Estate planning is the process of preparing for the transfer of your property and assets after your death. It can also be used to plan for the care of your minor children or disabled loved ones.
The first step in estate planning is to determine what assets you have and what you want to do with them. You will need to consider how to pay any debts and taxes, as well as how you want your assets to be distributed among your heirs. If you need an attorney in Scottsdale you may visit https://www.danalegalhelp.com/location/scottsdale/.
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The different types of trusts
There are three main types of trusts: revocable, irrevocable, and testamentary.
A revocable trust is one in which the terms can be changed at any time by the grantor, who is also the trustee. This type of trust is often used to hold assets during the grantor’s lifetime.
An irrevocable trust is one in which the terms cannot be changed once it has been created. This type of trust is often used for asset protection or estate planning purposes.
A testamentary trust is one that is created through a will and only comes into effect upon the death of the grantor. This type of trust can be used to manage assets after death and can be used to minimize estate taxes.
How to choose an estate planning attorney
Here are a few things to consider when choosing an estate planning attorney:
1. Experience. You want an attorney who has experience creating estate plans and is up-to-date on the latest laws and regulations.
2. Compatibility. It's important that you feel comfortable working with your attorney. Make sure you communicate well and have a good rapport.
3. Services offered. Find out what services the attorney offers and make sure they fit your needs. For example, if you need help setting up a trust, make sure the attorney has experience in that area.