Chandler Trusts Lawyer

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Probate court is a lengthy, stressful, and costly process for your loved ones after you die. After losing a loved one, the last thing that family members want to do is struggle through the probate process. Establishing a trust for your assets can help them avoid this. Rather than the public probate process, your beneficiaries can inherit your assets quickly and privately. A skilled Chandler trusts lawyer can help you create a valid trust and determine other useful estate planning documents.

Each individual’s goals for estate planning are different, but estate planning can provide benefits for anyone with any amount of assets, any heirs, and any wishes for their assets. Estate plans, including trusts, are not only for those with high-value assets. Even an informal probate can take months to a year, and your loved ones will need to pay court costs and other fees. A trust can help your family or beneficiaries receive the most benefits and suffer the least costs.

Creating a Trust that Addresses Your Needs

At CDM Law Firm, we know how important it is that your trust is tailored to your personal goals. Whether you have unique assets that require attention or beneficiaries with special requirements, your trust needs to address your personal interests. Our team takes the time to understand your situation and the extent of your estate and uses this information and our years of experience to craft an enforceable and effective trust document.

Our team can help you understand the different uses and benefits of other documents in an estate plan so that you can decide whether those can aid your goals. Crafting a trust document can limit the disputes your beneficiaries have after your death, and CDM Law Firm wants to help things run smoothly for your loved ones. We are proud to help individuals and families in our community by providing dedicated and personalized legal support.

Understanding a Trust

A trust, similar to a will, allows you to list the beneficiaries for certain assets within your estate. Unlike a will, a trust is a legal entity. Because a trust always has a trustee to manage it, it never passes to state jurisdiction, meaning the assets in a trust avoid probate court. A trust requires there to be a grantor, or a creator of the trust. It also requires a trustee and a beneficiary. In Arizona, a sole trustee cannot be a sole beneficiary.

You may name yourself or another as the trustee to the trust, as well as name a successor trustee. If you are the trustee, after your death, the trust passes to the ownership of the successor trustee, who may be an individual or institution.

Once becoming the trustee, they can administer your estate and pass the assets to the beneficiaries according to the conditions, privately and outside of court. If beneficiaries are under the age of 18, the trustee can oversee and manage their assets until they are of age. If there are other unique stipulations for your loved ones, the trust can name other conditions for when and how they receive their inheritance.

When you create an estate plan, you may have one or multiple trusts, each handling a unique need of an asset or beneficiary. There are many types of trusts, but all fit into one of the following categories:

  • Revocable Trust: Also called a living trust, a revocable trust can be altered or dissolved whenever you wish as the grantor of the trust. As long as you are alive and have testamentary capacity, you can modify a revocable trust, including removing or adding assets and beneficiaries.
  • Irrevocable Trust: An irrevocable trust cannot be changed as easily. You must have the permission of each beneficiary listed in the irrevocable trust in order to modify or end it.

When you have a living trust, it becomes an irrevocable trust after your death, preventing it from being altered.

What Are the Benefits of Establishing a Trust?

In addition to avoiding probate, there are many benefits to establishing a trust. This includes:

  • Limiting the impact of a federal estate tax
  • Giving financial support to a beneficiary with a disability without preventing them from receiving governmental aid
  • Making conditions for beneficiaries to use assets, such as coming of age or only enabling funds to be used for certain purposes
  • Enabling your beneficiaries to benefit from your assets immediately
  • Limiting familial arguments that may occur if your wishes are not clear
  • Your estate and its beneficiaries remain private

A trust gives you more control over how your estate is handled, which can help you feel more comfortable in the future.

Naming the Right Trustee

When you name an individual as the successor trustee, who becomes the trustee after your death, it is essential you choose the right person. Being a trustee is a serious responsibility with many legal requirements. A trustee must be responsible and capable of handling these duties, or be able to know when professional aid is necessary. It is important to talk with an individual prior to naming them to ensure they are aware of what is expected of them and are comfortable with that responsibility.

When Is It Important to Update Your Trust?

A trust, like the rest of your estate plan, should be reviewed every so often to be sure it matches your current wishes. Many things can change in your life, and this may alter who you wish to be trustee and who you wish to benefit from your estate. Certain life changes can also affect what assets you have ownership over, thus requiring a complete alteration of the content of a trust.

There are several events that change your family and finances and should trigger a review of a trust. This includes:

  • You are married, remarried, or divorced
  • Your family has expanded, such as a new child or grandchild was born, or a family member got married
  • A family member or beneficiary has died
  • You had a significant gain of assets, such as buying a home
  • You acquired new debt
  • A beneficiary has different needs, such as turning 18 or becoming disabled

These life changes can affect other parts of an estate plan, such as your powers of attorney or living will. Your attorney can help you navigate alterations to a trust and estate plan and advise you on how to handle irrevocable trusts.

FAQs:

Q: How Much Does a Trust Cost in Arizona?

A: Setting up a trust with help from an attorney in Arizona can cost between $2,500 and $5,500, depending on several factors. The specific attorney you select, the complexity of your estate, and how many estate planning documents you need will all influence the cost of your trust.

Trusts are more costly than a will but provide significant benefits and can save you and your beneficiaries much more than the initial cost of the trust. You only obtain these benefits if the trust is legally valid. An attorney is essential to creating an enforceable and valid trust.

Q: What Are the Rules for Trusts in Arizona?

Q: What Rights Do Trust Beneficiaries Have in Arizona?

Q: Can You Set up a Trust Without an Attorney in Arizona?

CDM Law Firm: Your Trust Attorneys

There are many types of trusts that you can set up to protect the needs of your beneficiaries. At CDM Law Firm, we have years of experience guiding individuals through the estate planning process. When you need skilled legal counsel to establish your trust, contact our team.

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