Gilbert Trusts Lawyer

Gilbert Trusts Attorney

It can be extremely intimidating to navigate the world of trust. Making decisions about how your assets will be divided amongst your beneficiaries can be a stressful process. With the right knowledge and support of estate planning, you can put a trust in place that adequately protects your assets and loved ones in the future. Creating a trust with a Gilbert trusts lawyer can help ensure your trust is not only solid now but will be set up for success in the future as well.

At CDM Law Firm, we understand how stressful it can be to ensure you meet all the requirements necessary to set up and enforce your trust. This is why we take on each trust case as if it were our own assets and family to take care of. Whether you are looking to help better manage your assets or provide for your family, our trust lawyers can be a fundamental part of the process to keep your valuables safe and avoid unnecessary probate or litigation.

The Role of a Trustee

When you create a trust, you will need to make several important decisions. The first is who your trustee will be. It’s an important choice as this individual will be responsible for ensuring your assets are distributed correctly. To make this choice, ensure the individual you want is capable of handling these responsibilities:

• Asset management. The trustee is fully responsible for managing the trust’s assets. This can include a number of activities, such as investing specific funds, overseeing real estate properties, or ensuring that trust either grows or is preserved in the way you intended.
• Distribution of assets. Trustees are required to distribute an estate’s assets to the designated beneficiaries. If you want the trustee to follow any specific instructions, such as waiting until someone is of age to receive a particular item, this should be laid out in the agreement to avoid confusion.
• Fiduciary duty. All trustees have a legal obligation to act in the interest of the trust owner and beneficiaries. The process should be conducted with honesty and transparency. If there is any reason to believe your trustee could be tempted to act in bad faith, you may want to consider someone else.
• Record keeping. Your trustee will need to keep accurate and detailed records of all transactions and distributions that happen as it relates to your trust. The same applies to communication among legal entities and beneficiaries.
• Tax management. Trustees are also responsible for handling any tax objections that might happen against the trust. This would include filing necessary returns to ensure that all taxes are paid on time. This will be crucial to avoid unnecessary penalties and fines.

The trustee you choose should hold certain characteristics that make it easy for you to trust that your estate planning wishes will be upheld in the ways you would like. Characteristics of a good trustee might include focus, impartiality, and a willingness to carry out the requested wishes. Working with our attorneys, you can identify the right individual.

Types of Trusts

There can be several reasons that you may wish to set up a trust. This could include avoiding the probate process, privacy from public records, protection of your assets, or planning for any incapacitation. These reasons, and others, can help ensure that your wishes meet the needs of your estate and your circumstances. When determining what your needs are, you will need to decide which type of trust meets those needs. The types of trusts that you could set up include:

• This is commonly referred to as a living trust and allows you the opportunity to make changes to your trust while you are still living. This type of trust allows for updates to occur whenever they are needed.
• Once established, this type of trust is unable to be modified or changed, with few exceptions. One of the many benefits of this trust, however, is its ability to provide a tax shelter for your assets.
• This type of trust allows you the opportunity to name a charity as a beneficiary of your estate.
• Special needs. If you have a beneficiary who is reliant on special needs services, this type of trust can continue to provide assets to help with those services. This can also help to ensure government programs and services continue to be received.
• With a marital trust, you can move your assets to your spouse to ensure they have the ability to continue to receive adequate income.

Working with your attorney will allow you the opportunity to identify what type of trust may meet your specific needs.

FAQs

What Is the Average Cost of a Trust in Arizona?

The final cost of a trust attorney’s legal services in Gilbert, AZ will depend on many different factors, such as the circumstances of your case and the experience of your attorney. Complicated trusts with multiple beneficiaries or special provisions will take more time to finalize, which will incur more legal hours to pay for. During your initial consultation, you should ask your attorney about your potential costs and their legal fee structures.

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

While there is no legal mandate to hire an attorney to set up a trust, it is still highly advised. An attorney can help ensure your trust is legally sound to avoid having any oversights cause issues in the future. They will also explain the different tax implications to help their clients make the most financially savvy decisions. Having this legal supervision can help provide peace of mind, knowing your trust will effectively protect your assets.

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

Trust timelines are highly dependent on how complicated its details are, the nature of the assets it will protect, and how efficient the trustee is. These factors create a wide-ranging timeline, spanning from only a few months to years, to officially settle an Arizona trust. Disputes that arise among the beneficiaries could significantly delay the settlement of your trust. Your attorney will work with you and your trustee to set up the right processes to mitigate many of these disagreements.

How Much Can a Trustee Charge in Arizona?

There is no universal cost that a trustee is expected to charge. It is determined by how much work is involved to manage and settle the trust. The size of the estate will also be an important factor. A professional trustee like a bank might charge a certain percentage of the trust’s assets on an annual basis. On the other hand, an individual might charge hourly to ensure every minute they spend in this role is compensated.

Contact Our Gilbert Trusts Lawyer Today

To set up a new trust, or if you would like some assistance with trust administration, contact the experienced trust attorneys of CDM Law Firm today. You deserve someone who understands the intricacies of estate planning who can guide you through each step and ensure everything is handled compliantly. Contact us today to learn more about our services and how we can help.