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Revocable Trust.

Revocable Living Trust Lawyers In Phoenix, Arizona

Our revocable living trusts attorney in Gilbert helps clients navigate the estate planning process, and a revocable living trust is often at the center of a client’s estate plan. Revocable living trusts are one of the most flexible and versatile estate planning tools and can be used for many purposes, including probate avoidance and privacy.

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What Is a Revocable Living Trust in Arizona?

A revocable living trust in Arizona is a living trust that can be changed or canceled as long as the Grantor is alive. By placing your assets in a revocable trust, it will help to avoid probate (which can be expensive and can take a long period of time) while giving you control of your assets while you’re still living. A revocable living trust can be a much more efficient transfer of assets. In most cases, however, it remains subject to federal estate taxes.

When You Need to Get a Revocable Trust in Phoenix, AZ?

By consulting with experienced revocable living trust lawyers, you can find the answer. Through diligent analysis of your financial and legal situation, our attorneys will offer insight and advice uniquely tailored to your estate and determine which type of trust is appropriate. We do not believe there is a “one-size-fits-all” approach to the creation of trusts.

Some of the factors we will consider:

  • Do you have personal property of considerable value?
  • Do you have substantial real estate holdings and business investments?
  • Do you have young children?
  • How do you want your assets distributed after your death?

There is no simple answer to the question “should I have a revocable living trust?”. Our Arizona revocable living trust lawyers will provide answers and guide you through the steps to create a revocable living trust if that is the right path for you.

Talk to a Gilbert Attorney About Setting Up a Revocable Trust in Arizona

Revocable Trust

Contact our law firm located in the Phoenix area for legal assistance regarding revocable living trusts. Whether you already have a revocable living trust or you are considering developing one, call 602-236-6772.

Revocable Trusts Modification & Termination

We can help you revise your existing Trust. Our lawyers are experienced in estates and trusts. After reviewing the existing revocable Living Trust document, we can then assist in updating your trust, regardless of where or when it was created. Your lawyer will discuss the amendments you want to incorporate, such as adding a beneficiary and make recommendations as to how those changes should be integrated and carried out.

So you know with certainty what to expect, your attorney will explain how the trust operates routinely and upon the occurrence of key events.

What Are the Benefits of Arizona Revocable Trusts?

An Arizona Revocable 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. 

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.

Why You Should Consult a Knowledgeable Gilbert Revocable Trust Lawyer?

Estate planning and crafting a revocable living trust can be complex. We can reduce this complexity because we understand the law. Regardless of how complex or straightforward your  needs may be, the revocable living trust lawyers at the Law Offices of Brandon White are the professionals here to guide you.

Some of our clients contact our Arizona revocable living trust lawyers to establish their wills, trusts, and general estate plans. Other clients contact us to alter their estate plans. Others contact us because they have questions and concerns about their loved one’s estate plans. Our firm has the resources and experience to assist with all your estate planning needs including your AZ revocable living trust concerns.

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Your plan may be one of the most significant legal arrangements you will ever make. Put your trust in our Phoenix, Arizona-based law firm and get the experienced legal guidance you need in creating a revocable trust.

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FAQ

What’s the difference between a revocable trust vs irrevocable trust?

To put it very simply, a revocable trust, you can change, amend, or revoke. An irrevocable trust, you cannot. An irrevocable trust is the only type of trust which offers creditor protection, however, most people plan with revocable trusts so they continue to have access to their assets. 

Will revocable living trust help me avoid inheritance and estate taxes?

A revocable trust won’t avoid the estate tax. The trustmaker acts as trustee and can undo the trust at any time. They can dissolve it, take property back out of its ownership, or change its beneficiaries. Any income generated by a revocable trust is reported and taxed on the trustmaker's personal tax return.

Do I need a will if I have a revocable trust?

Yes, and it is called a “Pour-over Will”. This is a backup plan for the trust. If, for some reason, your trust isn’t funded properly and there’s an asset that we forget about out there that’s just in your individual name and it has to go through the probate process then your will is in place to help you and help the court figure out where that is going to go.

How much does a revocable trust attorney cost?

While trusts can seem to be more costly initially, the amount of money saved in avoiding probate costs after death or conservatorship costs in the event of incapacitation or guardianship if assets are left to a minor is significant. We offer flat fee pricing to meet your unique needs. 

Can you make changes to a revocable trust?

A trust can be amended to modify the substance of the trust (how it works, who it benefits, who serves as trustee) or it can be modified to change the formalities of the trust itself.

Are revocable trusts only for wealthy people in Phoenix?

A common misconception is that you need a multi-million dollar estate to be helped by an estate plan. Estate planning also deals with making sure that your finances are taken care of if you are incapacitated, that decisions about your health care are carried out according to your wishes, and that your heirs are taken care of when the come comes. Estate planning is for everybody.