If you’re looking to create a living trust and protect your assets and your family in the event that you pass away, you have come to the right place. Living trusts are a form of estate planning that will help you protect your assets and finances at the end of life. Creating a living trust is a way to proactively plan and protect your estate as you plan for the future.
If you don’t know what a living trust is or how to go about creating one to protect the future of your assets and how your family acquires them in the state of Arizona, you’ll find the information you need to get started below.
Once you have read through this information, contact Killham Law Office at 623-239-0886 to start planning your living trust.
What is a Living Trust?
A living trust is a legal document created which helps allocate or transfer your assets to beneficiaries whom you choose. Living trusts go into effect when you are alive and stay in effect until after your death. With the help of a lawyer, you can designate a trustee with the responsibilities of dispersing assets. You have the capabilities to designate yourself as a trustee or designate someone else.
There are two types of living trusts, an irrevocable trust, and a revocable trust.
An irrevocable trust is permanent and strict. It does not allow the grantor the flexibility to change or remove anything from the trust unless they have the consent of all persons named in the trust. Any property named in the trust cannot be changed by the grantor.
A revocable trust is less strict and a grantor can make changes to the trust if they feel it is necessary. The grantor will then be responsible for any assets placed in the trust and the taxes paid.
Why do I need a lawyer to create a living trust?
People can complete a living trust on their own. However, in doing so, they may miss important information necessary to include in these legal documents. Lawyers will be thorough and precise when looking at all aspects of creating your trust. Their assistance will protect you and your assets so you have a piece of mind when putting your living trust in place. They will help you understand what is important to include and what is not.
We highly recommend getting in touch with the lawyers at Killham Law Office to learn about how we can ensure you create your trust with confidence.
Why should I have a Living Trust?
There are many reasons for creating a living trust, many of which will protect you and your loved ones in case anything happens to you. Some of the ways you will benefit from a living trust are below:
- Avoid probate when you pass away
- Protect your assets in the case of your death
- Gives your important assets to those who matter most
- Makes it easy to leave property to a minor (a trustee can hold the property until the minor comes of age)
- If you become incapacitated, someone will already be designated to deal with your affairs
Living trusts are not only for those with great fortune or many expensive assets. If you want to protect your assets and your family from the headaches of probate in the event of your death, creating a living trust is a great option. Please be aware that they may be much more difficult to acquire than a will.
How much does it cost?
Depending on the length of the trust and what is included, the price will vary. People who choose to create a trust on their own will pay much less than hiring a lawyer. If you choose to create your trust on your own, you may spend as little as $100. Hiring a lawyer may be more expensive, but a lawyer will be more thorough with your needs when helping you create such an important document.
To get more information on the cost of a trust, contact Killham Law Office today.
The Difference Between a Living Trust and a Will
You will still need to acquire a will even if you have a living trust. For assets that don’t make it into your living trust, you can place them in your will and make sure they get to the right people. Living trusts serve a different purpose than a will. Wills are useful for the following:
- Choosing an executor
- Giving instructions for paying debts and taxes
- Choose a person to manage a child’s property
- Establishing who will have guardianship over children
- Requires a witness
Creating a living trust in Arizona can be a great asset to you and your beneficiaries. While it requires an initial monetary investment and can be rather time-consuming, it may save you troubles in the future. If you have not experienced setting up a living trust, you may need more legal advice to help you.
Contact Killham Law Office to speak with an experienced lawyer who knows how to create living trusts. For a free consultation and quote on the work we provide for you, contact us below. For more on living trusts in Arizona, go here.