by Christy Thompson on February 21, 2010
Should your estate include a trust? Well, that depends on a number of factors, including your net worth and the estate laws in your state. The laws that govern estate planning have undergone some pretty serious changes (and more are proposed to take effect in 2011). There are many variables to think about and even more types of trusts.
Perhaps the most important thing you’ll need to do before you begin planning your trust is to decide who the beneficiaries ought to be. The contents of your trust, and indeed your estate in general, will belong to the beneficiaries you name, and/or any institutions or organizations you’ve decided to support; who will get what is an important part of deciding which kind of trust is best for you. Because there are so many kinds of trusts, only an experienced Arizona trust attorney can help you decide which type is the best choice for what you plan to leave … and to whom.
A trust can help to protect a variety of assets. There are many kinds of trusts, so you need to let your Phoenix asset protection lawyer guide you through deciding which one is best for you and your family. Always keep in mind that regardless of what the trust contains, everything within it must be in the name of the trust and controlled by the trustee. In some cases, you can make changes as to what is in the trust and who the trustee is – in other cases, you can’t – so choose wisely with the guidance of a Chandler asset protection lawyer.
An Arizona estate planning lawyer can help you decide which trust is best for you and create the trust with your personal needs in mind. Call Thompson Family Law today for more information on trusts and estate planning that best suits your personal needs. (480) 634-7480
by Christy Thompson on February 19, 2010
No matter how big or small your estate is, you should always have an Arizona estate planning lawyer assist you. Why? Because there are predators out there that can attack your estate if it isn’t properly set up. This said, there are alternatives to plain, old-fashioned legal counsel – for example, Thompson Family Law offers online will preparation in Arizona. When you purchase this from Thompson, you will be assigned an attorney to help you every step of the way. However, when it comes to your estate as a whole, you’ll need an attorney who can comb through the estate inventory, help decide if you need a trust, and if you own a business, an attorney can help you determine if it is completely safeguarded against potential risks to your personal and business assets.
Just because yours is a small estate doesn’t necessarily mean it’s a simple one. Size doesn’t matter when you or your business comes under attack. Because you’re too busy to constantly research and maintain an understanding of federal laws and changes in estate planning regulations, you should consider getting help from a Phoenix estate planning lawyer. This attorney can manage all the intricacies of your unique estate so that there’s nothing lost in translation in the event that you fall ill or pass away. Poor estate planning can result in long, drawn out probate, which could lead to decisions you never would have agreed to.
Your estate could end up in probate if the planning isn’t handled correctly; for example, if it is argued that you were not of sound mind when you signed your will, or if it is argued that there weren’t enough witnesses present, your estate will most likely go to Arizona probate court. Your estate is extremely vulnerable if not all documents were completed to the letter of the law. For these reasons, engaging Phoenix estate planning attorneys is your best choice.
Call Thompson Family Law today at (480) 634-7480 for a free estate planning consultation.