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Wills and Trusts Phoenix AZ | The Law Office of Libby Banks

For answers about wills and trusts in Phoenix, AZ, watch this video from The Law Office of Libby Banks. The Law Office of Libby Banks 5010 E Shea Blvd Suite 205, Scottsdale, AZ 85254 602-375-6752 http://libbybanks.com/ What is the difference between a will and a trust? Well let's talk about wills first. A will does many important things. First of all if you have minor children, that's where we appoint guardians for them. So that's the first thing that we want to do. Second it decides who will be in charge of your estate on your death. In Arizona we call that a personal representative. So we appoint that personal representative by way of a will. Then of course the will also says, where does your property go upon your death? That's an important part of putting a will together as well. What a will doesn't do is almost as important as what it does do. A will doesn't transfer your property on your death. That surprises a lot of people who come into my office. But think about it. If you have a home, how did you get that home transferred to you? It was by way of a deed. We have to have a deed of some type to transfer that property. Your heirs can't take the will down to the Maricopa County Recorder and say please transfer that house to us. We actually have to then file a probate to get that personal representative formally appointed by the court and then they can transfer the property by way of the deed or whatever other form of property you have, transfer it to them. So as you can see if you have a will you're probably going to end up in probate if that's all you have. With a trust, what we do is we're setting up a document. But I like to think of the trust more as your treasure chest. What we're doing is we're taking your property and we're actually retitling it to the trust. So we're setting that up so that you now are the trustee of your revocable living trust, and you're the grantor and you're the beneficiary. You then manage your property within the trust during your lifetime, and while you're alive and able. But if you're incapacitated the trust permits your next trustee, the person you've appointed to step in if you can't, to takeover. They begin paying the bills. They make sure that you're cared for financially. They take care of everything that's within that trust. With the will, it doesn't take effect until you're deceased. So as you can see the will doesn't help if you're incapacitated. The trust, in fact, does. Then on your death, with the trust we again have a trustee already appointed who will step in and can manage your estate. They make sure your debts get paid. They make sure that your funeral expenses are taken care of and all those kinds of things. And they start to wrap up your estate. They don't have to go to court to do that. They've been appointed trustee by your trust and with the proper documentation, put together in our office, they then can hire the realtor to sell your home. They can transfer your car if you've given it to someone and they can liquidate the estate and make that final distribution to the people that are supposed to get your estate. Google Maps: https://goo.gl/maps/a3UXuPmX5v92 Facebook:   / libbybankslegal   Google+: https://plus.google.com/1095431419028... LinkedIn:   / libby-banks-287b106   Twitter:   / libbybankslegal   Yelp: https://www.yelp.com/biz/the-law-offi... AVVO: https://www.avvo.com/attorneys/85028-... The Law Office of Libby Banks video:    • Estate Planning Lawyer Phoenix AZ | The La...   Client review video:    • Estate Planning Lawyer Reviews, Phoenix AZ...   Estate Planning video:    • Estate Planning Phoenix AZ | The Law Offic...   Probate video:    • Probate Phoenix AZ | The Law Office of Lib...   #WillsAndTrusts #PhoenixEstatePlanningLawyer #PhoenixEstatePlanningAttorney #LivingWill #LivingTrust EstatePlanning.com: http://www.estateplanning.com/members... Investopedia: http://www.investopedia.com/terms/e/e... FindLaw.com: http://estate.findlaw.com/planning-an... American Bar: https://www.americanbar.org/groups/re... NAEPC Journal: http://www.naepc.org/journal/ Wills and Trusts Phoenix AZ    • Wills and Trusts Phoenix AZ | The Law Offi...