Do I need a Living Trust?
Looking for a top living trust lawyer Phoenix, AZ has to offer? Look no further than Kamper Estrada, LLP. A lot of people think estate planning is only for the rich and old, but that’s just not true. Our experienced attorneys understand that estate planning is so much more comprehensive than that. It 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?
When someone creates a living trust, they are known as the “Grantor”. A living trust is an entity created during the Grantor’s life time to hold and manage assets. After the Grantor’s death, the assets can be distributed directly to the Grantor’s beneficiaries without having to go into probate.
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.
Why have a living trust?
As a living trust lawyer Phoenix, AZ respects might attest, there are many benefits to having a living trust, including the following:
- Avoid Probate: Unlike a will, living trusts are not subject to the legally lengthy and often expensive probate process.
- Less Stress: Avoiding probate will relieve your loved ones of undue stress during what will already be an emotional time.
- Successor Trustee: You (as opposed to the court) have the authority to name the person(s) who will oversee your estate after your death.
- 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.
- 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 a lawyer. Cheaper 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. Many experienced living trust lawyers also offer additional services like financial planning and trust administration.
If you are looking to set up a living trust, give Kamper Estrada, LLP a call today. As a living trust lawyer Phoenix, AZ relies on, Kamper Estrada, LLP may be able to help you with all your estate planning needs.