Arizona Revocable Trusts
Revocable trusts allow you to plan for the future with the confidence of knowing you have the flexibility to change your mind.
The Arizona estate planning attorneys at Hildebrand Law help people use trusts and other legal tools to put a plan in place for how their assets will be distributed when they are gone. Trusts give our clients the ability to cut through much of the legal red tape that can come with settling an estate after a person dies and take advantage of certain tax benefits.
Revocable trusts are a powerful tool, but they are just one of several options for people looking to create an estate plan. Our lawyers can help you understand your rights and options and create a plan best suited for your needs and goals.
What is a Revocable Trust?
When it comes to estate planning in Arizona, there are generally two types of trusts: revocable and irrevocable. As the name suggests, a revocable trust can be revoked or amended, or eliminated.
This is important because, unlike a will, a person creating a trust transfers property to eventually be distributed through the trust into the trust while they are still alive. A revocable trust gives the person the ability to change their mind about which property should be included in the trust and where it should go when they pass away.
A revocable trust offers the primary benefits of using a trust instead of a will to plan an estate. That includes passing assets on without going through the legal probate process and offering tax savings for some married couples.
Creating a Revocable Trust in Arizona
Although a revocable trust can remove headaches and procedural complications when it is time for assets to be distributed, creating the trust requires several steps and some upfront costs.
- There are several choices the person creating the trust must make, including what property to transfer to the trust and who will get that property in the event of the person’s death.
- They also must identify a successor trustee to take over the trust management when they pass away. The successor can be a friend, family member, or professional trustee.
- There are additional steps required to transfer the property to the trust effectively. That means transferring title to the property to the trust and resolving any outstanding title issues.
Fortunately, there is no reason to go it alone. The Arizona estate planning attorneys at Hildebrand Law can help you understand your rights and options and navigate the legal process for creating a revocable trust.
How Our Arizona Estate Planning Attorneys Can Help
If you would like to create or update a trust or are interested in exploring other estate planning tools, Hildebrand Law can help. Call us at (480) 305-8300 or schedule an appointment online to speak with our firm’s Arizona estate planning attorneys.