Estate Lawyer Phoenix, AZ

Item: Kamper Estrada, LLP
Rating: 5
Author: Sarah C.

If you are considering making a trust, you may want to speak to an estate lawyer in Phoenix, AZ at Kamper Estrada, LLP. We have helped many people create living trusts and are ready to assist you. A skilled lawyer may simplify the process and help you create a living trust that is free of errors.

What is a Living Trust?

A living trust, also referred to as a revocable trust, holds your assets until your death. Upon your passing, the assets in the trust are then transferred to your chosen beneficiaries. Unlike a will, a living trust does not have to go through a probate process. This means your heirs may receive their inheritances in weeks instead of months or years.

What Are the Benefits of a Living Trust?

Creating a living trust with the help of our team can have several benefits. Let’s take a closer look at some of them:

Save Money: While a lawyer may charge more to draft a living trust than to draft a will, it may save more money in the long run. When it is time to distribute your assets, they will not have to go through a probate process, so there are fewer court costs.
More Privacy: If you are a private person, you may prefer a living trust over a will. A will is considered a public record, so anyone may see it after you pass. With a living trust, your estate is distributed in private upon your death.
Trustee Can Jump In: A living trust is set up in a way that your trustee can automatically take things over if you become ill or incapacitated. For example, if you develop an illness and you are not in the right frame of mind to deal with your trust, your trustee can take care of everything for you.

The Basics of Estate Administration

When a person dies, their estate will be probated unless they have a trust. Probate is a process that is overseen by the court and whereby the decedent’s property (the person who died) is transferred to the named beneficiaries. Over the years, the probate process has been made easier; however, it does come with its own unique set of challenges making it useful to retain an estate lawyer in Phoenix at Kamper Estrada, LLP.

In most cases, an estate will be probated after a person’s death. The process will begin with the will and death certificate being submitted to the probate court. A judge will need to validate the will and name a personal representative. This person has the duty to oversee the estate management and will be required to report to the court at certain points during the proceeding.

A personal representative can be an executor or an administrator. If a will was left, the executor will be the person who was nominated by the decedent; whereas, if there was no will and the estate is considered to left in intestate, the decedent’s family or a judge may nominate a person who is considered to be the administrator. It is also possible for a lawyer, financial institution, or trust company to act in this capacity. Anyone who is serving as either of these roles must be approved and appointment by the probate court. Some of their legal court duties will include:

File the will within a period of time after the decedent’s death; typically within 30 days
Publish any mandatory legal notices
File with the court periodic and final accountings

In addition to these duties, a personal representative of a will or estate will need to:

Collect all assets
Inventory all assets
Valuate all assets
File any remaining tax returns
Pay state and federal taxes
Preserve the assets during the probate process
Identify credit card debts or other debts and notify the collecting agencies
Sell any necessary assets to pay off debts and estate dues
Assist beneficiaries in collecting on life insurance policies
Arrange for the transfer of bank accounts, investments, and so forth
Distribute the remaining estate to the beneficiaries

Are You Looking for an Estate Lawyer?

Whether you are planning your estate, preparing to file an estate with the probate court, or have a dispute related matter, you should not proceed without professional assistance from our legal team. Failure to do so could result in unnecessary financial losses, as well as, lost time. With the right lawyer on your side, you can feel peace of mind in knowing that your estate needs will be looked after in a way that benefits you, the estate, and any beneficiaries involved.

Very few people understand the fiduciary duties that are associated with estate administration. For this, we at Kamper Estrada, LLP urge you to consult a Phoenix, AZ estate lawyer today. We would be happy to discuss your questions and concerns and help you to make a sound decision on how best to proceed with your unique situation.

Why Should I Write an Estate Plan?

While the thought of preparing for your demise is a bit morbid, it is an essential part of life that ensures both your legacy and even your family well-being. Anyone can think of reasons to postpone creating an estate plan, but there are at least ten reasons to stop procrastinating and get it done.

Dying: While depressing and possibly anxiety-inducing, death is the number one reason to write your estate plan now. You never know when your time will come, so take care of the essentials before then.

Children: If you are a parent, then you owe it to your children to create your estate plan. You need to designate guardianship and determine if you are going to set up some form of trust for them.

Loss of Capacity: As with death, you never know when some event will leave you unable to act on your own behalf. Therefore, a crucial part of estate planning is determining and assigning power of attorney over your estate and your decisions, medical and financial.

Step-Children: Do you have any step-children? If so, you want to make sure that they are treated fairly when your assets are distributed. Therefore, talk with an attorney and decide how best to include them in your estate plan. If you don’t, you risk them being cut out altogether.

Maintaining Family Ownership: Unfortunately, there are instances where a divorce after inheritance leads to loss of family assets. If you wish for specific assets to remain in your family, then establish a trust through your estate to protect those items.

Providing for Your Spouse: Estate planning also encompasses life insurance, which can help your spouse and immediate family maintain a standard of living. However, without the income replacement of life insurance, your family may have to adapt to some harsh realities.

Special Needs Children: If you have a child with special needs, then they likely receive benefits through social security or Medicaid. However, those benefits are not guaranteed after you pass. Setting up a trust through your estate can protect those benefits even when you’re gone.

Retirement Beneficiaries: Estate plans also help you create and choose beneficiaries to receive funds from accounts like IRAs. However, without proper planning, your loved ones may be subject to tax consequences.

Business Stake: If you own a business, name a successor in your estate plan. If you don’t, you risk your family losing control.

Probate: The most significant reason to make a plan is to avoid probate. Probate is a lengthy and costly process that may burden your family.

Hiring an Estate Lawyer

If you are planning on creating a living trust, an AZ estate lawyer in Phoenix can help you in a number of different ways. Here are some of the things our legal team can do for you:

Reduce estate taxes
Plan for incapacity
Make a plan for what will happen to your estate upon your death
Set up trusts for family members
Manage ongoing trusts

All estate lawyers are different and may not have the same type of experience. Some might have more experience creating wills while others are more experienced with trusts. It may be in your best interest to work with our team who has specific experience with creating trusts. At Kamper Estrada, LLP, our dedicated lawyers have many years of experience with living trusts. We work hard to make sure our clients are satisfied.

If you are looking for a Phoenix estate lawyer, contact Kamper Estrada, LLP at 602-730-7988.