Queen Creek Trusts Lawyer

Queen Creek Trusts Attorney

Creating a plan to take care of your family’s financial future once you are gone is an essential step you should take. Establishing a trust can be a key component of this plan if you live in Queen Creek, Arizona. A Queen Creek trusts lawyer can help you determine whether a trust is the most optimal estate planning tool for passing your wealth on to your loved ones and can guide you on how to set up a robust estate plan.

CDM Law Firm is a trusted partner in estate planning for those living in the town of Queen Creek. We provide clients with high-quality support and work closely with financial advisors and tax experts to help clients create a wealth-maximizing estate planning strategy.

Understanding Trusts in Arizona

Those considering creating an estate plan may have questions regarding what a trust is and whether it can be beneficial for them and their families.

A trust is a legal arrangement within which a party (a settlor) places their personal property and identifies beneficiaries of this property. A settlor names a trustee to manage a trust, whose tasks include ensuring beneficiaries are awarded according to trust rules and providing a detailed account of the management of a trust’s funds.

Advantages of Setting Up a Trust

There are numerous benefits to establishing a trust in Arizona:

• You can decide who your beneficiaries are. Without a trust, your assets are distributed through Arizona’s intestate law upon your passing. With a trust, you have more control over who should or should not have access to your assets upon your death.
• Beneficiaries can access funds more easily. When you establish a living trust, you can bypass the probate process, which typically takes a minimum of six months. Not having to deal with probate court allows your beneficiaries to have quicker access to what they are entitled to.
• There is more privacy. Unlike intestate or will transfers that go through probate and thus become public record, a trust remains private since it is done outside of court.
• Other financial benefits. There are additional financial benefits to trusts, including potentially reducing your federal estate taxes and avoiding additional fees. Moreover, you can protect some of your assets from debtors or lawsuits if you set up an irrevocable trust.

Depending on the size of your estate and your specific needs, a trust can offer these and other advantages that can afford you peace of mind.

Requirements for Creating a Trust in Arizona

In order to establish a trust, a settlor must be at least 18 years old. Your trust document should include the purpose of the trust, the name of the trustee, and the beneficiaries of the trust. You should outline the assets included in the trust and the conditions under which they should be distributed to beneficiaries.

A settlor may establish a revocable trust, which can be modified or revoked, or an irrevocable trust, which cannot be changed in most circumstances.

The Role of a Queen Creek Trusts Lawyer

With a median household income of $134,719 (2019-2023), Queen Creek residents enjoy a higher level of income than other cities and towns in the state. It is important that you protect this wealth for future generations.

It can be tempting to rely on a fillable trust form to plan out your estate on your own. This, however, leaves you at risk of your trust being invalid, especially if your family and beneficiaries contest the trust later on.

A knowledgeable attorney ensures that your trust meets the legal requirements for Arizona. They can also explain which assets you may or may not include in your trust and can provide an overview of the pros and cons of one type of trust over another.

Let a skilled attorney who understands Arizona estate laws help you take care of your wealth.

FAQs

How Much Should a Trust Cost in Arizona?

Estate planning costs in Arizona, including the costs of establishing a trust, can depend on factors like the type of trust that you would like to establish, the size of your estate, and whether or not you use an attorney to help you set up the trust. An attorney may provide you with further details on costs during a consultation.

Do I Need an Attorney to Set Up a Trust in Arizona?

You are not legally required to hire an attorney to establish a trust in Arizona. It is highly recommended, however, that you work with a knowledgeable trusts lawyer, as they can provide you invaluable counsel. They can help ensure that your trust is structured correctly and that it is not subject to legal challenges or family disputes in the future.

How Long Does It Take to Settle a Trust in Arizona?

How long it takes to settle a trust in Arizona depends on the details of the trust, the types of assets included in the trust, and whether or not there are challenges presented against the trust.  Transferring the title of a property, for instance, may take longer than passing along more liquid assets of lesser value. An attorney can assist your loved ones in ensuring the process goes smoothly and that you avoid additional delays.

What Assets Cannot Be Placed in a Trust?

Most assets can be placed in a trust, but there are some exceptions. Often, community property cannot be included in a trust in Arizona unless both spouses agree. Retirement accounts, including 401(k)s, cannot be transferred into a trust. However, a trust can be a beneficiary of a retirement account. Exceptions also include life insurance policies, which are typically left to a named beneficiary.

Consult Our Queen Creek Trusts Lawyer Today

Regardless of your age, if you have significant assets that you hope to pass on to your loved ones upon your death, it is essential that you create a comprehensive estate plan to protect your wealth. Using tools like trusts can help you ensure that your assets are managed and distributed in line with your wishes.

CDM Law Firm, helps clients in Queen Creek with their estate planning needs, so that you can provide for your loved ones, and you can rest assured your affairs are in order at all times. Contact our office today to discuss your estate planning needs.