What’s the Difference Between a Will and a Trust?
“A will and a trust are very similar. I think that is why people get confused about it. Both documents allow you to say who is going to receive your assets or get your stuff when you pass away. However, trust has several features that a will doesn’t.
A few of them being a trust avoids probate. Probate again here in Phoenix is where your will is filed and then becomes a public record. A lot of people don’t love that idea that their information is out there, part of the public record.
A second feature of a trust is that it has an on and off switch. What I mean by that is you can turn the trust on when you wanted to and turn it off when you don’t. If a client comes to me and says, when I pass away, my adult child is just terrible with money. I don’t want them spending it. We can turn the trust on when they want them to receive money and, in the meantime, it would be off.
We could do that at intervals or ages. If they’re like every five years they get money, then that’s how we can structure the trust. That’s a feature that a will just does not have.”
Your Phoenix Estate Planning Attorney
If you are interested in creating or updating your estate plan, you should consult with an experienced estate planning attorney who understands Arizona’s unique laws and regulations. Nicole Pavlik has successfully helped many Phoenix residents navigate the estate planning process and is ready to offer you the advice you need. Call Nicole Pavlik Law Firm today at 602-635-6176 to schedule a consultation.