Living Wills and Phoenix Living Trust documents are plans which outline your wishes and requests should no longer be able to make decisions for yourself (typically due to injury or illness) and when you die. There are many reasons someone may need to update their Phoenix Living Trust – changes in health, newly acquired assets, changes in financial situations, but the number one reason people update their Phoenix Living Trust is because they now have children. Including plans for your child and other dependents in your Phoenix Living Trust is vital to their care and their inheritance.

How a Phoenix Living Trust & Wills Protect Your Dependents

If you die without a Phoenix Living Trust & Will in place with plans for your dependents, this could possibly ruin their lives. In situations where one parent passes and one survives, the living parent will most likely become the sole guardian of the child, or children, given they had not lost custody before the death of their co-parent. If both parents should die, or the living parent has already lost their custodial rights to their children, your kids could be in major jeopardy of ending up in a foster home or orphanage and become custody of the state. Phoenix Living Trust & Will documents allow you to name a guardian prior to your death and make arrangements should you pass before your children reach the legal adult age. This also applies should you be the primary care giver of children who are not your biological children or someone with special needs who depends on you for assistance.

Phoenix Living Trust Plans Protect Beneficiary Children 

Estate planning with your Phoenix Living Trust is another way your children will be impacted by your plans, or lack thereof! If you are to pass before making a Phoenix Living Trust, your kids could very well lose their rights to your wealth, properties, and assets. This scenario is common when your child is not the biological child of your current spouse, or when you have multiple children. A Phoenix Living Trust allows you to properly divide up your estate amongst your beneficiaries – this will save your family time in court, money on legal fees, and will also keep your estate from becoming a source of dispute and contention amongst your loved ones. In a Will, you can name one or many beneficiaries and specify who gets what down to your clothing and with a Trust you can put contingencies on these assets.

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.

Contact us today by clicking here!