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As you begin preparing your estate plan, you may think that it needs to be intricate or that you may need to acquire many things before ever even beginning it. However, this is far from the truth. Two of the best things you can do when simplifying your estate plan are hiring a respected estate planning attorney and creating a living trust. They have worked with many clients in the past who have started to create their own estate plan only to run into problems with what they should list, who they should gift property to, and who simply have many questions. This is why it is beneficial for you to use a lawyer’s help so you don’t waste time creating an estate plan that isn’t right for you. To see how they can help you with a living trust, please contact a law office now.
What are the advantages to a living trust?
There are a few advantages of a living trust that you would not find with a will.
- Probate Process. The probate process has its place, and although it can be helpful for living family members of someone who did not create a trust, you may wish to have your beneficiaries avoid this process altogether. Why? It’s simple. A living trust can allow your heirs to completely avoid the probate process because, with this kind of trust, your estate does not have to go through probate.
- Easy-To-Find Assets. When you have financial assets in more than one account and own property in multiple states, it can be much easier to list your successor trustee as the person responsible for managing your estate. The most important part of this, however, is ensuring you have picked the right person as your successor trustee. We encourage our clients to think hard about choosing someone they can completely rely on in the event that they pass away.
- You Can Expect Your Wishes to be Respected. While you should hope people will respect your wishes regardless of the type of estate plan you make, when you make a will you know it will go through the probate process. However, when you design your trust, you know it will not go through the process and you can think of ways to head off any conflict before it ever arises. Any challenges someone brings against your living trust is something you can argue for or against if you are still alive.
When you want estate planning to be as simple as possible, you want to speak with the best trust lawyers in Phoenix, AZ about creating your living trust. They want to help you feel comfortable as you think of leaving your assets to your heirs. Call a law office to see how they can help today.
Thanks to Kamper Estrada, LLP for their insight into estate planning and how a living trust can help.