Legal

BENEFITS OF THE REVOCABLE LIVING TRUST FOR YOUR ESTATE PLANNING

By Libby Banks, A REVOCABLE LIVING TRUST AVOIDS Law Office of Libby Banks, PLLC PROBATE, MAINTAINS SOME OF YOUR PRIVACY, AND REDUCES THE COST OF

There are many benefits to a revocable living WRAPPING UP YOUR ESTATE AT DEATH trust. A trust is not just for the wealthy. There is A will tells the world who will receive your assets no magic net worth number that tells us when after your death. However, the will does not transfer a trust provides the best plan for your assets. Two key the assets automatically. Instead, your personal reprefactors we look at to decide if a trust is the best option sentative or executor must submit the will along with are your family situation and what type of property several other papers to the court requesting the court you own. formally appoint him or her to wrap up your estate. That court proceeding is called probate, and if all Here are a few of the advantages to the revocable liv- you have is a will, your estate will likely go through ing trust: probate.

“heirs” from your plan, the probate court still requires THE REVOCABLE LIVING TRUST APPOINTS A properly prepared and funded revocable living trust, us to send them notice that we filed a probate – even SOMEONE TO CARE FOR YOUR FINANCES on the other hand, will avoid the need for probate on though they are supposed to get nothing. As you can WHEN YOU ARE NOT ABLE your death. Since probate court filings are public re- imagine, this often leads to that person filing a contest Wills and trusts both contain instructions about who cord, the trust also avoids the possibility of disclosure or claim in the probate proceeding. Who are your should receive your assets after you die. However, a of your assets to the public. With a trust, the person heirs? Your children, or if you have no children, then revocable living trust also contains instructions for you selected to take charge of your estate will be able your parents are your heirs, then your siblings, and managing your assets and caring for you if you are to step in quickly to gather, sell and distribute your then nieces and nephews. incapacitated. Who will manage your affairs if you assets to your beneficiaries with no need for a court’s can’t? The trust names the trustee you selected who involvement. The revocable living trust makes sense for many will step in to pay your bills, preserve your assets, liq- estates. To find out if it makes sense for you, call for a uidate properties, and generally assure that both you Avoiding probate is usually a good idea. One example free initial consultation, offered by videoconference or and your finances are being cared for. of why: if you have specifically omitted one of your phone at 602-375-6752.

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Our 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.

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