Estate planning can be a difficult topic for many Arizona residents. After all, thinking about death can always be complex and emotionally painful. However, people of all ages can benefit from considering their plans for the future. Having documents drafted and a plan in place may provide greater peace of mind, especially when people go through life changes like marrying or having children. When people do think about making an estate plan, the first thing they often consider is a will, but there are other key documents that can provide significant benefits for people thinking about the future.
A revocable living trust is one such instrument. While many people have considered trusts to be important only for very wealthy people, they actually hold advantages for people in many different economic situations. When people create a trust, they place assets that they own inside the trust. However, a revocable trust can be changed at any time while the creator is alive. One reason why many people create trusts is to avoid the probate process, allowing property to transfer more quickly and without associated court fees.
Another reason people may opt for a trust is to protect their privacy. Wills are filed with the probate court and become part of the public record, unlike other types of property transfers such as life insurance and other account beneficiary designations. Trusts also remain private, staying clear of public scrutiny. People may also opt for trusts to provide greater control over how their property is disbursed.
There are many reasons why people may wish to create a revocable living trust to pass on their assets. An estate planning attorney might help people to draft a trust document and develop a comprehensive plan.