Why Create a Living Trust?

Living trust lawyer Phoenix, AZ

Why Create a Living Trust?Looking for a top living trust lawyer Phoenix, AZ has to offer? Wondering if you even need a living trust? A lot of people think estate planning is only for the rich and old, but that’s just not true. At Kamper Estrada, LLP, our experienced attorneys understand that estate planning is about helping, protecting, and providing for yourself and your family for generations to come. One of the best ways to do so is with a living trust.

What is a living trust?

Living trust are also known as “revocable trusts”. It is an entity created during a Grantor’s life time to hold assets, for the purpose of distributing them after the Grantor’s death. If at any time the Grantor decides they no longer want the trust, they have the right to revoke it. There are many benefits to having a living trust in place, ultimately it is up to you to decide what is best for you and your loved ones.

As a firm with a living trust lawyer Phoenix, AZ respects, Kamper Estrada, LLP can assist in setting up the two types of living trusts:

  • Revocable: A living trust can be revocable, which means assets are transferred into the name of the trust, but the Grantor retains the title and ability to alter them. A revocable living trust can be changed or revoked right up until the Grantor’s death. Revocable living trusts are the most common.
  • Irrevocable: A living trust can also be irrevocable, meaning the Grantor relinquishes all their control and interest in assets to the trust. Once the trust retains title to the assets, the Grantor can no longer change or revoke anything.

The Top  Advantages of a Living Trust

As a living trust lawyer Phoenix, AZ respects might attest, below are some of the most well-known advantages of creating a living trust:

  1. Avoid Probate: Unlike a will, living trusts are not subject to the legally lengthy and often expensive probate process. Avoiding probate will relieve your loved ones of undue stress during what will already be an emotional time.
  2. Difficult to Contest: Your living trust requires you to interact with it while you are still alive, evidencing your intent and competence to manage your affairs in a particular manner. This makes contesting a living trust both rare and difficult.
  3. Successor Trustee: You (as opposed to the court) have the authority to name the person(s) who will be in charge of your estate after your death.
  4. Incapacity: You (as opposed to the court) have the authority to name the person(s) who will act for you in the event you are incapacitated.
  5. Continuity: Upon your death, a trust continues to operate uninterrupted. If you plan for income to be distributed, those distributions can be made in a timely manner. With a will, distribution is often delayed due to probate and the gathering of assets. In a trust, everything is right where it needs to be.
  6. Privacy: When a will goes through probate, it becomes a public document. Because a living trust does not go through that process, it protects your assets and wishes from becoming publicly accessible.  

Do I need a Living Trust?

There are many benefits to having a living trust in place, ultimately it is up to you to decide what is best for you and your loved ones. An experienced living trust lawyer Phoenix, AZ provides might recommend a Living Trust if:

  • You have a lot of assets
  • You own property (especially in more than one state)
  • You have young children
  • You have an extended family

How do I make a Living Trust?

If you’ve decided a living trust is the right option for you, you will need to hire an attorney. Cheaper and online methods of creating a living trust do exist, but hiring a professional is the best way to ensure that: 1) your assets are truly protected, 2) the trust follows current law, and 3) that your wishes are carried out legally and correctly.

If you are looking to set up a living trust, call an experienced living trust lawyer Phoenix, AZ recommends, call Kamper Estrada, LLP.