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ESTATE PLANNING SERVICES
Estate planning is an important part of your life as it encompasses events that happen both during and after your life. Typical estate planning goals include appointing people to act for you medically and financially during an incapacitation, nominating guardians for dependent children and controlling distributions of an estate.
Documents used during one's lifetime might include:
Medical power of attorney
Mental health care power of attorney
Financial power of attorney
Revocable living trust
Documents used after is deceased might include:
Last will and testament
Revocable living trust
Other types of trusts
While the concepts of power of attorneys and last will and testaments are straightforward, the concept of a trust is often foreign to many people. Unlike a will, which can be thought of as instructions on paper, a trust can be pictured as a box.
The box (trust) takes ownership of the assets and can hold them long after the trust's creator(s) passes. Reasons for holding assets are to:
Control distributions to young beneficiaries
Allow an asset to be used by someone before being distributed to someone else
Protect the privacy of an estate
Potentially reduce estate taxes.
There are many types of specialty trusts for large estates but the most common type of trust families utilize are either a living trust or testamentary trust. Living trusts are created while the trust's creator is still living as opposed to a testamentary trust, which is created by a last will and testament after the testator (the wills creator) passes. The other major difference between the two trusts is a living trust helps assets avoid probate. A testamentary trust does not help assets avoid probate.
The law offices of Leavell and Rivera, PLC is ready to help you. Call (480) 351-5136 for a consultation.
Leavell and Rivera, PLC is a full-service law firm experienced in numerous areas of law. Our attorneys provide Arizona families and businesses with quality and affordable legal services. Call for a Free 30 Minute Consultation.
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Phoenix Law Firm Leavell & Rivera, PLC, provides top of line legal represenation for familes facing divorce, child custody, child support, adoption, child custody, or parenting time issues. The firm is highly recommended when chosing a family law attorney in Phoenix, AZ or when handling any estate planning and probate matters .
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