As you age, there are a number of things that change, evolve or downright drop in your lap to contend with. From retirement accounts that become primary sources of income to estate planning to establish a living trust in Phoenix, AZ and beyond, each consideration plays a role in the way that you manage your live and how easy you make it on yourself during the aging process.
Real estate is something that becomes more complex with age, particularly as older individuals begin to pay off their homes and retire from long careers. What with the option of reverse mortgages and purchasing and moving into homes that are more elder-friendly, there are plenty of choices for older people in terms of how to manage property. However, for those thinking even further into the future, such as after they pass away, a living trust in Phoenix, AZ might look like a fairly attractive option.
A living trust allows you to re-title a property into the trust, so that the property in question is in the hands of the trustee of the trust. This could be you, as you age, and then you can designate a beneficiary, to whom the property can pass upon death. This is a good option for those people that are looking to pass property their heirs, without the property in question needing to go through probate. Probate can be a costly legal endeavor for loved ones left behind after a death and can tie up a property for years, in some instances, while a living trust in Phoenix, AZ ensures that a property doesn’t have to go through such a process. The beneficiary of the living trust can immediately access the deed to the property without a costly legal procedure to do so.
Setting up a living trust is not an expensive process, though it can take a fair amount of paperwork to ensure that it is done the right way. You may opt to work with an attorney that specializes in this type of estate planning to ensure that it is done right and that all of the proper paperwork is in place regarding the trust. A living trust in Phoenix, AZ provides a way to manage property as you age and then leave it to loved ones once you’ve passed away. It is perhaps among the more sensible options in your estate planning arsenal and one worth exploring.
Need Help?
If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.
Leave A Comment
You must be logged in to post a comment.