Establishing a Living Trust, Last Will and Testament: Your Guide to Streamlined Estate Planning
Establishing a seamless transfer of assets and safeguarding the well-being of your loved ones after your passing is a significant responsibility. At AZ Statewide Paralegal, we understand the profound impact of estate planning and the intricacies involved in the process of establishing a living trust, or last will and testament. That’s why we’re here to serve as your dedicated guide. Allow us to demystify the unknowns of these key legal documents to shine light on how our paralegal services can benefit your estate planning journey.
The Purpose of a Living Trust
A living trust is a legal estate planning document created by a lawyer, paralegal or certified legal document preparer. A living trust is used for the purpose of transferring ownership of property to safeguard loved ones and eliminate the need for probate in the event of your passing. A trust may include specific stipulations and circumstances that highlight the trustee’s wishes about property distribution upon their passing. In most cases, the individual creating the trust is deemed the Trustee, retaining complete control of their property during their lifetime. The trustee is also in charge of assigning a successor trustee, who will take on the responsibility of transferring the property to the designated beneficiaries should the trustee pass away.
Understanding a Last Will and Testament
While a living trust can be established alone, it is often made in conjunction with a last will and testament. A last will and testament is a legal document that allows you to outline your wishes for property distribution after you pass away. This document also provides information on who you wish to be appointed personal representative of your estate. The Personal Representative or Executor is in charge of paying your final expenses and distributing your real property and personal property that you forgot to put into your Trust to the Living Trust. Unlike a living trust, your estate may be subject to the probate process after death depending on the value of the estate and whether or not there are named beneficiaries on your assets. The purpose of preparing a Last Will and Testament in conjunction with your Living Trust is to ensure that any real or personal property that you forgot to transfer to your Trust still gets transferred to your Trust after death. Sometimes this Last Will and Testament is referred to as a “Pour Over Will”
Experience The Power of a Living Trust
A living trust ensures you remain in complete control of your real property and personal property while you are alive and after death. With AZ Statewide Paralegal, you will receive a revocable living trust that ensures you maintain control over decisions regarding your real and personal assets and that when you die, your nominated successor trustee takes on the responsibility of proper distribution. With these legal documents comes a wealth of benefits for both the trustee and their loved ones.
Bypassing Probate
Establishing a living trust mitigates the probate process for your loved ones. Unlike standard wills, having a living trust in place allows you to bypass the probate process entirely. This saves your family and friends from a time-consuming and often costly process, ensuring prompt and efficient property distribution in accordance with your wishes.
Multi-State Real Estate and Probate
A living trust is an excellent choice for anyone, but perhaps most advantageous to those with multi-state real estate holdings. Those with real estate properties scattered across varying states will be subject to a probate process in each state the properties are located in. However, this can be bypassed with a living trust. A living trust consolidates the multi-state probate processes and alleviates the need for your family to attend probate court in each state only when you transfer ownership of the real estate in each state by deed to your Arizona Living Trust.
Choosing a Living Trust, Last Will and Testament With a Legal Document preparer
Many clients question how come living trusts with our certified legal document preparers are so much more affordable than the price they may have been quoted with an attorney. The answer is simple. A living trust is not as complex as you may think. Lawyers often overcomplicate the process, but at the end of the day, a living trust comes down to one thing: legal document preparation. Every living trust is created in accordance with the intricate paragraph regulations, validated by the Uniform Trust code. This ensures each living trust is the same across the board no matter if you choose an attorney, paralegal or certified legal document preparer to prepare it for you.
What You Can Expect From Living Trust Preparation With a Arizona Certified Legal Document Preparer Vs a Paralegal AND an Attorney
The sole differentiator between a living trust drafted by a legal document preparer and one drafted by paralegal working for an attorney lies in the fact that an attorney may offer additional legal advice that an Arizona Certified Legal Document Preparer cannot. However, this means you can expect far more affordable legal services with an Arizona Certified Legal Document Preparer and Certified Estate Planner. AZ Statewide Paralegal removes the complexity of legal document preparation and streamlines the process while offering a knowledgeable, highly effective, compliant, and cost-effective solution.
Experience Efficiency With AZ Statewide Paralegal
In the realm of planning a living trust, and last will and testament, AZ Statewide Paralegal serves as Tucson and Phoenix, Arizona’s trusted guide. Simplify your living trust document preparation and filing with our hands-on certified legal document preparation experts. Contact us today to schedule your initial meeting