Determining If a Trust is Right For You

Despite trusts and Wills being thought of as synonymous, there are actually some key differences between these two estate-planning documents. The simplest way to think of trusts is to picture a bucket. Within that bucket, you can place valuable property and assets that you would like to, eventually, pass onto someone else. You must name a “trustee,” who is responsible for managing the trust’s items when you are no longer able.

One major benefit of trusts in estate planning is that your loved ones and beneficiaries will be able to avoid probate court after you pass away, saving everyone time, money, and stress. Additionally, placing assets in a trust allows you to avoid paying estate taxes on those assets.

A trust may be classified as either “revocable” or “irrevocable.” The latter type may not be altered once it is created and established (except in rare circumstances), while revocable trusts can be changed as your financial and familial situations change. Within these two classifications, there are many different trust types that exist to serve Arizonans.

Our firm would be happy to meet with you for a consultation to determine which types of trusts would be best for your situation. Reach out to us soon!

powered by Birdeye