What Should I Know About Living Trusts?
Every adult in Phoenix, AZ can directly benefit from the process of estate planning with a living trust lawyer, yet few opt to make such efforts until they are well into middle age. Many Americans wait even longer than this and some choose not to engage in necessary estate planning processes at all. Avoiding the practical legal concerns associated with establishing an estate plan and the emotional investments tied to thinking about the end of life and passing away is understandable. Few individuals relish the opportunity to think about a time when they will no longer be around. However, estate planning is critical because it helps to ensure that your wishes related to your final years and your family’s future after you are gone are both legally enforceable and ultimately respected.
It is also important to know that not every aspect of the estate planning process is tied to the end of one’s life. There are numerous financial benefits associated with embracing certain estate planning tools during the course of one’s lifetime, including working with a living trust lawyer for Phoenix, AZ. For example, establishing certain kinds of trust arrangements results in significant tax benefits. Similarly, establishing living trusts allows individuals and families to make financially healthy arrangements that go into effect during the estate holder’s lifetime rather than after that individual passes away. Living trusts are particularly attractive for individuals who want to help their loved ones financially in ways that are beneficial for everyone involved and are intelligently constructed with certain conditions attached to the trust-related gifts being offered.
The Basics of Living Trusts
When an individual establishes a living trust, that individual is able to both set conditions for its financial use. In addition, because the trust will go into effect during the individual’s lifetime, he or she will be able to witness the effects that the trust has upon its intended beneficiary. A living trust lawyer serving Phoenix, AZ can help you make sure your wishes are carried out. This may be particularly rewarding for parents and grandparents, aunts, uncles, etc. who are eager to watch their younger loved ones thrive while placing some financial limits upon the assistance they are providing.
Additional benefits of establishing living trusts include tax incentives and avoiding potential probate-related headaches down the road. Also, living trusts generally allow individuals to name themselves as trustees, which can be beneficial for a number of reasons. It is not always easy to relinquish authority over a financial arrangement and living trusts allow you to keep a certain degree of control over the trust as it progresses.
Estate Planning Guidance Is Available
If you are interested in establishing a living trust or have questions about estate planning generally, please consider scheduling a consultation with an experienced Phoenix, AZ living trust lawyer. Speaking with an estate planning lawyer does not commit you to taking any kind of action. But doing so will help to advise you of your options and ensure that your decisions are as informed as possible. Making decisions related to your future medical care, financial security and estate is not an easy process. However, it is a necessary one. And working with a trustworthy, knowledgeable living trust lawyer in Phoenix, AZ may make that process far less stressful than you may otherwise anticipate it to be, so call Kamper Estrada LLP today!