Living trusts are legal documents that allow someone to transfer assets to another individual after death. They’re often used to avoid probate court proceedings, which can take years and cost thousands of dollars. Learn more about creating a Living Trust in Arizona here.
What Are Living Trusts?
A living trust is a legal document that allows someone to transfer assets to someone else after death. It’s also called a “revocable” trust because the owner has the ability to amend or revoke it at any point before he or she dies.
Why Should You Create a Living Trust in Arizona?
People use a revocable living trust for two main reasons. First is so that someone can manage their money and property if they become incapacitated. Second is to avoid probate when they pass away.
If they want to protect their assets from creditors, they will often use an irrevocable living trust. They do this by transferring ownership of their property to another individual (the trustee) while still alive. This prevents anyone from taking the person’s assets during his or her lifetime.
Types Of Living Trusts
There are two main types of living trusts in Arizona. One type is called a revocable living trust. It allows the owner to revoke or change the trust at any time before he or she dies. The second type is known as a non-revocable living trust. With this type of trust, the owner cannot revoke or amend the trust after creating it. (However, there are still ways to amend or unwind an irrevocable or non-revocable trust.)
Who Can Be The Beneficiary Under A Living Trust?
Anyone can be the beneficiary under a living trust. However, the initial beneficiary is typically the person who creates the trust. Other beneficiaries are usually named to receive the trust income and assets after the first beneficiary dies.
When Should You Create A Living Trust in Arizona?
It’s especially important to create a living trust if:
- You have minor children. Otherwise, their inheritance would go into a conservatorship.
- You own real property in multiple states. Otherwise, there could be multiple probates.
- You own a business. Otherwise, the court would need to appoint a manager.
Are You Ready to Create Your Living Trust in Arizona?
Hi, this is attorney Paul Deloughery. You want to create a living trust in Arizona because you care about your family. You want to avoid probate and make things easier for your loved ones. The trouble is that you don’t know how to start. That makes you avoid taking action. We understand. Attorney Paul Deloughery has his own stories about family members who didn’t plan properly. Plus he’s seen how families can get torn apart when things aren’t clearly planned ahead of time. That’s why Paul created this law firm. The name “Sudden Wealth Protection Law” is all about helping prevent the heirs from receiving a windfall that they squander or mismanage. Let’s help you set things up for your loved ones so your legacy has meaning for future generations.