As individuals and families work to establish a solid estate plan to ensure their assets are passed on according to their wishes, it is important for everyone to understand that you may not be ready to hand over control of your assets just yet. At Yen Pilch Robaina & Kresin PLC, we know that this is where living trusts become important.
A living trust is meant to be created and implemented while you are alive, as opposed to a testamentary trust that takes over at the time of death. Our Phoenix living trust attorneys are ready to get to work establishing the best plan that fits your needs right now.
There are two basic types of living trusts that we will mention here. We invite you to contact us for a more in-depth conversation about your goals and needs.
A REVOCABLE LIVING TRUST
A revocable living trust can be established with the purpose of transferring and titling your assets into a trust while you are still alive. It is important to understand that you will retain control over your assets inside of a revocable living trust during your lifetime. You will be able to modify or revoke the trust at any time.
After you pass away, the assets inside of a revocable living trust will be passed directly to your beneficiaries or held in trust on their behalf. This will help avoid the Phoenix probate process after you pass.
AN IRREVOCABLE LIVING TRUST
An irrevocable living trust is established by those who wish to permanently pass on some or all of their assets during their lifetime. As the name suggests, this type of trust is irrevocable. This means you will not be able to revoke it during your lifetime. After you give away the assets in an irrevocable trust, you will be relinquishing the control you have over these assets.
The assets in an irrevocable trust will no longer be considered part of your estate, thus not subjected to estate taxes. These trusts can provide various protections for assets, particularly from creditors.
- At Yen Pilch Robaina & Kresin PLC, our Phoenix estate planning attorneys have a deep understanding of estate law planning in Arizona, and we take the time to get to know every client’s goals and needs.
- We take a client-centered approach to every case, which means that our clients will work directly with the attorney handling their estate planning.
- Our Phoenix trust administration lawyers completely understand the importance of ensuring that your assets and legacy are handled with care and compassion.
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It is incredibly important to work with a skilled Phoenix trust attorneys when establishing a living trust. An attorney will understand how to incorporate your wishes into a bulletproof living trust that meets your current needs and anticipates future changes. Many people think that they can rely on an Internet site that claims to do the work for them when establishing a living trust, but the reality is that an attorney will understand the nuances and challenges of this process.
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