Effective estate planning can accomplish many things which is why it is so important to choose a trusts lawyer Phoenix, AZ counts on for comprehensive estate planning. Legally sound estate planning, including trusts, enable you to specify how your assets will be distributed after you pass. Using tools like a trust can give you peace of mind. In addition, a trust will make your wishes clear so that there is less room for confusion and conflict among your heirs.
There are many different kinds of trusts but the most common one is the revocable living trust.
Revocable Living Trusts
When you establish a living trust you can change the conditions and terms as you need to without having to provide a reason for doing so. It can also provide clarity about how you want your property distributed after your passing.
A revocable living trust establishes a fiduciary relationship between two parties:
- The person who places their assets into a trust, referred to as the trustor.
- The person responsible for managing that trust on behalf of the trustor, called the trustee.
Tax Advantages Provided By a Living Trust
If tax considerations are your primary reason for thinking about hiring a trusts attorney, consider the irrevocable trust. This takes the assets out of legal ownership by the trustor. Once the assets are inside the trust, they are no longer part of the trustor’s estate. This allows the heirs of the trust holdings to avoid probate.
Plan ahead with the help of a trusts lawyer Phoenix, AZ residents are proud to have assisting them. Avoiding probate is preferred for two main reasons:
- Probate can be costly for your heirs in terms of taxes, attorney fees, and time.
- During the probate process, your heirs will not have access to the assets they inherited.
For purposes of minimizing taxes and looking ahead to asset protection planning, a trusts lawyer Phoenix, AZ residents hire is invaluable. They can assist you in creating a living trust that suits your needs. No matter the size of your estate or the types of your assets that you own, a living trust can provide you peace of mind about how your assets will be handled in the future.
Kamper Estrada LLC Helps with Trust Needs
An experienced trusts lawyer in Phoenix, AZ is essential in this process as it can seem overwhelming to approach this on your own. It is even more important to engage with a trusts lawyer Phoenix, AZ residents believe in because of the importance of properly drafted and legally valid documents both for state and federal estate planning purposes. Your trust attorney can assist you with numerous estate planning goals while giving you a clear vision of the future.
A Phoenix trusts lawyer should be included in your estate planning so that you know that your plans are clearly documented. An attorney who endeavors to understand your individual goals can help you determine the strategies necessary to accomplish your future plans. Kamper Estrada LLC is happy to assist you. We can provide you with a trusts lawyer Phoenix, AZ is proud to have working on their behalf and as part of the community.