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Revocable Living Trusts

Revocable Living Trusts Attorneys in Arizona

Helping Clients Prepare for The Future Through Asset Protection

Many individuals create an estate plan that includes wills and healthcare power of attorney documents. However, individuals also need to also consider the benefits of creating a revocable living trust to ensure their wishes are carried out after they pass away.

A living trust is a valuable estate planning tool that grants the trustor, the person who creates the trust, confidence that their hard earned assets are protected for them and their beneficiaries.

However, several legal steps must be followed to create a living trust to ensure that it will hold up to legal scrutiny should the validity of the trust be challenged by beneficiaries or creditors.

AVID Esq. Group, LLC is a law firm dedicated to helping individuals create estate plans that provide for their financial needs and those of their beneficiaries if they pass away.

If you want more information about how a living trust can ensure that your heirs and other beneficiaries are provided for after your death, contact our law firm to schedule a free initial consultation to discuss your case.

What are Some of the Benefits of Establishing a Revocable Living Trust?

Creating a living trust grants the trustor and their loved ones legal protections that cannot be provided in a will.

A living trust is an invaluable resource that allows individuals to designate a successor trustee, often a surviving spouse, who can make financial decisions on their behalf. A living trust also helps individuals safeguard their assets and make sure their bills are paid should they become incapacitated.

Another significant benefit of creating a living trust is asset protection. Even if the trustor becomes incapacitated, the assets contained within the trust can only be used for the trustor’s needs. Family members and heirs are only able to receive trust assets once the trustor has passed away or according to the terms of the trust.

Contact our Arizona law firm immediately if you want to create a living trust. Our living trust lawyers have extensive experience and will thoroughly assess your needs.

How Does Creating a Living Trust Help Beneficiaries Avoid Probate?

Even though creating a living trust has numerous legal advantages, one of the most beneficial is that it helps families avoid probate.

Arizona law dictates that any estate valued over $100,000 or personal property exceeding $75,000 is subject to probate proceedings.

The probate process can be costly and time-consuming and loved ones and other heirs may have to wait for the assets to be received.

However, individuals who create a living trust can control how and when their assets are dispensed.

When the trustee passes away, the successor trustee can begin quickly distributing assets according to the terms outlined in the trust document and avoid probate court.

However, it should be stated that placing assets in a living trust does not help families avoid estate taxes. Arizona law orders that any income that may be generated by assets held in the trust is still subject to taxes.

What Assets Should Be Placed in a Revocable Trust?

The main advantage of a living trust is that it allows individuals to manage and control their assets. However, anyone considering a trust should understand what assets should be included or excluded.

Assets that should be placed in a living trust include:

  • Checking, savings, CDs, money market accounts, and safe deposit boxes may be placed in a living trust. Additionally non-retirement investment accounts such as mutual funds may also be included.
  • Real estate holdings such as homes and land are often individuals’ most valuable assets, and they should be placed in a living trust. Placing real estate in a trust allows beneficiaries to access financial resources quickly.
  • A living trust is ideal for individuals with tangible personal property they wish their beneficiaries to receive after their death. Examples include jewelry, furniture, china, and artwork. However, it is best to have a skilled living trust attorney assist you in creating a pour-over will that transfers tangible assets to the trust after your death.

However, assets that should not be placed in a living trust include retirement accounts such as a 401(k) and IRAs, health savings accounts, and active financial accounts used to pay monthly bills.

What Makes Your Trust Lawyers the Best Choice to Help Me With My Estate Planning Needs?

Creating a living trust is one of the easiest ways to control your assets and ensure that your family has the financial resources it needs after you pass away.

We understand that it can be challenging to think about how your death will affect your family. However, with estate planning techniques such as healthcare power of attorney, and living trusts you can feel confident that your loved ones and beneficiaries will not have to guess regarding your wishes and how you want your assets to be distributed.

AVID Esq. Group, LLC has extensive experience helping individuals prepare and provide for future generations through proper estate planning.

One distinctive aspect that sets our Arizona law firm apart is that we offer a flat fee for all-inclusive estate planning packages with no hidden fees. Our living trust lawyers focus on creating comprehensive plans that meet each individual’s financial needs and goals.

Unlike other firms that often rush to create estate plans so they can collect fees, our trust lawyers take time to talk to clients to determine their needs and what will work best for them.

If you are considering creating a living trust, you must hire a lawyer who can provide you with the legal assistance you need to feel confident about the future.

Contact AVID Esq. Group, LLC, at 480-467-5636, to schedule a consultation to learn more about how to help your family avoid probate costs and how we can help.