Arizona's population swells by an additional 300,000 retirees every year as people flock here to enjoy the mild winter climate and senior-friendly environment. A lot of people that call Arizona their state ask themselves: Do I need a Living Trust in Arizona?
Many of these older Americans choose Phoenix and Chandler to retire. Here, they know they can protect their assets, privacy, and loved ones by creating a living trust or a last will and testament.
For probate lawyers, Chandler offers some of the best clients and they can help you answer the question: Do I need a living trust in Arizona? But don't worry, as any estate planning attorney in Arizona can tell you, the Sunshine State has some of the best probate laws in the country concerning living trusts.
In the following article, you'll learn that when it comes to estate planning, Chandler and Arizona is the perfect place to set up a living trust.
Do I Need a Living Trust?
An estate planning attorney in Chandler is likely to say: it always depends. Living trusts are a way for a person to protect their assets to a spouse or other family members seamlessly, but every case is different. For example, creating a living trust can cause issues in the future if someone is planning to apply for medicaid. The person creating the trust moves their assets while they are alive into the trust and can decide to remain as the "executor" of the trust while in good health and sound mental status. This executor is called the "trustee."
When you create the trust, you can also designate a successor trustee or someone who will manage the trust if you die or become incapacitated.
Benefits of a Living Trust
A living trust in Chandler and throughout Arizona has unique benefits compared to other parts of the country.
Chief among them is that in Arizona, the successor trustee avoids probate completely upon the death or designation of the settlor. To make sure that probate is avoid is important to work with an estate planning lawyer to understand how your trust should be properly funded. The funding process is as important as the trust creation process. That means there's no court fees, public record, or wait time for the designate to take control of the assets of the trust upon the person's death or incapacitation.
Other benefits include that the trust eliminates all need for a court-appointed conservator. Another upside is that the living trust can dole out inheritance following the settlor's desired timeframe.
The best way to determine which of these applies to you is to consult an estate planning attorney in Chandler.
How Do I Set Up a Living Trust?
First, an estate planning attorney in Chandler will review your assets. They'll also ask you questions about your family relationships. If together, you and your attorney decide to start a living trust, which can be a revocable or an irrevocable living trust, the lawyer will draw up the proper paperwork and have you sign them.
When signed, the trust will be executed and now it needs to be funded," and the settlor's chosen trustee becomes the executor of the trust and manager of the assets.
Interestingly, the living trust may still benefit the settlor even if they decide to have someone else manage the trust for them.
If you are still wondering if you need a Living Trust consult a Chandler Estate Planning Attorney or a Probate Lawyer for assurance as soon as possible.
They are best suited to answer all your questions about this effective way to shield your assets and privacy. A revocable trust, especially one in Arizona, is a great way to give you and your loved one's peace of mind. You'll go to bed at night knowing that your assets are safe and a line of succession is clearly drawn.
Need help with creating a living trust or want to learn more? Contact us today to schedule a free case assessment, Citadel Law Firm will be pleased to help. Click here to schedule your free consultation or call (480) 565-8020.