Common Questions Regarding Living Trusts

Living Trust Lawyers Phoenix, Arizona

Creating a living trust can offer a number of benefits. Not only can the development of a trust allow you to retain your wealth with beneficiaries, it has the ability to bypass probate. Often when faced with the probate process, the will and its contents are accessible by the public. It can be difficult to come to terms with the fact that your wealth may be seen by anyone who takes the time to access court documents. A trust can assist in privatizing some of your wealth as you pass it on to loved ones. However, it’s not uncommon to have a series of questions when considering whether a living trust is right for you. Speaking with a trust lawyer may be a good option so that you may obtain the answers you are in need to allow for an informed decision-making process.

What is a living trust?

A living trust is a way of managing an estate after you have passed away. Most would like to have a say in how their assets are distributed after their passing. This is what makes developing an estate plan such a crucial component to taking care of business. A living trust is just one part of an estate plan. A living trust gives you the opportunity to shift your assets into a trust while you are still living. You will still have the ability to access these assets, however, the trust may be overseen by a trustee. Upon your passing, the trust will not be required to pass through probate. As a result, your beneficiaries may have the ability to gain access to their trust in a more timely way.

What are the benefits to a living trust?

Should a living trust be an appropriate component to your estate plan, they provide you and your heirs with a number of benefits, such as:

  • Avoidance of the Probate Process
  • Avoiding the expenses of Probate
  • May be safeguarded should someone contest the will
  • Is a private document that does not become a part of a public record
  • Provide a plan should you become incapacitated
  • Provide a clear outline of your assets

To learn more ways a living trust may be able to benefit you and your family, contact a trust lawyer for help in initiating the process.  

Are trusts just for the wealthy?

One common misconception is that living trusts are only something you should consider if you have amassed a significant amount of wealth. Living trusts aren’t just for the super wealthy anymore. A trust can provide a number of benefits. It may be an effective way of being able to ensure that the inheritance to loved ones is managed appropriately. This is because a living trust gives you the ability to outline clear instructions regarding how and when the trust should be utilized. Consulting with a lawyer can provide counsel to those considering whether a living trust would be appropriate for them.

Can an attorney oversee the trust?

In some cases, it may be appropriate to appoint an attorney, bank or financial advisor to act as the fiduciary who oversees the trust. Determining who should take on this great responsibility can be challenging, especially if you have concern over how this will be managed within your circle of family and loved ones. Because of this, some people may opt to appoint a professional fiduciary to fill this role. An attorney can help to carry out your wishes and safeguard your legacy.

Putting together a living trust as a way of passing wealth to a loved one can not only protect your privacy, but save you money. Are you considering a living trust for your heirs? Chances are you will have a number of questions specific to your estate. Contact a living trust lawyers Phoenix, Arizona relies on today so that they can begin providing answers to the questions you are in search of.

Contact Kamper Estrada, LLP for their insight into estate planning and common questions about living trusts.

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