Should I Consult with a Trust Lawyer?
A trust lawyer understands that with so many choices regarding the types of family trusts in Arizona clients can choose, the process can be a confusing and overwhelming one. At Arizona Estate Planning Attorneys, we offer more than 100 years of combined legal experience and would be happy to meet and discuss what your trust options may be.
Benefits of Arizona Family Trusts
A trust lawyer knows that when a person uses a will to determine how their assets and property will be divided, that will must be probated before the division of assets can take place. The minimum amount of time for probate is about one year, but this can extend for much longer if the will is contested by anyone. This also leaves the risk that what your last wishes were could be overturned by a jury if the party who contests the will is able to present a convincing argument.
Utilizing a trust, however, avoids that probate process and ensures that how you want your assets divided will be followed. Family trusts in Arizona can also help shield from taxation.
One type of trust a trust attorney can explain to you is a living trust. You can specify which heir will receive which asset upon your death. Since a living trust avoids probate, the beneficiary or beneficiaries of the trust will receive those assets immediately upon your death, not months or years later.
Family trusts in Arizona can give you the control on how those assets are dispersed. For example, you can choose to have the funds from a trust released to the beneficiary in increments if you feel that they may not be responsible enough to handle the full amount at once or you can choose to have a trustee oversee the assets until the beneficiary reaches a certain age.
A living trust can be either revocable, meaning the trust can be changed or revoked at any time, or irrevocable. An irrevocable trust does not allow you to change your mind or use the assets in the trust because legally they are not considered your funds any longer. The possible benefit, however, may be that there are no estate taxes owed on funds from an irrevocable trust.
A testamentary trust goes into effect after a person dies and is set up through the last will and testament. They work similar to a living trust in naming the beneficiary and the specifics of how assets are to be dispersed. Although testamentary trusts can be changed at any time, any changes also need to be addressed in the person’s will.
Other types of family trusts in Arizona a trust lawyer can assist you with include a special needs trust and a Medicare trust. The legal team from Arizona Estate Planning Attorneys can explain if these types of trusts would benefit your family.
Contact a Qualified Trust Lawyer for Assistance with Family Trusts Arizona Clients Establish
If you are ready to meet and discuss what your family trusts in Arizona options are, contact a professional trust lawyer from Arizona Estate Planning Attorneys today at (480)947-4339 to set up an appointment for a consultation.