Essential Tips from a Living Trust Lawyer Phoenix, AZ Offers
Things to Consider When Creating a Living Trust
If you are thinking about creating a living trust, you can rely on our living trust lawyer in Phoenix, AZ from Kamper Estrada, LLP for guidance. Our law firm is dedicated to helping our clients prepare for their loved ones’ futures. We understand that simply thinking about what you want to happen in the event of your death can be an emotional task. However, creating a living trust is a reliable method for preserving your legacy.
Below we go into detail about things to consider in advance of creating a living trust. Every person’s circumstances are unique, so your needs may be somewhat different. Here are some tips to keep in mind as you create a living trust with the assistance of your living trust lawyer in Phoenix, AZ.
Make a List of Your Loved Ones
To start, you may want to make a list of the people who you would like to inherit some or all of your assets. You can leave them a portion of your savings, or property such as jewelry, vehicles, house, etc. If you would prefer that some or all of your property is sold and the proceeds passed on to your designated heirs, your living trust lawyer in Phoenix, AZ can provide guidance as to how this can be arranged.
Appoint a Successor Trustee
When establishing a living trust, in order to maintain control over your assets you must name yourself as the trustee. The successor trustee is a backup person you assign to handle your finances and carry out your final wishes after you pass on. The person you choose for this crucial task should be detail-oriented, responsible, and will be capable of fulfilling your final wishes. Your living trust lawyer in Phoenix, AZ may suggest that you have a discussion with this person to make sure they are comfortable with being the successor trustee.
Organize Your Assets
After making your list of loved ones and choosing your successor trustee, gather the documentation related to your assets. This should include the locations of those assets, addresses, account numbers, etc. Your living trust lawyer in Phoenix, AZ can clarify which of your possessions you may wish to include. Examples of assets include the following:
- Artwork
- Land
- House
- Jewelry
- Stocks
- Life insurance
- Bonds
- Vehicles
- Boats
- Cash
Choose a Guardian for Your Minor Children and Pets
If you were to pass away suddenly and your children are underage, you should think about who you want to act as guardian in your place. Additionally, you may wish to consider naming a guardian or guardians for your pets as well. Choose someone you believe will provide love and care for your dog, cat, bird, or other animal companion. Though you cannot do this with your living trust, you can write a will which includes guardian designations. A living trust lawyer in Phoenix, AZ can help you with your will in addition to your living trust.
Talk with Your Designated Guardians
Before naming someone as a guardian, it’s usually beneficial to speak with them beforehand. You want to make sure they are willing and able to fulfill their roles after your passing.
Contact us today to schedule a consultation regarding your living trust with our living trust lawyer in Phoenix, AZ from Kamper Estrada, LLP.
Kamper Estrada, LLP
If you have decided to have a living trust, you may want to speak to a living trust lawyer Phoenix, AZ trusts. At Kamper Estrada, LLP, we understand how important estate planning is and are ready to help you prepare a living trust. We take the time to get to know our clients and learn about their goals and wishes.
Benefits of a Living Trust
Many individuals today are choosing living trusts over wills. If you prepare a living trust with the help of an experienced living trust lawyer in Phoenix, AZ, you may find several benefits, including:
- Avoid Probate: A probate involves distributing a deceased person’s estate to beneficiaries in court. The process can take months and may even cut down on what the beneficiaries inherit. With a living trust, a trustee can distribute assets without court intervention, saving time and money.
- Protects Privacy: Unlike a will, a living trust is not a public record. This means no one will be allowed to search public records to obtain more information about your estate. A living trust can protect your privacy and ensure your information doesn’t get into unwanted hands.
- Assists in the Event of Illness: If you have a living trust lawyer Phoenix, AZ respects help you prepare a living trust, you may avoid having a court-appointed conservatorship if you fall ill. The person you appoint as trustee can take care of your affairs without getting the court involved.
- Protects Against Court Challenges: It can be very difficult for someone to successfully challenge a living trust in court. If a person wants to challenge the validity of your living trust and bring a lawsuit, he or she would have to prove that you were mentally incompetent when you created the trust or that the trust document is flawed in some way.
Living Trust Lawyer Phoenix, AZ
During your initial consultation with a living trust lawyer Phoenix, AZ counts on, it’s beneficial to ask him or her several different questions. Inquiring about a lawyer’s skills and experience can help you determine if he or she is the right person for the job. Here are a few questions you may consider asking a Phoenix living trust lawyer:
- How long have you dealt with trusts and wills? In order to get the best results, it may be in your best interest to hire a lawyer who has at least a few years of experience handling trusts and wills.
- If an unexpected issue arises with my living trust, will you be able to help? Asking this questions can help you determine if a living trust lawyer Phoenix, AZ depends on is willing to go the extra mile to make sure you are satisfied.
- Do you quote a fixed price? It’s a good idea to work with living trust lawyer who gives you a fixed price for your living trust. A lawyer who charges by the hour might not be acting in your best interest.
If you are searching for a dependable living trust lawyer Phoenix, AZ has to offer, contact Kamper Estrada, LLP.