Living Trust Lawyers Phoenix, AZ Respects Explains the Steps to Take Before Creating a Living Trust
As living trust lawyers Phoenix, AZ community members turn to with confidence, the attorneys of Kamper Estrada, LLP are here to serve you. Our firm is committed to protecting the rights and best interests of our clients. Call us today to arrange a free consultation with one of our skilled Phoenix living trust lawyers.
The Value of a Living Trust
Living trust lawyers in Phoenix, AZ can explain that the probate process can be frustratingly long for heirs. It can also cost them a large sum of money. Thankfully, probate litigation can be avoided in many cases. One of the most popular methods is to arrange for a living trust with the assistance of living trust lawyers Phoenix, AZ families rely on. At Kamper Estrada, LLP, we have extensive experience setting up living trusts for our clients. With such an arrangement in place, it gives them the peace of mind that their heirs can avoid probate. And, there are additional reasons to consider a living trust.
What to Know About Living Trusts
A living trust often goes into effect while the person is still living. When you create a trust, you will name someone as the trustee to manage it. Many people choose to name themselves as the trustee. This will provide you the legal right to manage and entirely control the assets in your estate. In your lifetime, the living trust is considered a revocable trust because you have the power to dissolve it or make changes as you wish. After your passing, the trust becomes an irrevocable trust. The management of the trust will pass to the person you named to succeed you. They will then transfer the assets to your heirs. Living trust lawyers Phoenix, AZ locals choose from Kamper Estrada, LLP can create a trust that reflects your final wishes.
A living trust can allow your heirs to avoid probate, however, it may not eliminate their tax obligation. This is especially true if the inheritance tax threshold is exceeded which can subject your estate to federal taxes. Living trust lawyers Phoenix, AZ residents recommend from our firm can review the value of your estate and other details to provide a clear understanding of tax obligations and how to maximize your heirs’ inheritance. One of our attorneys will carefully review the details of your estate to make sure that a living trust will be of benefit to you and those who will inherit your assets. If another option is more suitable for your needs, your attorney from our firm will explain how and why this is the case.
We Are Here to Help You
When establishing a living trust, we understand that you may have many questions about the process. We offer a complimentary first time meeting so that we can address your concerns prior to setting up a living trust. Contact Kamper Estrada, LLP today to speak with one of our respected living trust lawyers Phoenix, AZ offers.
Estate planning is not something that only the rich do. People of all income levels can benefit from having a proper estate plan in place. By creating a living trust, you can be assured that your final wishes will taken care of and that your loved ones will be provided for. A living trust can also avoid the probate process and let your family receive their inheritances faster. However, there are several things you should do before writing your trust.
Write Down All Your Assets
The first step you’ll want to take is to make a list of all your assets. These can include everything from your house to family portraits. Also, be sure to list intangible items, such as stocks and life insurance policies. Once you know exactly what you have and how much each item is worth, you can figure out how you would like to distribute them among your beneficiaries.
Decide Who You Want as Beneficiaries
Before you can create a living trust, you will have to figure out who you want to name as your beneficiaries. These can include family members, friends, and even charities. Consider all the people in your life who mean something to you and think about what would be most beneficial to them. For example, if you have a child who has struggled financially and doesn’t own a home, consider leaving the family home to them.
Gather the Paperwork
Creating a living trust involves a lot of paperwork. Before you meet with one of our Phoenix, AZ living trust lawyers, you should find all of your titles, deeds, life insurance policies, and other important documents. If you have all of these documents together, it will be much easier to write your trust.
Appoint a Successor Trustee
If you have chosen to create a living trust, you will name yourself as the trustee so that you can still control your assets while you are alive. The person you appoint as your successor trustee will be in charge of distributing your assets and paying off your debts when you die. It’s crucial to choose someone who is trustworthy, responsible, and has the time to do the job.
Choose a Person to Manage Property for Your Minor Children
If you want your minor children to inherit your home or other property, you will have to appoint someone to manage that property until they become adults.
As you can see, there are several important steps you’ll have to take before you sit down and draft a living trust. Each and every one of these steps is important, so do not rush through them. If you need assistance with any of these steps, don’t hesitate to consult with one of our skilled living trust lawyers Phoenix, AZ clients recommend. He or she has drafted many living trusts in the past and knows what it takes to create a successful one. Many estate planning attorneys offer free initial consultations.