estate becomes property of the state.
We have helped many clients achieve peace of mind knowing that their assets will eventually be distributed exactly as they wish.
The attorneys at Deason Garner & Hansen Law Firm encourage clients, especially those with substantial assets, to invest in a living trust so that their estate does not have to go through a long and expensive probate process after their death. However, a will is also recommended because it can accomplish things that living trusts cannot. For example, a will allows you to name guardians for your minor children. Also, a will can be used to cancel debts that are owed to you.
Living trusts also include only the property and assets transferred to it by the client in writing. If you have not transferred everything you own to the trust, unaccounted items will not be covered by its terms. Fortunately, if you choose to create a living trust as the primary method of estate management, you do not require a complicated will. A basic will that specifies who should inherit the property not already transferred to the trust will typically account for everything the living trust does not.
Another example of a basic will that can complement a living trust is the “pour-over will,” which specifies that any remaining assets should be transferred to the trust after your death. It should be noted that this property must still undergo the probate process before being included in the trust.
Schedule a Consultation With an Attorney
Shawn D. Garner and Adam D. Hansen can help you make certain that your assets are distributed precisely as you wish. If you would like to discuss your estate planning options in Yuma, Arizona, with one of our attorneys, call us at (928) 783-4575 or contact us online to schedule a consultation.