Living Trust Attorney Phoenix, AZ
Anyone who wonders what a living trust entails, can turn to a Living Trust Attorney in Phoenix, AZ at Kamper Estrada, LLP for support. When you’re thinking about estate planning, most people think only about a will. The truth is that, while having a will is important, it’s only one piece of a complete estate plan. A living trust is another component of a full estate plan. Whether a living trust is right for your specific situation depends on several factors.
What is a Living Trust
A Phoenix, AZ Living Trust Attorney may explain to you that 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. The biggest difference between a will and a living trust comes down to control over how your assets are distributed.
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 Living Trust Attorney in Phoenix at Kamper Estrada, LLP may warn you that your estate can still 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.
A Living Trust is Private
A will becomes effective the day you die. Once your estate is opened by the court, your will becomes public record and anyone can view it. A living trust, however, becomes effective the day you sign it and never becomes public record because it is never probated. Avoiding probate has many benefits and a living trust is one way to reap these benefits.
Contact Us Today
Contact an AZ Living Trust Attorney in Phoenix to get the help and assistance you need. We have the experience required to guide you when putting your estate plan together and can offer counsel during the probate process. While a will may be just fine for some people, it’s not enough for everyone. If you are young, have no children, and do not have many or major assets, a will may be sufficient.
To find out if your assets and heirs are safeguarded under your estate plan, you can speak with a trusted Phoenix Living Trust Attorney in AZ at Kamper Estrada, LLP over a free consultation — so please contact us today to make sure your assets are protected!