Revocable Living Trust in Arizona
A revocable living trust is a beautiful thing in so many ways. It “speaks” while you are living and therefore plans for disability, where your will doesn’t “speak” until your death. It is a much more powerful tool than a will because it can control your assets pursuant to your instructions during your lifetime and continues to control over your assets on your death, avoiding probate and maintaining confidentiality.
In simple terms, you create a trust and name someone as the trustee after your death. Then, you transfer the ownership and title of your assets into the trust while you are still alive. While you are alive and able, you will be the trustee. Under the terms of your trust (which can be as flexible or restricted as you determine is necessary when you create the trust), you control your assets. After you die, your nominated successor trustee can transfer your assets to the trust beneficiaries.
Rarely do we draft an estate plan where we don’t recommend a revocable living trust. If you haven’t considered the advantages of holding your assets in a revocable living trust, it is time you did. We are happy to listen to you and take the time to explain the advantages of using a living trust as your primary vehicle to accomplish all of your estate planning goals.