Estate Administration Lawyer Chandler, AZ
No matter how old you are or how much or little wealth you have, you must get help from a estate administration lawyer Chandler, AZ residents trust from the Citadel Law Firm, PLLC about estate planning. Deciding where your assets go after you die is an important task. You have probably heard the saying, “There are only two sure things in life: death and taxes.” It’s a humorous thing to say, but there’s a lot of truth to it. Everyone will die at some point, though no one knows when. You don’t want to think about suddenly being gone, leaving your family without a legal right to your property and possessions. This is where estate planning with support from a estate administration lawyer Chandler, AZ families rely on can be useful.
Do it Sooner Than Later
Some younger people may think the end of their life is way down the road. While you and your loved ones hope this is true, the fact is, you can’t be sure. Putting off estate planning puts your assets in jeopardy and can lead to lengthy, stressful processes and a lot of hassle.
Don’t Do it Alone
You probably don’t know where to begin when it comes to doing an estate plan. Don’t worry, because most people have no expertise or experience in this subject. Thankfully, you can find an estate planning attorney to help. Your lawyer can draft the necessary documents and set things in motion so that when you die, the transference of ownership goes smoothly. Trying to do an estate plan by yourself puts you at risk of making mistakes and leaving your surviving family members out in the cold.
Minimize Influence of the Courts
As your estate administration lawyer Chandler, AZ families turn to may explain during a consultation, if you fail to do any estate planning, your property, money and other belongings will go to probate when you die. This puts your assets in the hands of the courts. This process can drag on and frustrate loved ones you’ve left behind. People who were expecting items after you died may end up getting nothing at all. When you have a will and other elements of an estate plan, probate such be quick and painless.
Don’t Create Family Problems
Can you imagine how you would feel in your final days realizing that you didn’t have an estate plan, and family members were on the verge of having a feud. This isn’t a far-fetched scenario. Lack of preparation and planning can lead to hurt feelings, misunderstandings and needless arguments. These issues don’t have to happen when you hire an experienced lawyer and determine where you want your assets to go when you die. When it’s time to work on your estate plan, hire an attorney from the Citadel Law Firm, PLLC who can take care of your needs and answer any questions you have. Finishing this plan can put your mind at ease.
Getting Legal Support
Estate planning law can be complex and complicated, often adding more stress to the already anxiety-inducing process of determining how you want your property to be distributed after you have passed away. At Citadel Law Firm PLLC, our estate planning lawyers have extensive legal experience helping clients with all aspects of planning for the future. Our estate administration lawyers Chandler, AZ residents turn to, frequently assist those tasked with managing the estates left behind by deceased loved ones.
The following are some of the most common legal terms that many clients may need to become familiar with when navigating the process of determining how they want their family taken care of after they are gone. Please note that if you have any questions about these terms, you can connect with an experienced estate administration lawyer Chandler, AZ families trust, at any time.
- Trust: A trust is a legal arrangement where the ownership of assets is transferred to a trustee who will manage the assets and distribute them to beneficiaries based on the terms and instructions of the trust.
- Grantor: The person who sets up the trust. Also referred to as the trustor or settlor of the trust.
- Trustee: The person who will hold legal title of the trust and be responsible for managing the assets and distributing them in accordance with the instructions left by the Grantor.
- Successor Trustee: If the original trustee is unable to perform their fiduciary duties, the successor trustee will take over management of the trust.
- Trust Property: Also referred to as trust estate. These are the assets which are placed into the trust. These assets can include bank accounts, brokerage accounts, real estate, stocks, bonds, partnership interests, and other types of legal and financial interests.
- Irrevocable Trust: This is a trust which cannot be amended, modified, or revoked once it has been established. There are often tax benefits to irrevocable trusts since the property is no longer in the grantor’s taxable estate and will not be subject to any estate tax when they die.
- Revocable Living Trust: This type of trust becomes effective immediately upon being set up. The trust can be amended, modified, or revoked at any time while the grantor is still alive. The benefits of a revocable living trust are that it avoids probate for the assets placed into the trust, provides management of funds should the grantor become incapacitated without the need for appointing a conservator or guardian, can specifically address any family needs or circumstances, and address the final distribution of the grantor’s estate to his or her heirs.
- Special Needs Trust: This is a type of trust that can be set up for a disabled individual in order to provide financial support for them without affecting any government assistance program the disabled individual is eligible to receive.
- Gift Trust: This is an irrevocable trust which is set up to hold gifts to the beneficiaries upon the grantor’s death. The trust is setup in such a way that these “gifts” never become part of the taxable estate of the grantor. This is also legally referred to as a crummey trust.
- Insurance Trust: An insurance trust is an irrevocable trust that is set up to hold the life insurance policy the grantor has on themselves. The policy is placed in the trust so that any proceeds from policies that are paid out when the grantor dies go directly to the beneficiaries and not included in the grantor’s taxable estate.
As you can see, the very nature of estate planning is complex. Any number of legal resources exist in order to specifically and effectively address the needs of any individual’s unique situation. Please consider connecting with a estate administration lawyer Chandler, AZ community members depend on at the Citadel Law Firm, PLLC so that you can either create or manage an estate plan efficiently and effectively.