Mesa Revocable Living Trust Lawyer Provides Skillful Guidance
Maricopa County firm advises on ways to avoid probate and distribute assets
At the Law Firm of Joseph M. Udall, PLC, we assist Arizona residents in all aspects of estate planning, including the preparation of revocable living trusts. When we learn about your specific circumstances, our attorney will advise if this type of legal instrument will help you accomplish your goals. From our office in Mesa, we help clients throughout Maricopa County distribute their assets efficiently and help their family members avoid the probate process.
What is a revocable living trust?
A revocable living trust is a vehicle for passing on assets to beneficiaries. It allows you to access assets you put into the trust for the rest of your life. You can also revise or dissolve the trust at any time. Upon your death, what remains in the trust will go directly to the beneficiaries you designate. This allows them to avoid the time-consuming probate process. We can answer all of your questions about how a revocable living trust can be an instrumental component of your estate plan.
How to set up a revocable living trust
There are several steps in the process of setting up a revocable living trust, such as:
- Deciding the trust terms, including choosing the trustee, beneficiaries and assets to be held in the trust
- Creating and drafting the legal document that outlines the trust’s terms and conditions
- Officially signing the trust agreement and notarizing it to make it legally valid
- Transferring ownership of assets to the trust, including bank accounts, real estate and other property
- Regularly reviewing the trust and updating its terms as needed
Our attorney will guide you through each step to ensure they are properly carried out to ensure your trust’s validity.
Revocable vs. irrevocable trusts
There are revocable and irrevocable trusts. While they both have some similar advantages, including avoiding probate, they also have key differences. An irrevocable living trust generally cannot be altered or dissolved until all assets are distributed, except through court order or agreement of all beneficiaries. Revocable living trusts have more flexibility, because control is maintained by the grantor who can change or revoke the trust as they wish. The grantor will often serve as trustee of their revocable trust until their death or incapacity. This is less common with irrevocable trusts, because the grantor cedes control once the trust is established. Our law firm will clarify all the differences between these types of trusts to help you decide what may be best for you.
Benefits and limitations of revocable living trusts
Whether a revocable living trust should be part of your estate plan depends on your specific objectives and circumstances. Some of the potential benefits include the following:
- Avoids the probate process
- Protects privacy because terms are not public record
- Offers simplicity and flexibility
However, you should also be aware that living trusts don’t offer some advantages associated with certain irrevocable trusts. For example, assets in a living trust are not shielded from creditors, and establishing a living trust does not confer any estate tax benefit. Once we are familiar with your estate planning objectives, we will advise you whether a revocable living trust makes the most sense for your needs.
Contact a Maricopa County attorney to discuss a revocable living trust
The Law Firm of Joseph M. Udall, PLC helps Arizona residents set up revocable living trusts as part of their overall estate planning strategy. To schedule an appointment, call (480) 500-1866 or contact us online. Our office is in Mesa.
