Estate Planning With Trusts in Arizona
A trust is a legal tool commonly used to make decisions about how a person’s property will be distributed when he or she dies. A trust can also be used in concert with other legal tools to create a plan if the person becomes incapacitated.
At Hildebrand Law, we help people across Arizona explore trusts, wills, and other options for planning for the future. We realize thinking about your death is not always easy. We guide clients through the process of establishing an estate plan with experience, understanding, and personal attention.
The premise behind a trust is straightforward—a person transfers some or all of their assets while the person is still alive, a move that can have legal and tax implications when they die. Trusts require several steps to create; however, complicated legal issues can and do arise. It is essential to have an experienced estate planning attorney by your side.
How Living Trusts Work in Arizona
Living trusts are often used for estate planning in Arizona and across the country. The primary difference between a living trust and a will is the trust transfers the assets while the person is still alive.
The trust is created when you sign a valid legal agreement transferring some or all assets to a trustee, a person, or an entity appointed to manage the trust. The trustee is authorized to pay expenses in the event you become incapacitated. The trust agreement specifies how the assets are to be distributed when you pass away.
The benefit is trusts generally do not need to be vetted through the probate process—court proceedings in which estates are generally settled when a person dies with or without a will. The trust also minimizes certain tax obligations for married couples.
Types of Arizona Living Trusts
An Arizona estate planning attorney at Hildebrand Law can help you create two kinds of trusts:
- Revocable: The person creating the trust can alter it at any time or take back some or all of the assets transferred.
- Irrevocable: Often used for managing large estates, the trust cannot be altered by the person who creates it or anyone else.
Living trusts are often combined with wills to create a comprehensive estate plan. They can also be used with living wills to help people make choices about medical treatment and end-of-life care now, rather than leaving it to family members and courts later.
Our firm has extensive experience helping people explore trusts, wills, and a wide range of other estate planning tools. We take the time to understand each client’s unique situation and tailor a plan to meet their needs and goals.
Speak With an Arizona Estate Planning Attorney
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 an Arizona estate planning attorney at our firm.
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