San Tan Valley Trusts Lawyer

San Tan Valley Trusts Attorney

When you have substantial financial assets and you worry about what will happen to them after you pass, a trust is a powerful estate planning tool that can protect your wealth. In addition to helping you transfer your assets to heirs and beneficiaries, a trust can guard against creditors and minimize taxes. A San Tan Valley trusts lawyer at CDM Law Firm can provide guidance.

To establish a trust, there are some legal steps you must go through, but you and your loved ones can avoid the stress of probate. Probate can be messy and expensive, and a trust can remove the headache of dealing with it. When you work with our firm, you can rest assured knowing we can answer any questions and ensure your trust is valid.

What Is a Trust?

In Arizona, a trust is an arrangement where an individual, referred to as the grantor or trustor, assigns their assets to a designated trustee for the beneficiaries. Instead of going through the probate process that the Pinal County Probate Court handles for San Tan Valley, a trust is a private way to protect assets. It allows your beneficiaries to inherit your assets quickly and avoid probate hassles.

Generally, there are two types of trusts: revocable and irrevocable. With a revocable trust, you can change or cancel the trust at any time during your lifetime. On the other hand, an irrevocable trust is permanent, and you cannot make changes. Choosing between a revocable and an irrevocable trust depends on your priorities for control and flexibility.

In the United States, trust and estate planning law is booming as wealth transfers are increasing among older generations. Although trusts are more common for Americans over 50, there is no wrong time to create one. If you want to eliminate the stress that comes with going through probate court after you pass, our firm can help you create a trust.

Trust Benefits

Probate avoidance may be a top advantage to establishing a trust, but there are several others as well. Our San Tan Valley trust lawyer has experience working on trust cases throughout the state of Arizona, and we can help you limit the impact of federal tax, give financial support to disabled beneficiaries without disqualifying them from government aid, and more.

Other benefits include:

• Faster asset distribution
• Reducing costs
• Privacy
• Providing for minor children
• Enabling charitable giving and legacy goals
• Reducing family conflict

Whatever reasons you have for creating a trust, our knowledgeable trusts lawyer can answer your questions and provide guidance.

Updating Your Trust

If you create a revocable trust, our San Tan Valley trusts attorney can help you make updates. Like the rest of your comprehensive estate plan, you should also review a trust to make sure it matches your current wishes. Life can have many changes, and there can be certain life circumstances that affect asset transfers and ownership. Some examples include:

• Marriages
• Divorces
• Family expansions
• Family member deaths
• Significant gain of assets
• Significant debt acquisition
• Aging or disability of beneficiaries

Even if you have an irrevocable trust, our firm has the knowledge and skills to help you work with all parties for authorization if you determine changes are necessary. We are prepared for trust cases ranging from simple to complex.

Hire a Trusts Lawyer

Like creating a trust, working with a trust’s lawyer can be very beneficial. Even if you feel confident about how you want to approach your trust planning, CDM Law Firm can ensure everything is legally sound and compliant with state laws. This can help you avoid costly mistakes and confusion that can happen when you try some of the DIY routes available.

At CDM Law Firm, our San Tan Valley trusts attorney knows how important it is that your trust reflects your personal goals. Regardless of the type or amount of assets you have, we can help you tailor a unique trust that outlines how you want to transfer your estate. In addition to drafting and amending trust documents, we can also ensure compliance with state laws.

According to research, estate planning is not a priority for many Americans. In a Caring.com estate planning study, only around half of respondents reported that end-of-life planning is somewhat or very important to them. Nonetheless, establishing a trust can have numerous benefits, and our law firm can help you through every step in the process.

FAQs

What Are the Disadvantages of a Trust in Arizona?

There are many advantages to trusts, but one disadvantage is that they can be unchangeable if the trust is irrevocable. Unlike revocable trusts, irrevocable trusts are mostly inflexible without going through a lengthy multi-party process. For many, this loss of control is a huge disadvantage. Paperwork can be another disadvantage, but a trust’s attorney can help.

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

In Arizona, you can set up a trust without an attorney. The law does not require you to hire a trust lawyer when estate planning. However, working with one can be beneficial. Although you might save money if you try the DIY options available, doing so can be legally risky, especially for complex situations. For this reason, it is strongly recommended that you hire legal representation.

How Much Does Creating a Trust Cost in Arizona?

In Arizona, the cost of creating a trust can vary, depending on the method you choose and the complexity of your situation. For example, self-guided online resources can range from a few hundred dollars, with most options being under $1,000. On the other hand, working with an attorney can be more expensive, ranging in the thousands, depending on experience.

What Are the Rules for Trusts in Arizona?

According to Arizona trust laws, creating a trust involves drafting a trust document, naming a trustee and beneficiaries, and signing it in front of a notary. To do this, you must fund the trust by transferring assets into the trust’s ownership and identifying whether the trust is living, testamentary, revocable, or irrevocable. An experienced wills attorney can simplify the process.

San Tan Valley Trusts Lawyer

No matter how old you are, protecting your assets should be a top priority when you think about the future. You cannot predict what tomorrow will bring, but a San Tan Valley trusts lawyer at CDM Law Firm can provide you with a strategic plan that gives you peace of mind. Give us a call to schedule your free consultation and secure your legacy today.