Five Steps To Creating a Living Trust Arizona

A living trust Phoenix, AZ is a key component of your estate planning process. It is the way in which to manage assets while you are still living, while making provisions for your estate upon your passing. Many people utilize this document to avoid the process of probate upon their passing, which can not only eat up money, but time as well. This tool is generally used to manage property for older people while they are living and then passing on to a specific appointee upon their passing.

Consider five key steps to setting up a living trust properly:

Step 1: Create your estate planning objectives

Determine what you want for your estate and what products are available to create an overall portfolio of products and services that will properly administer your estate upon your passing. This is key to choosing the right products for your particular situation.

Step 2: Identify your beneficiary

You may be the trustee of your living trust Arizona while you are living. However, once you’ve passed away, your beneficiary is the person that will step into your shoes to finish administering this part of your estate.

Step 3: Draft the document

You can either work with a qualified attorney to draft your living trust Phoenix, AZ or you can utilize a do-it-yourself kit, though this is not the recommended route. An attorney or estate planning professional can better walk you through the entire process, so that you have peace of mind that everything is done properly.

Step 4: Fund the trust

This involves properly transferring and re-titling assets into the trust, so that as many of your assets as possible are listed within it.

Step 5: Maintain the trust

Remember that life-changing events should be considered as you maintain your living trust Arizona. From divorces to new family members to changes in finances, consider changes every few years or so.

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.