Do You Need A Living Trust?

Estate planning can be tricky business because many people don’t quite know which products are most appropriate to their particular situation. Choosing can mean the difference between a peaceful process upon your passing or a tumultuous one in which your loved ones are unsure of what your wishes are. This is true of a living trust Phoenix, AZ, which can ensure that when it comes to your major assets, your wishes are carried out according to what you would have wanted. This is the case even should you become unable to take care of your assets on your own.

A living trust Phoenix, AZ allows you to draft a document that re-titles your major assets, such as your home, in such a way that you are able to manage them while you are able. You are known as the trustee of your assets. However, you are also able to name a beneficiary of your living trust document, which allows you to name someone else that can manage your major assets, including your property, should you either pass away or become unable to do so. This is a good way to avoid a property going through the costly and lengthy probate process upon passing. The person that serves as the beneficiary of your living trust Phoenix, AZ will also pay any outstanding debts associated with the trust and settle any claims associated with your estate.

Not everyone necessarily benefits from a living trust Phoenix, AZ; for instance, younger people with no assets have no real need for this document. However, it is something to consider as you age and particularly if you have children or major assets, as this can avoid confusion should you suffer a health crisis or pass away suddenly. The rule of thumb is that the more assets you have, the greater the need for a living trust Phoenix, AZ. Not only does this ensure that your wishes are followed, but also it ensures that your loved ones aren’t forced to figure out what you would have wanted, which can add more stress to an already stressful period.

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.