Chandler Attorney Creates Living Trusts for Arizona Residents
Firm handles estate planning matters for clients across the Phoenix area
You make an estate plan to transfer property upon your death to the people you care about most. While this can be accomplished through a last will and testament, a revocable living trust can serve the same function while offering additional advantages to you and your loved ones. Jeffrey P. Hall, PLLC has extensive experience drafting enforceable, personalized living trusts for clients throughout the Maricopa County area. From offices in Chandler, Peoria and Phoenix, I show people how to fulfill their estate goals while maintaining their privacy and helping their beneficiaries avoid the probate process.
What is a trust?
Trusts are legal instruments that hold and distribute property in accordance with instructions established by the party who created the trust, sometimes referred to as the grantor or settlor. A trustee is named, and they have a fiduciary duty to carry out the terms of the trust. There are many different reasons why someone might create a trust, and the specific purpose helps determine whether the trust should be revocable or irrevocable.
How a living trust works
A living trust is a type of revocable trust, which means that the grantor can adjust the terms of the trust, or dissolve it completely, if their goals change over time. Often, the grantor acts as trustee until their death or incapacity. In a typical living trust, a person shifts ownership of their assets into the trust, giving themselves (and perhaps their spouse) the ability to use those assets for the rest of their life. Upon their death, whatever property that remains in the trust is distributed to one or more beneficiaries named in the document.
Benefits of distributing assets through a living trust
Many people cite probate avoidance as the key reason they choose to transfer most or all of their property through a living trust, rather than a will. Arizona beneficiaries who are required to go through formal probate likely will wait several months before they receive what was left to them. Completing this court-supervised process also involves potential legal costs and possible aggravation stemming from court inefficiency. Probate is also a public legal proceeding, so individuals and families who would prefer to keep their personal financial affairs private utilize trusts for this reason. A trust also goes into effect immediately, as opposed to after the testator’s death, so it can also include language allowing a trusted individual to assume control if the trust creator is incapacitated.
Deciding if a living trust works for you
As an experienced wills and trusts attorney, I can explain the different functions that these legal instruments serve within a comprehensive estate plan. We can review whether your estate is likely bound for informal or formal probate, which might affect your decision. People sometimes hold misconceptions about trusts, such as that they’re only for the very wealthy, but I can give you the accurate information you need to evaluate whether a living trust would be appropriate in your case.
Speak with an experienced Arizona attorney about a living trust
At Jeffrey P. Hall, PLLC, I provide knowledgeable counsel to Arizona residents seeking to create living trusts and other estate planning instruments. For a consultation, please call 480-409-5174 or contact me online. My offices are in Chandler, Peoria and Phoenix.
