Estate Planning Attorney Scottsdale AZ
A professional estate planning attorney Scottsdale AZ understands that many people feel uncomfortable discussing the legal and financial implications of their own death or a loved one’s death. Our attorneys have more than 100 years of combined legal experience and know that end of life decision planning — while not a popular topic — is a crucial one for people to address in order to protect their families.
One of the most popular estate planning tools that many of our clients consider is a living trust. There are many benefits to this type of trust, which we will outline here; however, it is important to note that this is for informational purposes only. A skilled estate planning attorney Scottsdale AZ has to offer can go over more specific details and help you decide if this is an option that will benefit you and your family.
What Is a Family Trust
A family trust is a trust that you create while you are alive. You decide what assets and/or properties will be placed in the trust. You maintain complete control over these assets and can still use them for your benefit. Upon your death, the assets in the trust are turned over to whomever you have designated as beneficiaries.
One of the main benefits of a family trust is that, in using a family trust, the assets in your estate may not have to go through probate. Without a family trust, probate is a necessary legal process if you leave your assets to heirs via a will. An estate planning attorney Scottsdale AZ can provide knows that the probate process can take months before heirs are able to access the assets you leave them. There are also situations where that probate process can be drawn out even longer; for example, if someone contests a last will and testament, this usually prolongs the probate process.
With a family trust, the assets are transferred over to whomever you have named the beneficiary upon your death. A living trust also offers privacy. Unlike a will, which becomes public record once it is submitted to the courts for probate, the terms of a living trust are not made public.
There are two types of family trusts you can choose: a revocable one or an irrevocable one. A revocable trust can be changed or revoked any time you want. An irrevocable trust cannot be revoked, nor can changes be made to it. An estate planning attorney in Scottsdale AZ can help you decide which type is the best one for your situation.
Although it can be difficult to imagine your mortality and to reach out to an estate planning attorney Scottsdale AZ depends upon, most people want to leave a will and assets to loved ones or to charity. Your life is special and individual, and chances are, so are your wishes for what to do with your assets after you leave. Although creating a will may seem daunting, as well as time-consuming, working with a Scottsdale estate planning attorney you have confidence it can make the process go smoothly and more quickly than you might think.
Keep Your Life Private and Personal
An estate planning attorney in Scottsdale AZ will ask you a lot of questions and then create a highly individualized will for you that is legally binding in the state that is applicable to you. Each state has very specific laws that only an estate planning attorney Scottsdale AZ relies upon will know intimately. For your own peace of mind, working with a qualified legal professional who understands how the state’s laws work is a good idea.
For example, in some states, your power of attorney must be a blood relative or a spouse or live in the same state, or your wishes will simply not be honored. Your attorney can help guide you through many twists and turns you might not expect to be part of the law. An individual can’t be sure what will happen after they are deceased, but working with a highly skilled estate planning attorney Scottsdale AZ respects may help alleviate some of the concern and offer comfort that your wishes will be honored.
Work With a Professional Estate Planning Attorney
Your estate planning attorney Scottsdale AZ depends on can help you organize your assets and can help you determine what and how to gift your beneficiaries. A good estate attorney should be thorough and cover all of your needs. This will ease the burden on your loved ones and reduce bickering, confusion, and extraneous costs.
Although it is possible to create your own will, you cannot be sure it will cover everything. Furthermore, it is unlikely that you will know whether or not you have exhausted all of your options. You also not be sure of how legally viable such a will might be in a court should someone contest any portion of your will. Some of the following complex circumstances can make it very important to have a professional attorney:
- You have been married more than once
- You have a pre or post-nuptial agreements (even if from a former marriage)
- You have children and /or grandchildren
- You have dependents not necessarily your children
- You are responsible for an ailing family member
- You do not have children
- You have been involved in a long-term affair and /or had children out of wedlock, known or suspected
- You have moved often or have property in more than one state
- You own a business or businesses
- You have philanthropic interests and would like to leave assets to charity
- You have serious medical issues
- You have genetic material at a doctor’s office
- You have made large gifts over $13,000
- You are involved in a relationship and would like to leave assets to your partner rather than to family members
- You have pets about whom you would leave specific directions
If any of these situations apply to you, it may be in your best interest to work with an estate planning attorney Scottsdale AZ trusts to guide individuals during this complex and critical process.
Contact an Estate Planning Attorney Scottsdale AZ Families Rely On
If you need to prepare estate planning documents or have had a life event that necessitates a change in existing estate plans, contact a Scottsdale estate planning attorney today. Our legal team is available to discuss what all your options may be based on your personal situation. To speak with a seasoned estate planning attorney Scottsdale AZ agrees is excellent, call (480) 947-4339 or use the contact form on our website.