With a living trust, you are able to set your wishes into motion – even if you are physically or mentally incapable of doing so.
We understand that if you already have a will in place, you may feel some level of uneasiness when it comes to setting up another legal document. However, you don’t need to worry with an experienced elder law and estate planning attorney on your side.
Call 602-667-7777 to get connected with living trust lawyers in Arizona who can help you put together a viable estate plan that will grow old with you.
What Is a Living Trust?
An Arizona living trust is an important option for those in the estate planning process. It offers more control with less legal headache as you go through your later years. The living trust is so named because it is created while you are still alive, indicating the trusted individuals you would like to take control of your assets should you become incapacitated.
There are other names for a living trust, such as a revocable trust or an inter-vivos trust. A living trust can be adjusted throughout your lifetime, until you are unable to control your own assets.
Living Trusts vs. Wills
To many, a living trust sounds very similar to a will. However, there are big differences, as each legal document serves a specific purpose.
- A will’s purpose is to clearly state which individuals receive your money and/or assets following your death.
- A living trust’s purpose is to state which individuals will control your assets both before and after your death.
Many individuals will have both a living trust and a will set up so that there is no confusion for their family and loved ones while you enter hospice care or pass away.
An Arizona estate planning attorney can help you determine which legal document is most beneficial to set up first, or if you even need both. Moreover, your attorney can help you go through paperwork and set up your living trust correctly, so that you don’t miss any requirements.
What Are the Benefits of a Living Trust?
Benefits of an Arizona living trust include:
- Avoiding conservatorship proceedings. Conservatorship proceedings choose an individual to handle your finances, which takes time and is costly. With a living trust, this individual is already appointed.
- Customization. No trust is exactly the same, just as every family has their own unique characteristics. Throughout the remainder of your life, you will be able to adjust your living trust and remain in ultimate control.
- Avoiding probate, or another legal proceeding that will result in the naming of a responsible party and recognizes your will. If you have a living trust in place in Arizona, this process is already completed.
- Having a plan for the unexpected. No one knows for sure if they will be hospitalized, experience a catastrophic injury, or have another accident that will render them incapable of managing their own affairs. A living trust is the best way to expect the unexpected.
- Maintaining privacy. Living trusts are not public documents like a will. So, the only people who will know its contents are those you appoint.
- Creditor and divorce protection for your loved ones. With a Living Trust, you have the opportunity to protect what you leave your loved ones from their financial crisis events such as bankruptcy, lawsuits, medical creditors and ex-spouses.
- Protection from your loved ones’ personal problems. We all want what we leave our loved ones to be a blessing in their lives, not a curse. A living trust can ensure your money is not used to feed addictions or other self-destructive behavior.
- Preserving government benefits. You may have a beneficiary with special needs who is receiving government benefits. Without a Living Trust, they are likely to lose their benefits on your death. A living trust allows your loved ones to enjoy the benefits of what you leave them without losing their government benefits.
Even with all these benefits, there are still those who firmly believe that they do not need a living trust, or that their will will suffice. While this might be true, there is one more major advantage to creating a living trust that you must take into consideration.
Why Create a Living Trust?
The biggest advantage to creating a living trust is creating a seamless experience for those you love after you are gone.
When a family member dies or is suddenly incapacitated, their loved ones must figure out care or funeral plans, manage the wishes of the individual, and more. All of this is added onto their lives- meaning that they now must juggle work, home, family, physical and mental health, and more all while finalizing your wishes.
Now, many family members are, of course, happy to do this for their parent, grandparent, aunt, or uncle. Still, you can set them up for success and a less stressful process by completing your living trust.
Work with an Experienced Arizona Estate Planning Attorney
Setting up an Arizona living trust doesn’t have to be an intimidating or complicated process. An Arizona estate planning attorney can help you every step of the way. In fact, our patterns offer a flat fee model, which ensures no hidden charges or costs throughout the estate planning process. To begin, just call 602-667-7777 today.