How To Know If You Need a Living Trust

There are numerous estate planning products available to utilize in order to plan out how your estate will be laid out. This is important because the last thing you want is for your loved ones to have to figure out how to handle your estate while they are grieving. Things like a Phoenix, AZ living trust will make it easy for them to know your wishes and follow them accordingly. Knowing whether or not you need a living trust can be a tricky process, as you must first understand the benefits of such a document and how it works to protect your assets and help them to be administered upon your passing.

A living trust is a document that allows you to re-title your assets under the confines of the trust, with yourself – or someone you trust – as the trustee and administrator of the account. However, upon your passing, the asset in question, usually real estate, passes to the beneficiary of the trust and they are free to administer it according to your wishes. If you have any major assets or anticipate a great deal of confusion surrounding your estate planning documents upon your passing, then a Phoenix, AZ living trust is not a bad idea. It gives your loved ones guidance on what you want done, and allows your probate to forgo the process of probate, which can be quite costly to your estate.

If you are unsure of whether or not this document is applicable to your situation, then you might consult with a professional. Depending on what other products you may already have in play, you might find that you do, in fact, need a Phoenix living trust and it can be a beneficial addition to your repertoire of estate planning tools. It isn’t costly to create and can be changed at any time prior to your passing, which is another reason it is so beneficial. Consider this as a way to administer your own assets in life and then have them distributed in the way that you want upon your passing. It can complement a traditional will and ensure that through their grief, your loved ones don’t have to make any major decisions about some of the largest components of your estate. This way, it is taken care of and you and your loved ones have peace of mind to this effect.

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.