Spanish Speaking Trust Lawyer Phoenix AZ
A Spanish speaking trust lawyer Phoenix, AZ residents turn to from Kamper Estrada knows that a well crafted estate plan can ensure that your assets will be passed to your chosen heirs after you pass away. Without an estate plan in place, there is an increased risk of having to pay higher taxes, exorbitant probate costs, and a family dispute. A simple will is essential to an estate; however, if you are looking for a more sophisticated type of plan, consider a trust.
The Characteristics of Trusts
As a Phoenix, AZ Spanish speaking trust lawyer might explain to you, there are many different kinds of trusts. Each of them has their own unique benefits and are managed by an organization or person on behalf of another individual or group of people. All trusts contain elements such as the following:
Also known as a trustor or settlor, this is the person who initially created the trust and has the ability to transfer property into it.
A trustee can be a single person, such as a family member or trust lawyer, or an organization who has the responsibility of administering assets for the benefit of a named heir. The trustee might have an obligation to temporarily hold an asset, but they will not own it. Trustees have many responsibilities which include operating in the best interest of the heirs and grantor.
Should a trustee fail to execute the trust in an honest way, and according to the terms, they can be held liable. Your Spanish speaking trust lawyer in Phoenix from Kamper Estrada is likely to suggest exercising caution when choosing a trustee. This person should be someone who would always have your best interests in mind.
A beneficiary refers to an individual, or sometimes and entity, that benefits from a trust. It is certainly possible for a trust to name many beneficiaries. Bear in mind, each one could be entitled to different things or amounts.
Property can refer to many different types of assets, such as securities, real estate, artwork, jewelry, cash, and other items. It might also be referred to as principal or corpus and can be transferred into a living, revocable trust while the grantor is alive. After the grantor’s death, the assets can also be transferred into a testamentary trust; however, this would typically need to be mandated in a will.
- Revocable Trust: A revocable trust is a trust that can be modified as often as the grantor wishes, and while they are alive.
- Irrevocable Trust: Once created, and assets are placed into an irrevocable trust, it cannot be amended or changed in any way.
- Taxes: All trusts have different tax guidelines; thus, are required to have their own federal tax ID. An annual return will need to be filed and taxes paid.
The Key Takeaways
A strategic estate plan will involve the pairing of a simple will with a handcrafted trust. A trust ensures your assets are seamlessly transferred to your heirs. Trusts can be revocable, which means they can be amended, or irrevocable, which means once created they cannot be changed. In general, a trust will need a federal tax ID and to file an annual return. The taxes on a trust are often cheaper than death taxes for a probated estate.
Chances are, you will need an AZ Spanish speaking trust lawyer from Kamper Estrada at some point in creating your trust, so it’s best to reach out as soon as possible for support from the start.
If you are interested in learning more about the creation of a trust or estate plan, talk with a trusted Spanish speaking trust lawyer in Phoenix, Arizona from Kamper Estrada today!