Living Trusts
The biggest advantage of setting up your Living Trust is that you will avoid the Probate process when funded properly. In the state of Arizona, it typically takes between 6 months to a year to settle where a range of 5-10% is paid between taxes, court costs and attorney fees. When someone passes away with only a Will, sometimes the entire estate is tied up for years in this legal process. When your Trust is created, signed and assets are transferred into the Trust it allows for everything can be disbursed immediately after your death.
We recommend that you have your Revocable Living Trust reviewed every 5-6 years. This is because laws do change and situations can change within your Living Trust. For example, most Living Trusts that have not been reviewed in the state of Arizona during the past few years will not contain H.I.P.A.A. language or updates. Obviously, for your Living Trust and medical documents to be as effective as intended, you should have them updated periodically. We review existing documents created by any other firm from any state at no cost.
Dedicated To Help You Plan Your Family Estate
The Living Trust is the foundation to your Estate Plan with Family Tree, but what is it? A Trust is a very simple tool that is used to transfer title (or ownership) of your assets when you have passed away. A Living Trust accomplishes what most of us believe our Will should. It allows you to appoint a person (or persons) who can show up when you pass away, instantly take control, sell your assets, close accounts, and distribute the income based upon your wishes. NO STATE OR ATTORNEY INVOLVEMENT…. AT ALL!
Where Should I Start?
Family Tree Estate Planning provides a free service for all Arizona residents. We will schedule a consultation with you to go over the probate process and how it works in Arizona. We also go over Wills, Living Wills, Living Trusts, and how everything relates to your situation. At that point, we will be able to answer any and all questions you may have and leave you with specific information that is designed for you and your family. This provides you with the tools to make your own educated decision based on what is right for you.
How much will the consultation cost?
There is no cost to speak with us or for the initial consultation. In fact, this is how we spend our marketing dollars. We invite you to visit our office in Scottsdale or are willing to come out to your home or place of business. We have the ability to create these documents and we would love to earn your business. Our hope is once you are ready to make a decision, rather than picking up the phone book, you would call us back.
Can I just do a Will instead?
Not every situation will require a Living Trust. There is more than one way to avoid probate! This in itself is the reason we take the time to sit down and discuss your options. So the short answer is maybe! So what is best for you? In many respects, a Living Trust and a Will accomplish similar objectives. A Trust, however, allows you to realize other objectives that a Will cannot.
Frequently Asked Questions
Do you own more than one piece of real property?
If so, you may want to consider a Living Trust since each property will likely be subject to some form of probate.
Do you have minor children?
If you do have minor children, a trust may be appropriate. It allows you to name a guardian for any minor children (so does a will) to establish provisions specifying particular life events when a child will be entitled to any assets held in trust.
Are you in a second marriage or blended family?
What happens when you pass away? Who gets everything, your spouse… your kids… Can your spouse disinherit your kids?
Will you actively manage your estate plan?
If not, a Living Trust may not be a suitable solution. Again, a trust will only be beneficial if assets are transferred into it. All of these questions and so many more can be and should be addressed in your plan.
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Family Tree Estate Planning in Phoenix, Arizona
