Trusts Lawyers in Arizona

Assisting Clients Plan For Their Future Needs

One of the most common concerns for individuals considering estate planning is how to protect their assets and help their family avoid the probate process after they pass away. Unfortunately, many Arizona residents are unaware of the benefits that creating a trust can offer to them and their families.

The individual who creates the trust is known as the “trustor” or “grantor,” and the individual tasked with managing the trust is called the “trustee.” A trustee overseeing trust administration can benefit from the trust but not be the sole beneficiary.

However, a trust should only be created after an experienced estate planning attorney has evaluated your needs and determined which option would be right for you and your family.

If you want more information about how our estate planning lawyers can provide you with legal assistance in creating a trust, contact AVID Esq. Group, LLC, and ask to schedule a free consultation to discuss your needs.

What Are the Benefits of a Living Trust in Arizona?

Living trusts allow individuals to transfer their property and assets to a trustee who will manage them during the grantor’s lifetime. After the grantor dies, the trustee then transfers the assets and property to the designated beneficiaries.

Living trusts offer various protections, such as avoidance of probate court, asset protection, and privacy. Unlike a will that becomes a public record after it has gone through probate, the terms of a living trust remain private.

Some of the most significant advantages of creating a living trust include:

• Help families avoid costly probate proceedings after the grantor’s death.
• Protect estate assets or provide instructions on asset distribution.
• Establish a financial resource that will allow special needs individuals to keep access to their government benefits.
• Protect assets from creditors.
• Manage assets during incapacity.
• Protect your assets should you become legally incapacitated.

A skilled estate planning attorney can help you build a living trust to fulfill your final wishes after you pass away. Our estate planning attorneys have extensive experience in helping individuals determine their long-term goals and how to safeguard their assets for the future.

What Are the Disadvantages of an Irrevocable Trust?

One of the main disadvantages of an irrevocable trust is that individuals must give up control over their assets once they are transferred into the trust. As the term “irrevocable” suggests, once the assets are placed in the trust, they cannot be removed, and the grantor cannot change the terms or beneficiaries named in the trust.

Another disadvantage of an irrevocable trust can revolve around the expense of setting up the trust. In some instances, building a trust may take considerable time and work, which can add to significant legal fees.

Nevertheless, it is crucial to remember that once assets are placed into an irrevocable trust, they are no longer considered under the grantor’s control and offer asset protection. Irrevocable trusts are ideal for estate planning assistance for older individuals who realize they may have to enter a nursing facility but wish to protect their assets for future generations.

However, Arizona has a 5-year look-back period. Therefore, if you wish to establish an irrevocable trust, you must hire an experienced estate planning lawyer who can provide the legal counsel you need to make an informed decision.

In Arizona, the lawyers of the AVID Esq. Group, LLC, offers affordable pricing and services. Contact our law firm to schedule a meeting so that you thoroughly review your needs.

How Can I Know Which Trust is Best For My Needs?

Because many different types of trusts are available, such as living, irrevocable, Martial “A,” Bypass “B,” and generation-skipping trusts, it can be challenging for Arizona residents to know which one will suit their needs.

For this reason, anyone considering the possibility of establishing a trust must consult with an attorney with considerable experience with estate planning law. Not every attorney can help you create a comprehensive estate plan. However, choosing a reputable estate planning attorney can help to ensure that any trust you create will hold up to legal scrutiny.

For example, you do not want a trust to be challenged after your death by a beneficiary or family member asserting that you were not of sound mind. In other instances, the legal implications of a divorce or an old will may have to be dealt with to ensure the trust administration will not be questioned.

To determine which trust is best for your needs, your estate planning lawyer will ask what your goals are for your loved ones after you pass away and how you would like your affairs handled—the AVID Esq. Group, LLC has estate planning attorneys who can help you create a strategic estate plan that will give you peace of mind knowing that your beneficiaries are fully protected.

Do Your AZ Lawyers Have the Experience Needed to Help Me Create a Comprehensive Estate Plan?

Many Arizona residents mistakenly believe that trusts are only for the wealthy, so they may be intimidated by the legal process involved with creating a trust. However, our Arizona estate planning lawyers have comprehensive experience in building trusts and will thoroughly review your needs before recommending estate plans to our clients.

Our law firm has a proven record of helping clients plan for the future to help prevent their families from paying costly estate taxes, dealing with probate administration, or protecting their homes from being seized by a nursing facility. Additionally, we will also prepare all estate planning documents and any other legal documents that may be necessary.

Finally, our estate planning lawyers take the time to listen to our clients by striving to build a personal relationship with them so we can take care of any future needs that may arise.

Contact the AVID Esq. Group, LLC of Arizona, at 480-467-5636 and ask to schedule a free consultation to discuss your needs and how we can help.