There are a number of different types of trusts, capable of helping you accomplish a wide range of planning goals. Together they represent some of the most powerful tools in the estate planner’s toolbox.
One of the most commonly used trusts is called a Revocable Living Trust. An Arizona Revocable Living Trust gives you complete control over your assets while you are alive and how they will be distributed after you pass away. One of its primary advantages is that it allows your estate to avoid the needlessly expensive, time-consuming, frustrating, and public distribution of assets involved in the Arizona probate process. A Revocable Living Trust also lets you make adjustments to the management and distribution of your assets as your financial and personal situations change over time. As the creator of the trust, you may appoint any competent adult to serve as trustee. The trust will establish the guidelines for how the trustee administers and distributes trust assets.
Other benefits of a Revocable Living Trust include:
- It can be designed to provide your loved ones with asset protection
- It can allow for separation of assets, which may be useful for blended families
- It allows for continuous financial management. If you become incapacitated, your trustee can continue managing your assets without the need to have a court-appointed conservator
At Cholewka Law, our Gilbert Arizona trust lawyer can design a customized Revocable Living Trust that addresses your particular needs, goals and concerns. We can help ensure that you give what you want to whom you want in the manner you want. We can also administer your Arizona Revocable Living Trust to ensure your wishes are carried out to the letter of the law. It is important to note that your trust should be reviewed periodically to make sure it still addresses your needs and concerns, and is properly funded.
Contact us today to schedule a personal meeting with Becky Cholewka.