Estate Lawyer Phoenix, AZ
If you are considering making a trust, you may want to speak to an estate lawyer Phoenix, AZ residents depend on. 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.
There are significant differences in wills and trusts, and there are several different types of trusts to consider. We understand your confusion. Just the idea of deciding who gets what after you die is a depressing and many times a daunting task. Add to the mix the legal aspect of what type of document do you need, and many people will just keep putting the whole task off for another day… or decade.
There are several factors to take into consideration when deciding whether or not you need to create a revocable living trust in addition to a will.
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 an estate lawyer in Phoenix, AZ can have several benefits. Let’s take a closer look at some of them:
Save Money: While an estate lawyer Phoenix, AZ 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. A revocable living trust is a confidential contract between the maker (you) and your personally selected trustee. With a living trust, your estate is distributed in private upon your death. If there are no issues with the trust (no one challenges the document in court), the trust will remain private and the only ones privy to the information are specific beneficiaries and trustees.
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.
Beneficiaries Under the Age of 18
Retirement or life insurance accounts that parents receive through work often cannot list a beneficiary if they are under 18 years old. If the parents divorce and wish to remove the ex-spouse from the policy, it becomes an issue when choosing a beneficiary on these accounts and your children are too young to be added. If you pass away, the funds from these accounts are put in a guardianship that benefits the minor that is court-supervised, until the child turns 18.
If you had a trust, those funds could be directed to it by naming the trust as the beneficiary of your retirement and life insurance policies. If something happens to you, the funds go directly to the trust instead of the court-supervised guardian.
The parent instructs the trust as to what age the children can receive the funds.
What if You Become Mentally Disabled?
If you do not have a revocable living trust and something happens where you become mentally incapacitated, your assets may be held up while the court appoints a court-supervised guardian to handle your finances and personal needs. If you had the trust and addressed the issue of mental disability, the directive in the trust will show how to take care of everything in the event you become unable to do so because of becoming mentally incapacitated.
Married or Single?
If you are single and have assets that are titled in your name alone, you should think about creating a revocable living trust. Avoiding the probate process is the main reason for having the trust. If your assets are placed in the trust, the trust becomes the beneficiary of your assets and should you die, they will go directly to the trust instead of going through the probate system.
Additionally, if your assets are greater than a certain amount, and you do not have a trust, your estate will be required to enter probate after you die.
Hiring an Estate Planning Lawyer
If you are planning on creating a living trust, an estate lawyer Phoenix, AZ relies on can help you in a number of different ways. Here are some of the things an estate lawyer may 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 a Phoenix estate lawyer who has specific experience with creating trusts. An estate lawyer Phoenix, AZ depends on with experience with living trusts should be thorough with the process and should create an error-free trust that considers your estate’s needs. 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 an estate lawyer Phoenix, AZ offers, contact At Kamper Estrada, LLP at 602-730-7988.
Kamper Estrada, LLP’s Guide to Estate Planning for a Beginner
Consider this: over half of all Americans do not have a will. This means that over half of the population has not set up the necessary paperwork with a Phoenix, Arizona estate lawyer that will protect them if they are sick, or their family once they pass away. While estate planning can be a somewhat taboo topic, planning can actually bring you incredible peace of mind.
However, you may not know where to start or what everything means. So an estate lawyer Phoenix, AZ trusts at Kamper Estrada, LLP has created a quick guide on estate planning terminology that everyone should know when they start this process.
Probate: In simple terms, probate is how your state will settle your estate once you have passed on. The rules for probate differ from state to state, but it typically costs about 10% of your entire estate, so it is wise to keep some money aside for just this when you create your will. Speaking with an estate lawyer in Phoenix, AZ before you draft up anything will help give you an understanding of what to do when it comes to your state’s specific probate laws.
Will: A will is a legal document that outlines all of your wishes when it comes to your assets and finances. Your will is the most important part of your entire estate planning process as it will describe what will happen when your will is settled; who will be the executor, who will be the beneficiaries, and what asset goes to whom.
Executor: The executor of your will is the person responsible for carrying out your wishes and that the will is executed how you wanted it. This is typically a close family member or a friend, and there is only one.
Beneficiaries: These are the people listed in the will who will receive your assets. There can be as many or as few as you would like.
A Living Will: An estate lawyer in Phoenix, AZ can assist you in creating a living will that outlines what you would like to happen with both your medical care and your finances in the case that you become incapacitated.
A medical power of attorney: This is the person you list who will ensure your medical wishes are carried out and who can make decisions for you. For example, this person will be responsible for communicating with doctors about if you would like to be put on a feeding tube or stay in an incubated state.
Financial power of attorney: This is the person who will be made responsible for allocating your finances properly. This can be the same person as your medical power of attorney, or can be different.
It is incredibly important to be as prepared as possible when it comes to your personal estate planning. It is always smart to consult with an experienced an estate lawyer in Phoenix, AZ in order to ensure your wishes are protected and there is no confusion within your family when the time comes. Our team here at Kamper Estrada, LLP is here to help you in anyway when it comes to preparing for the future, so do not hesitate to call today at 602-730-7988.