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. The attorneys at Hildebrand Law, PC 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 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 Living Trust?
A living 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 to a living trust is that it may avoid the need for the assets in your estate to go through probate, which may be necessary legal process if you leave your assets to heirs via a will. An estate planning attorney Scottsdale AZ know 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 your will, this may prolong the probate process.
With a living trust, the assets are transferred over to whomever you have named beneficiary upon your death, avoiding all kinds of potential legal headaches.
A living trust also offers you 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 living 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.
Contact an Estate Planning Attorney Scottsdale AZ Residents Count On
If you need to prepare estate planning documents, or have had a life event which necessitates a change in existing estate plans, contact a Scottsdale estate planning attorney today. The legal team at Hildebrand Law, PC is available to discuss what all your options may be based on your personal situation.
Call a seasoned estate planning attorney Scottsdale AZ offers at (480)305-8300 or use the contact form on our website.