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An Arizona Family Trust is a legal document that is either drafted while you’re alive (an Inter Vivos Trust commonly referred to as a Living Trust) or is drafted after your death (a Testamentary Trust). The Arizona Family Trust manages the disposition of your assets between your heirs and gives you considerably greater control over how and when your assets are allocated to your heirs that can be accomplished with only a Will. A Family Trust may assist in providing protection from creditors under specific circumstances.
When dealing with the writing of documents like wills and family trusts, you may be asking yourself whether or not you should you hire a Scottsdale family trust lawyer. A family trust is created for the purpose of establishing the long-term management of your assets for the benefit of your family in accordance to your wishes and instructions in the trust. They are created to stay away from probate, and to help keep your financial privacy intact and your assets supervised in case you become debilitated or after your death. If you’d like to learn more about a family trust, speak with one of our family trust lawyers Scottsdale, AZ clients trust.
Should you hire a Scottsdale family trust lawyer? It all depends on if you are financially able do so, as well as your requirements when it comes to drawing up a trust. But ultimately, it is highly recommended that you hire an attorney if you want to create a trust or living will. Our estate planning attorneys are experienced in this practice and have helped a lot of individuals ensure their assets are protected and taken care of in the circumstance that they cannot safeguard them by themselves. Our Scottsdale family trust lawyer can help ensure that your trust documents are drafted precisely to your wishes.
What exactly goes into a living trust? You should put all your assets into a trust unless some of your assets have beneficiary designations in which those designations will manage who receives those assets. You, as the Settlor of the family trust, needs to keep control over the trust during your lifetime.
Who is the Trustee? The Trustee is a person who controls the assets contained in the trust and should be you during your lifetime. Regardless, you will need to designate a Trustee (or even multiple Trustees) to take control of managing the trust upon your death or debilitation.
Who will be the beneficiaries of the family trust? The decision who you grant your assets to in a family trust is entirely up to you, subject to certain laws that safeguards your spouse if you are married.
Once the living trust has been created and all of the required information is included, it needs to be signed before a notary. For the trust to be effective, a transfer document or deed should be used for the property to be transferred into the trust.
If the process is that easy, why should you look into hiring a Scottsdale family trust lawyer? It is possible to do research on trusts to some extent, but once you understand the basics, having a lawyer address the possible obstacles can be an enormous weight off your shoulders. Even if it’s your certain family or financial situation that is complicated and has unique needs, a trust lawyer can serve you by explaining what you can and cannot do. Our lawyers are also experienced in helping clients avoid making errors in drafting wills and trusts, which is critical when it comes to something as important as controlling your assets and property after your death.
Handling wills and trusts is no laughing matter. When you are ready to start making these important decisions that will affect your family, make sure you talk with a family trust lawyer in Scottsdale who knows how to help. Our years of experience and client recommendations speak for themselves; we can get you on the right path with your family trust. Give us a call today at (480) 999-0800 to schedule your free consultation with a Scottsdale family trust lawyer.
A living trust, or revocable trust, is an estate-planning agreement under which a trustee (that can be one or more individuals and/or a bank) takes title of the assets of the original owner (the “settlor”). In a lot of cases, the settlor is also the primary trustee. The terms of the document will appoint who will take over as trustee if the initial trustee is no longer able and willing to act. The settlor is usually the only beneficiary during his/her life.
Consult with a lawyer experienced in estate planning to establish which estate-planning options are best suited for you. Using the services of someone not experienced in estate planning can end up costing you more money to fix problems.
When speaking about an estate plan with a lawyer, make sure to speak honestly and openly about all of your assets. The lawyer preparing your plan has no way of determining your needs without knowing your circumstances.
1. “Arizona Family Trust Lawyer | Arizona Estate Planning Attorneys.” Horizon Law Group, PC | Arizona Estate Planning Attorneys, arizonaestateplanningattorneys.com/arizona-family-trusts/.
2. State Bar of Arizona. “Wills and Trusts.” State Bar of Arizona, www.azbar.org/legalhelpandeducation/consumerbrochures/willsandtrusts.
Get advice from the Scottsdale Will Lawyers at Moshier Law today. Call or contact to start your free consultation today. Our estate planning lawyers in Scottsdale can help with Wills, Family Trusts, Power of Attorney, Probate, Guardianship, and Conservatorship. Give us a call today for a free consultation.
The Moshier Law is here to help you and your loved ones feel secure about your financial future during the Estate Planning process. Throughout the Estate Planning process, we will treat you and your loved ones with the proper respect and dignity your last will and testament deserves. We also aid with creating a living trust, power of attorney, advance health care directives, trust administration, and other estate planning issues.
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