Best Trust Lawyer Phoenix, AZ
Here at Kamper & Estrada, PLLC our team of Best Trust Lawyers in Phoenix, AZ understands that no one enjoys thinking about their own mortality. But if you don’t, your heirs could end up having to deal with many things you could have taken care of in advance.
When searching for a dedicated legal team, look no further than Kamper & Estrada, PLLC. We have earned several five star reviews from respected organizations, and we believe it is our approach that makes us one of the most reputable law firms in Arizona. We want you to feel at home with us, and we will strive to make that happen. Ours is a family firm and we want you to feel a part of our family
Here at Kamper & Estrada, PLLC we have four skilled attorneys to meet with you and discuss your case. Our dedication to justice and service oriented approach is why we have some of the Best Trust Lawyers that AZ has to offer. Our attorneys have a combined 45+ years of experience serving the people of Arizona. If you decide to move forward with one of our attorneys, they will work hard for you from the beginning to the end. We want you to realize why Kamper & Estrada, PLLC is your source for professional and thorough legal services.
During a legal case, especially when going through a trial, it can be very overwhelming and burdensome. Our attorneys understand the weight which is placed on your shoulders. This is why we will handle every possible facet of your case on your behalf to relieve some of that stress.
One way to make sure your heirs don’t have a headache to deal with is to set up your estate plan. A comprehensive estate plan may include a living trust. It’s important not to confuse this with a living will.
What is a Living Trust
A living trust is a legal document where you place your assets in the name of the trust. During your lifetime, you continue using your assets as you normally would. Upon your death, your assets are held for your beneficiaries.
A living trust allows you to distribute your assets to your heirs upon your death, like a will. It also allows you greater control. You could keep the assets in the trust, managed by a successor trustee, until your heirs reach a certain age or complete certain life events, like graduating college. As the Phoenix, AZ best trust lawyer canexplain, the biggest difference between a will and a living trust comes down to control over how your assets are distributed.
What is a Living Will
On the other hand, a living will can be confusing. A regular will leaves your assets to your heirs. A living will, however, deals with care decisions. In your living will, you decide what health care decisions should be made on your behalf if you’re unable to make your own decisions. A living will helps you to keep control over your decisions by making them in advance, before you’re unable to do so.
While a living will is an important document and should be a part of every estate plan, it does not provide you the opportunity to distribute your assets like a living trust. This is why it’s important to meet with a skilled and trusted member of our legal team to help you make the right decisions.
Trusts vs. Wills
When you wish to hire one of Arizona’s Best Trust Lawyers that Phoenix provides, you will need to take a few things into consideration:
- A trust is similar to a will, but a trust goes into effect immediately. A will is only functional after the person passes away.
- A trust is a legal document, just like a will, that states who will receive certain possessions.
- If an individual decides to forgo leaving a trust, families will oftentimes hire a lawyer once the family member passes away. In part this is because much of the time, an estate must go through the probate process if a trust was not established.
A Living Trust Avoids Probate
You may have heard that one of the most expensive parts of managing your estate after your death is probate. This is the legal process where the court determines the value of your estate and helps to distribute your assets to your heirs. Of course, they don’t do this for free.
Your estate will go through probate even if you have a will. One way to avoid this costly legal process, however, is with a living trust. Because a living trust does not need to go through probate, the costs associated with your estate will be less. In addition, your heirs generally receive their distribution faster.
While a will costs less to draft, it also provides less protection for your heirs and your assets. In the end, by avoiding probate, a living will may cost less in the long run even though it may cost more to draft.
Understanding How a Divorce May Affect the Terms of a Trust
Though marriage is intended to be a lifelong commitment between two people, divorce rates remain fairly constant through the years. When it comes time to divide the assets and debts between the divorcing spouses, there are also tax consequences associated with the termination of a marriage. Depending on your circumstances, this may include the gift tax rule. As a team of Best Trust Lawyers in AZ, we can assist you in making sense of the various applicable tax laws and help you determine which estate planning options are most advantageous to you and your children.
If you are in the process of getting a divorce, or are about to head down that path, it’s important to understand how the individually owned and shared assets will be divided between you and your former spouse. A financial trust can be established, with the help from our legal team, for any or all of the following reasons:
- Asset management
- Protection from future creditors or litigation
- Use as a method for gifting assets to designated heirs after passing away
- To create a tax shelter
Assets Placed Into Trust Before Marriage Are Often Treated as Separate Property
Though you may have been married for a number of years, the assets you have placed into a trust before the marriage will be considered your own property, unless you made other provisions, such as in a prenuptial agreement. By choosing the best Best Trust Lawyer in Phoenix, he or she can verify ownership of those assets after becoming familiar with your case. (If you have not yet married, talk to our trust lawyer about the advantages of establishing a trust to manage and protect your assets before saying “I do.”)
For many individuals who are also business owners, it may be advantageous for them to establish a foreign asset or domestic protection trust with the assistance of our team at Kamper & Estrada, PLLC. This type of trust makes it possible to transfer the ownership of your individually owned property (including your business) into your own, separate trust. In this way, should you get married and subsequently divorced at some point, those assets (and your company) can remain in your possession.
Transferring Assets During the Divorce Process
It’s important to understand that once the divorce process begins, assets that have not already been designated for ownership can be transferred into a trust. This is to prevent fraudulent actions. Once the Court makes a final ruling on the dissolution and distribution of each asset or property, new or revised trust actions can be taken with the help of a Best Trust Lawyer in the Arizona area.
Revocation of a Current Joint Trust
If you currently have assets placed in a joint trust, and are concerned about who will own those assets after the divorce, we can explain your legal options. They may include your right to revoke that current trust without getting permission from your soon-to-be-ex spouse. After giving them notice that you have revoked the trust and made moot the dispositions that had been stipulated in that document.
At that point, your trust lawyer can help you establish your own trust. However, you will not be able to transfer any assets into that trust until after the divorce is finalized unless there is mutual agreement that those assets are owned by you and not in joint ownership with your spouse.
Choose Kamper & Estrada, PLLC
Kamper & Estrada, PLLC can help you establish a trust for you and your family. By anticipating potential issues and proactively solving them, this can make the process easier for everyone. Family members should not have to disagree on asset distribution while also grieving the loss of a loved one.
With our years of experience looking after the concerns and needs of families, we hope that you’ll consider contacting us when looking for a trust lawyer. Reading through our reviews, most of them are very similar when describing our firm. Some reviews include:
- Highly accommodating
- Comfort in a time of need
While a will may be just fine for some people, it’s not enough for everyone. If you are going through the process of deciding whether or not to hire a trust lawyer, talk to one of our experienced attorneys. We can work through your concerns and help you establish the best will and trust for you and your family. We can provide you with the best trust lawyer in Phoenix, AZ at Kamper & Estrada, PLLC — so please give us a call and find out for yourself.
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