Estate Lawyer Phoenix, AZEstate 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.

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 respects 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 planning lawyer.

 

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 the 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 day
  • 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 Planning 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 an estate planning lawyer. 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 an estate planning 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.

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.

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