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LEGAL
ESTATE PLANNING BASICS: THE REVOCABLE LIVING TRUST – PART ONE By Libby Banks ney I know who does these proceedings The Law Office of Libby Banks, PLLC called conservatorships “cumbersome.”
People often ask me how much than the cost of creating a Trust. money or what the threshold net worth is before they need a Revo- Money isn’t the only cost of conservacable Living Trust. There is no magic torship. Your family is asking the court number. The factors that go into the to declare you incompetent. This takes decision include family situation, types a huge emotional toll on everyone. It of assets, location of real property, and, takes time too, both to have the proyes, net worth. The next question I’m ceeding, and to make accountings to the asked is, why have a Trust? court according to its rigorous guide-
THE REVOCABLE LIVING
TRUST GIVES INSTRUCTIONS Last, the conservatorship is a very IF YOU ARE INCAPACITATED public affair. There are no locked doors Both a Will and a Trust contain instruc- in the courthouse on these. With the tions for distributing your assets after Trust, we maintain our privacy. We state you die. However, a Trust also contains in the Trust how and when it should be your instructions for managing your decided that we can no longer handle assets if you become incapacitated. The our affairs. Trust allows a successor you have chosen to step into your shoes to pay your THE BOTTOM LINE bills, manage your assets, sell property It is important to be sure someone can if needed, and generally handle your manage your affairs if you are incafinancial affairs. The Trust makes it easy pacitated. The Trust is an ideal way to for someone to step in to assist when assure a smooth transition if you can no you need help. longer manage your affairs.
WITHOUT THE TRUST WE FILE FOR CONSERVATORSHIP
Without a Trust, control over your finances may require a court proceeding known as a conservatorship. One attorThey are also quite costly…far more lines. To learn more, schedule a consultation or review by calling the office at 602-375-6752, or filling out our website form at www.libbybanks.com/scheduleestate-planning-meeting.
Robert E. Pastor Tiffani E. Lucero
3200 N. Central Ave., Ste. 2550 Phoenix, Arizona 85012 602-279-8969
