Personalized Assistance with Your Trust

Trusts can be complex, and even a trust that is straightforward by legal standards can be confusing to someone who is not used to working with trusts on a regular basis. For that reason, PayneLess Law takes the time to explain all the attributes of your trust and how it operates. We want to ensure that we not only create the trust that is designed to best meet your needs, but also that you understand how to take full advantage of the benefits so that you will be prepared for whatever the future may bring.

How Trusts Operate

A trust serves as a virtual box for holding your property beginning with the creation of the trust while you are alive. You can put anything you want into it, including bank accounts, real estate, and cars, but the trust starts out empty.

Once you put property into a trust, it is managed by a trustee. Initially, you will typically be the trustee for your own trust and the assets are held and managed to benefit you, the trustor (person that created the trust). After you die, your successor trustee will hold and manage the assets solely for the benefit of the trust beneficiaries. 

A Revocable Trust Can Avoid the Need for Probate

A primary benefit of a revocable living trust provides for the simple and efficient transfer of your property after you pass away. Without a trust or other effective planning strategies, the property you own is effectively frozen while your loved ones struggle through the probate process. It can take weeks or months to file the original Will and satisfy all of the requirements to get a personal representative officially appointed. Someone needs to hire a lawyer to petition the court to appoint a personal representative to give them legal  authority to administer your estate. Then they need to follow complex requirements for notifying potential creditors and heirs, file an inventory with the court, and meet a host of other legal requirements. It can take up to a year or more to reach the end of the process where your property is finally distributed to your beneficiaries.

When you have a trust and have taken the right steps to move your property into the trust, then when you pass away, your alternate trustee is able to step in and take over without the need to seek approval from the court. Your alternate trustee (sometimes referred to as a successor trustee) will distribute the assets remaining in the trust according to the provisions you have prepared. The process is straightforward and quick, making matters much easier, quicker, and less expensive for your loved ones.

A Trust Protects You in Case of Incapacity

No one wants to think about what might happen if they became incapacitated, but the fact is that an accident or illness can strike without warning at any stage of life. If you were in a coma or otherwise unable to manage your financial affairs, your loved ones could be powerless to help you. When bills go unpaid and property not managed, everything can become a mess in a hurry. Family members might try to obtain guardianship, but that is a slow and expensive legal process at the very time your loved ones cannot afford to wait and will not have access to your finances to help you.

If you have a revocable living trust in place, your alternate trustee steps in to manage your property when you become incapacitated. You can define when you are considered incapacitated in the trust itself. This provides an essential safety net to protect you in case of your unexpected inability to care for yourself or manage your finances and assets.

Privacy for Your Loved Ones

When a Will is admitted to probate, it becomes a matter of public record. Anyone who wants to snoop can find out who received property from you and who may have been left out or the assets you had when you died. However, when you leave your property through a revocable living trust, the terms of your trust remain private, with only the trustee and beneficiaries aware of the exact terms.

Let PayneLess Law Provide You with the Advantages of a Revocable Trust in Arizona

An estate plan centered on a revocable living trust offers the most effective way to leave a legacy for your family that can be implemented easily and quickly without unnecessary complications or legal expenses. This type of trust also protects you during your lifetime and keeps your family’s affairs private.

To learn more about the benefits a trust could provide in your situation and how we can make the process of establishing your trust PayneFree, contact PayneLess Law at 480-420-7199 or online.