Trusts

Trusts

We devote our practice to comprehensively developing an estate plan for you.  Wills, trusts, powers of attorney, and other documents all work together to ensure your wishes and end-of-life directives are carried out as you desire.  We work with you to discern your goals, concerns, and risks unique to your family.  Only then do we draft the specific documents to incorporate all aspects of your plan to achieve the desired results.

Trusts are structures that enable a party, called the Trustee, to hold and manage assets for a Beneficiary.  Many clients elect for a revocable living trust to avoid probate and secure protections for themselves, their spouses, and children.  A revocable living trust allows clients to:

  • Maintain complete control of property while they are alive
  • Determine how the property will be managed for their benefit during incapacity
  • Allow for a private transfer of assets after their death
  • Provide protections from creditors and predators who may wish to take advantage of their heirs
  • Engage in proactive tax planning to minimize or eliminate various tax risks to their estate
  • Allow for the efficient administration of their estate and affairs after they pass

There are three parties to every trust.  The Settlor (or Grantor) is the party who creates the trust and is often the party who transfers money or property into the trust.  The Trustee is the party who manages the trust and trust assets.  Finally, the Beneficiary is the party who receives the benefits of trust property.  Typically, when a client creates a revocable living trust, the client initially serves in all three roles simultaneously as Settlor, Trustee, and Beneficiary.  When the client is no longer able to act as Trustee, a person they designate assumes these responsibilities as the Successor Trustee.  Finally, when the client passes, the Successor Trustee continues to manage trust assets for the Successor Beneficiaries, who are typically the Settlor's children, or distributes trust assets for children or designated charities.

There are many different types of trusts:

Grantor Retained Annuity Trusts (GRATs)
Charitable Trusts
Special Needs Trusts
Minor Trusts §2503(C)
Domestic Asset Protection Trust
Dynasty trusts

Schedule a free consultation to talk about your Will or Trust needs today

Call (480) 565-8020 or complete the form below.

The State Bar of Arizona has a great resource for you to understand Wills and Trusts better. They do recommend that all documents should be done by a legal professional.