A revocable Living Trust is a powerful and commonly used estate planning tool. Many of the plans we design are centered around a Living Trust due to their ability to allow you to control your property while you are living, if you become incapacitated, and after you die. Living Trusts are flexibility, convenience, and can offer protection for your loved ones after you pass on. Not only does an Arizona and Utah Living Trust provide for the disposition of your property (like a Will), but it also offers the following benefits:
(1) Provides asset protection such as remarriage protection for a surviving spouse and can be drafted to protect against assets being lost by a surviving spouse, children and grandchildren due to their divorce, debt, or judgement liens;
(3) Allows for a smooth transition of management upon incapacity or death;
(4) Avoids the expense and hassle of probate proceedings;
(5) Minimizes estate taxes and defers payment of estate taxes for married couples;
(6) Allows for continued control over assets after death or incapacity;
(7) Offers flexibility including tax and charitable planning.
Clients enjoy the benefits of our Living Trusts which allow loved ones to avoid the cost and time required by probate.
Contact us today to learn more about how a Living Trust based estate plan can provide for and protect your family.
We do not presume to understand fully the loss of your loved one or family member. We do, however, know the law and how it applies to that passing. Whether there is a Will, a Trust, or neither, certain legal responsibilities must be assessed and undertaken immediately to avoid unnecessary and costly problems in the days and weeks ahead.
Probate is the process by which the court validates the authenticity of a will; appoints the executor (aka personal representative); and supervises the settlement of an estate, including the payment of bills, filing of tax returns, and transfer of assets to beneficiaries. If no will is presented, the court will appoint an estate representative, called an “administrator.” The administrator carries out the same duties as an executor; the remainder of the probate process remains the same whether there was a will or not, except that estate assets are distributed to heirs at law as determined by the state’s intestacy laws, not beneficiaries chosen by the deceased who created the will.
Rest assured, we are here for your loved ones if you become incapacitated and when you die. We guide them through administration while following the instructions you’ve outlined in your estate plan. Remember, your estate plan is really just a legal instruction book. You’ve made good decisions and, with our guidance, your successor trustees, executors, and other trusted helpers will carry out your wishes.
We help your trusted helpers such as successor trustees and executors understand their duties; gather, protect, and manage assets; file all appropriate tax returns; pay legitimate bills; create sub-trusts; collect death benefits; dissolve trusts; consider disclaimers; distribute assets to beneficiaries or sub-trusts; and make good decisions.
The bottom line is that your loved ones are not alone, trying to make their way through an unfamiliar world. We are there for them to make sure your instructions and the law are followed. Our goal is to provide your loved ones with guidance, peace of mind, and support so that what you pictured in your mind’s eye when you did your estate planning comes to fruition. Your loved ones are in good hands.
Should you decide that you would like to talk with us further about such matters, or would like to discuss your own need for a Will, a Living Trust, an IRA Beneficiary Trust, or other Estate Planning in Scottsdale or surrounding Maricopa County, your initial consultation will be free.