LEGAL
BENEFITS OF THE REVOCABLE LIVING TRUST FOR YOUR ESTATE PLANNING
By Libby Banks, Law Office of Libby Banks, PLLC
T
here are many benefits to a revocable living trust. A trust is not just for the wealthy. There is no magic net worth number that tells us when a trust provides the best plan for your assets. Two key factors we look at to decide if a trust is the best option are your family situation and what type of property you own. Here are a few of the advantages to the revocable living trust: THE REVOCABLE LIVING TRUST APPOINTS SOMEONE TO CARE FOR YOUR FINANCES WHEN YOU ARE NOT ABLE Wills and trusts both contain instructions about who should receive your assets after you die. However, a revocable living trust also contains instructions for managing your assets and caring for you if you are incapacitated. Who will manage your affairs if you can’t? The trust names the trustee you selected who will step in to pay your bills, preserve your assets, liquidate properties, and generally assure that both you and your finances are being cared for.
A REVOCABLE LIVING TRUST AVOIDS PROBATE, MAINTAINS SOME OF YOUR PRIVACY, AND REDUCES THE COST OF WRAPPING UP YOUR ESTATE AT DEATH A will tells the world who will receive your assets after your death. However, the will does not transfer the assets automatically. Instead, your personal representative or executor must submit the will along with several other papers to the court requesting the court formally appoint him or her to wrap up your estate. That court proceeding is called probate, and if all you have is a will, your estate will likely go through probate. A properly prepared and funded revocable living trust, on the other hand, will avoid the need for probate on your death. Since probate court filings are public record, the trust also avoids the possibility of disclosure of your assets to the public. With a trust, the person you selected to take charge of your estate will be able to step in quickly to gather, sell and distribute your assets to your beneficiaries with no need for a court’s involvement. Avoiding probate is usually a good idea. One example of why: if you have specifically omitted one of your
“heirs” from your plan, the probate court still requires us to send them notice that we filed a probate – even though they are supposed to get nothing. As you can imagine, this often leads to that person filing a contest or claim in the probate proceeding. Who are your heirs? Your children, or if you have no children, then your parents are your heirs, then your siblings, and then nieces and nephews. The revocable living trust makes sense for many estates. To find out if it makes sense for you, call for a free initial consultation, offered by videoconference or phone at 602-375-6752.
JOHNSON’S CLEANING
T HE TO TA L C LE A N I N G S PE CI A L I S T! R ESIDEN T I AL & C O M M E RCI A L
Call us today to schedule your
FREE Estate Planning Consultation
Have you given up on cleaning your house, and would like to see it emerge from under the dirt again? We’re there for you. Looking for a daily, weekly, bi-weekly, monthly or yearly service that you can trust? Our staff is prompt, courteous, and friendly. We understand what it takes to keep your home thoroughly clean. LOOK NO FURTHER THAN JOHNSON’S CLEANING THE ONLY SERVICE YOU WILL NEED TO STAY DIRTFREE AND SATISFIED!
$15 O F F
YOUR FIRST CLEANING WHEN YOU MENTION THIS AD!
O
ur Estate Planning in Phoenix and Scottsdale is highly customized to meet your unique family situation, assets, values, and personal goals. Our complimentary first meeting allows
you to get to know Libby, our Estate Planning attorney and talk about your unique situation and what plan will best fit your needs. Remember, when you choose Libby you are not only hiring someone to prepare your Estate Plan, you are choosing a seasoned Estate Planning attorney to guide you through this often complex process and raise questions you might not have considered. You are choosing an experienced professional to create a plan that serves your family in the way that you want and, after you are gone, a trusted advisor that your loved ones can depend on.
NEW CUSTOMERS ONLY
AND, YES, WE DO WINDOWS!
602-569-1077
WWW.JOHNSONSCLEANINGSERVICES.COM deervalleytimes.com
Come see us in our new, convenient office located just down the street at
5010 E. Shea Blvd, Suite 205 Scottsdale, AZ 85254 602.375.6752 | www.libbybanks.com | libby@libbybanks.com DEER VALLEY TIMES • June/July 2020 • 7
