Not sure if you need a will? If you have a car, home or family, creating a will can help protect your family and your assets. And with today’s online estate planning tools it’s easier and more affordable than ever to create a will and trust from the comfort of home.
Wills and trusts are essential tools to ensure your loved ones are taken care of and your assets are distributed according to your wishes. And if you have children under the age of 18, your will documents who will take care of your children.
Planning for the future doesn't have to be complicated or expensive. Many online tools have user-friendly platforms that can generate important estate planning documents and provide easy navigation throughout the process.
Create your will online in a few easy steps. Arizona Financial members have access to convenient and affordable Wills and Trusts services at ArizonaFinancial.org/Wills
Let's break it down and make it easy to understand.
What is a Will?
A will is a legal document that outlines how your assets and affairs will be handled after your death. It lets you specify who will inherit your property, who will execute your wishes, and who will take care of any minor children.
Common types of Wills
> Simple Will: The most straightforward type of will. It allows you to specify how your assets will be distributed, names an executor, and appoints guardians for minor children.
> Joint Will: A single document created by two individuals, typically spouses, outlining how their assets will be distributed upon their deaths.
> Living Will: Also known as an advance directive, it outlines your preferences for medical treatment and end-of-life care if you become incapacitated.
What is a Trust?
A trust is a legal arrangement where one party (the trustee) holds and manages assets on behalf of another party (the beneficiary). Trusts provide more control over how and when assets are distributed and can offer tax benefits and protection from creditors.
A Revocable Living Trust, allows you to retain control over your assets during your lifetime. You can make changes to the trust, add or remove assets, and even dissolve the trust if necessary.
How to Get Started with Wills and Trusts
Depending on your needs, creating a will or trust is easier and more affordable with online services that simplify the process and can be done from the comfort of home. For more complex situations (complicated financials, complex family structures), you may wish to seek legal advice from a licensed attorney.
- Assess your needs: Consider your assets, family situation, and goals to determine what type of will or trust is best for you.
- Review your options: Depending on the complexity of your assets and situation, determine if you would like to create your simple or joint will online, or consult with an estate planning attorney to tailor your documents to your specific needs.
- Execute your documents: After you create your will, whether online or through an attorney, you'll need to sign your documents in the presence of witnesses and a notary, as required by law.
You’ll also want to make sure you review and update your will and trust documents periodically as life circumstances change – for example, marriage, birth or a child, purchasing a home, or divorce.
Understanding and setting up wills and trusts is an essential part of protecting your loved ones. By familiarizing yourself with the different types of wills and trusts, you can ensure that your assets are managed and distributed according to your wishes.
Seek professional guidance and regularly review your estate plan to keep it up to date with your evolving needs and circumstances.
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