As the New Year approaches, it is a good time to take stock of numerous aspects of your life, from your health to your financials and everything in between.  For example, if you have not yet taken the time to create a will and/or living trust, then the New Year is the best time to start. No matter where you live, this is an important document to create and update, as necessary. Whether you need to create an Arizona living trust document or one in your locale, the important thing is that you don’t procrastinate about creating this important document.

A living trust dictates what you want to happen to your financials, should you pass away. It directs all of your financial accounts to one place and under the administration of one individual – who you designate – to ensure that your wishes are honored after you pass. This is an important component because it ensures that your loved ones aren’t left holding the bag to figure out what they think you wanted, all while trying to deal with their own grief about your passing. It shows how much you care if you take the time to figure out what you want done and plan it out through a living trust plan, so that they have nothing to worry about.

For example, an Arizona living trust will take into account any financial accounts you may have – from stocks to your personal banking account – and determine what you want those funds to be used for after your death. Your accounts don’t need to be physically in the state of Arizona to be part of your Arizona living trust. As long as you provide your administrator with proper information and stipulate in each of those accounts that the funds or assets should be diverted to your trust account upon your passing, then everything will flow smoothly.

Give yourself and your loved ones peace of mind in knowing that you’ve thought of everything ahead of time; if you live in Arizona, set up an Arizona living trust; if you live elsewhere, set up a trust in your specific locale. So that once you pass on, all your family has to do is deal with their grief and not have to figure out how to divvy up accounts, assets and other personal effects, which can be a trying time when they are in so much emotional pain.

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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.

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