The steps to take to set up a living trust

Saving and preserving your money – whether in cash, property or assets – and we not only want it during our lifetime, but to take care of our family after you’re no longer there. Having a savings account can be a cushion against rough economic times. Along the lines of a cushion, individuals are looking toward setting up Arizona living trusts as a way to monitor assets and real estate while you’re still around to monitor their viability.

Putting together a living trust requires taking stock of your assets and compiling them into a coherent document that you can take to legal professional to have worked into your living trust. Here are some items to consider when setting up living trust:

Who will receive your assets and to what proportion will each individual receive them? When will the assets be dispersed? Who will manage your trust and who will you appoint to make medical decisions on your behalf in the event you are no longer able to make them on your own.
Round up information on all of the individuals who will be involved in the living trust. You will need up to date contact information, etc. It might be best to assign two people as guardians of the living trust.
Complete a full accounting of all of your assets that will be included in your living trust. Have appraisals completed in the assets and list their dollar values. List tangible assets such as property, copyrights, partnership holdings, rights of ownership and others. Compile your stocks, mutual funds, jewelry, collectibles, antiques and bonds. Finally list liquid assets such as bank accounts and cash. In addition to giving a full description of the items, make certain you list where they’re physically located.
Work with your attorney to calculate the amount of taxes your estate might need to pay and plan this into the funding of your living trust. You will need to account for not only assets but your liabilities including credit cards, bank loans, mortgages and other outstanding bills. Subtract the liabilities from your assets to calculate your net worth. You may want to set aside the money to pay estate taxes into an interest bearing account – this will relieve any financial burden from your beneficiaries.
Once your forms are completed, you should file them and keep them in a safe place. Additionally, your beneficiaries and executors should have a copy of the forms. Remember, these are living documents and should be updated annually.

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.