Make Sure To Follow Through With Funding Your Living Trust

Setting up a living trust Phoenix, AZ is an important part of your estate planning arsenal. After all, there is any number of products that you can utilize to plan for your estate after you pass away, but the living trust is perhaps among the most important. This is because this type of document assures that your property – a significant part of your estate – is able to be administered in the way that you see fit, without the worry and cost associated with the process of probate.

However, just as important as establishing the living trust Phoenix, AZ is following through on the entire process of setting it up. One of the places that people get unknowingly hung up is on the funding process. Funding a living trust, Phoenix, AZ has nothing to do with moving money into an account, which is why funding means in most other capacities. Rather, funding a living trust has to do with transferring assets from being in the name of an individual owner into the name of the trust. Re-titling large assets, namely property, into the name of the trust ensures that the trust works as it’s supposed to. Even should you decide to name yourself as the trustee of the living trust, Phoenix, AZ, you can name someone else as the beneficiary, so the asset transfers to that person in the event of your passing.

Properly putting together your living trust, Phoenix, AZ ensures that your loved ones aren’t forced to make tough decisions when you pass away. Rather, they are clear about what you would have wanted and can take all of the appropriate steps to do what you would have wanted with the property, without having to guess about your desires. Moreover, the living trust Phoenix, AZ ensures that the property – or other assets – in question don’t end up going through the very long and costly probate process, which can extend the grieving process for loved ones well after you are gone. This ensures they can wrap up your affairs quickly and start to heal.

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.