Most people have heard the term “revocable trust” thrown around when it comes to estate planning. There is no doubt there are many misconceptions about what a trust is and who it is for. Luckily, this is something Phoenix revocable trust lawyer could help you navigate. Our team of experienced attorneys are here to help you.
What is a Revocable Trust?
In its most basic form, a revocable trust is nothing but a container or box with an open top. This means once a trust is created by our law firm, you and your family then go through your lives placing your assets or things you own into that trust.
For example, once a trust is created, you can move your home into that trust by way of recording a new deed filed at your county recorder’s office. You place your checking and savings accounts by having your bank retitle your account to the name of the trust. Finally, you can place motor vehicles into your trust by re-titling the vehicles to the name of the trust. These acts move your assets into the trust. Once assets are placed into the trust, they are distributed upon you (or you and your spouse’s passing), exactly how you decide they are to be distributed.
Is there an actual container or box being created? No, the revocable trust is created by-way of a legal fiction, so nothing tangibly actually exits, just paper documents filed by our Phoenix attorneys.
Can you Make Changes to a Revocable Trust?
YES! That is what makes these types of estate planning tools so flexible. Most revocable trusts that our Phoenix lawyers create give the person the flexibility and ability to put things into the trust and remove them at any time during their lifetime. Most revocable trusts only become locked upon the passing of the person who created it, which makes sense since that is when the assets are usually to be distributed to the person’s beneficiaries or family members.
Are Revocable Trusts Only for Wealthy People in Phoenix?
No, this is a common misconception and is completely false. Think about it, since most of us probably would not want a court or judge to decide where all our assets and property go after we pass, every adult should have an estate plan, such as a revocable trust, in place. In addition, most people do not want their families to have to go to court after they pass away, and have to deal with trying to track down everything they own. A properly funded trust pre-packages all of these assets into one place avoiding most, if not all, of the probate process.
The fact is estate planning is not just for people with a lot of money and does not have to be complicated or expensive.
Speak to a Phoenix Revocable Trust Attorney to Learn More
We offer complimentary consultations. So, pick up the phone and call to schedule an in-office or phone meeting with an experienced Phoenix revocable trust lawyer at our firm and see if a revocable trust estate plan is right for you.