by Arizona estate planning attorneys Richard Keyt (Rick, the father 480-664-7478) and Richard C. Keyt (Ricky, the son 480-664-7472)
Creating an estate plan with a revocable living trust is one of the most important steps to take to protect your most valuable assets, your loved ones. This is especially true if you have minor children. A trust offers flexibility, security, and peace of mind that no other estate planning tool can match.
15 Benefits of a Revocable Living Trust
Here are 15 powerful benefits you will get if you hire us to draft your custom estate plan with a revocable living trust:
1. Protect Your Children’s Inheritance
Our trust agreement provides that when you die or upon the death of the second spouse if you are married, an irrevocable asset-protected trust will be created for each of your heirs. These trusts protect the inherited assets from the heir's creditors, ex-spouses, and bankruptcy courts because the heir does not legally own the inherited assets. The inherited assets are owned by the irrevocable trust created for the heir. Your loved one can be the trustee of the irrevocable trust and have control of the trust's assets. A revocable living trust allows you to set specific terms for when and how your loved ones will receive their inheritance. This protection ensures that your assets are managed wisely, even if your loved ones are not old enough to make financial decisions.
2. Avoid an Expensive Public Superior Court Probate
Probate is a Superior Court proceeding to appoint a personal representative who has the power to pay the expenses of a deceased person and transfer assets of the deceased person to that person's heirs. Probate can be lengthy (minimum five months in Arizona), costly (we charge $3,500 for a simple uncontested probate), and stressful court process. By placing your assets in a trust, your estate bypasses probate entirely, giving your loved ones faster access to the funds they need.
3. Keep Your Family’s Affairs Private
Unlike wills, which become public records during probate, a trust ensures your financial and personal matters remain private. This protects your loved ones from unnecessary scrutiny or potential disputes.
4. Plan for Incapacity
A revocable living trust isn’t just for after death—it also protects you if you become incapacitated. If you lose your mental capacity, a successor trustee can manage your assets, ensuring seamless financial management and care for your loved ones.
5. Minimize Family Disputes
By clearly outlining your wishes, a trust reduces misunderstandings and conflicts among heirs. It provides clarity and minimizes the risk of disputes over your estate.
6. Provide for Your Minor Children
A trust allows you to appoint a responsible trustee to manage your children’s inheritance until they reach a suitable age or meet certain milestones, such as graduating college or starting a career.
7. Control How and When Assets Are Distributed
With a trust, you can stagger distributions or set conditions, such as reaching a specific age or achieving financial independence. This prevents irresponsible spending and ensures your legacy is preserved.
8. Protect Blended Families
For families with stepchildren or blended dynamics, a trust allows you to carefully plan how assets are distributed, ensuring fairness and minimizing conflict.
9. Safeguard Against Legal Challenges
Trusts are more difficult to contest than wills, reducing the risk of court battles that could delay or disrupt your estate’s administration.
10. Flexibility to Update as Life Changes
Life is unpredictable. A revocable living trust can be updated to reflect changes such as the birth of new children, acquiring more assets, or adjusting to marital changes.
11. Address Sentimental Items
A trust isn’t just for money and property. You can use it to allocate family heirlooms or sentimental items, ensuring they go to the intended recipients.
12. Simplify Asset Management for Your Spouse
A trust enables your surviving spouse to manage family assets without legal complications, ensuring they can maintain financial stability during a difficult time.
13. Shield Your Loved One’s Inheritance from Creditors
A trust can include provisions that help protect your loved one's inheritance from creditors or lawsuits, ex-spouses and bankruptcy courts preserving their financial security.
14. Simplify Business Succession Planning
If you own a business, a trust provides clear instructions for succession, ensuring continuity and protecting your loved ones' financial future.
15. Peace of Mind
Above all, a trust offers peace of mind, knowing your loved ones are cared for, your assets are protected, and your wishes will be honored.
Benefits of Your Ancillary Estate Plan Documents
1. Healthcare Power of Attorney
Your Healthcare Power of Attorney names the person or people who can make medical decisions for you if you cannot communicate with your doctor.
2. Living Will
Your living will is instructions to your doctors that you want them to disconnect you from life support if you are brain dead and being kept alive by a machine.
3. Financial Power of Attorney
Your Financial Power of Attorney designates a person or people you give the power to deal with your financial affairs if you become mentally incapacitated. For example, if you are in a coma and your spouse is your financial agent, your spouse can write checks on your checking account.
4. Deed to Your Home
We prepare a deed that is recorded with the county recorder to convey your home to your trust.
5. Last Will & Testament
Your will provides that if any of your assets remain in your name after your death and a probate is necessary to transfer ownership of the assets, the person named in your will as your personal representative can open a probate and transfer the probate assets into the trust.
6. Permanent & Temporary Guardian of Minor Children if You Have any Minor Children
If you have any minor children, we prepare a document that names the person or people you want to be the guardians of your minor children who will be legally obligated to raise and support them until they are 18 if you and their other parent cannot raise them. If your guardian(s) does not live near you you can also name a temporary guardian who lives close to you to be the minors' guardians until the permanent guardian can travel to your home.
7. Letter that States Who Can Never be a Guardian of Your Minor Children
If there are any people you would never want to raise your minor children with, we prepare a letter for you to sign that tells the Superior Court never to name that person or people to be the guardian of your minor children.
Why Choose the Keyts to Prepare Your Estate Plan?
If you’re ready to protect your family with an estate plan, I’m here to help. Here’s why you should work with me and my son:
- Expertise in Estate Planning: We understand the unique challenges of planning for families, especially families with young dependents and can design a personalized solution for your needs.
- Comprehensive and Customized Service: From asset protection to long-term planning, I ensure your estate plan covers every detail. See the 31 documents and services you will get if you buy our comprehensive customized estate plan with a revocable living trust.
- Proven Track Record: We've helped 650+ clients create legally sound, practical estate plans that provide lasting peace of mind.
- Highly Rated: People love our services, which is why we have 256 five-star Google reviews.
- Ongoing Support: Your estate plan isn’t static—it evolves with your life. I’ll update and adjust your plan as your circumstances change.
Stop Procrasting. Take Action Today
Sixty-eight percent of adult Americans do not have an estate plan. Don't be one of them. Protecting your family’s future starts with a free office, phone, or Zoom video meeting with one of us. Go to our online calendar to schedule a free meeting to get answers to your questions and design your customer estate plan. I want to create an estate plan with a revocable living trust that safeguards your loved one’s financial security and legacy. You can also call Richard Keyt (the father) at 480-664-7478 or his son, Richard C. Keyt, at 480-664-7472.
FAQs About Revocable Living Trusts
What is a revocable living trust?
A revocable living trust is a legal document that allows you to manage your assets during your lifetime and distribute them according to your wishes after death. It is “revocable,” meaning you can change or cancel it at any time while you’re alive.
How does a revocable living trust help families with minor children?
It provides a mechanism to protect and manage the minor children’s inheritance, ensuring their financial needs are met until they’re ready to handle money responsibly.
Is a trust better than a will?
While a will is vital, a trust offers additional benefits, such as avoiding probate, maintaining privacy, and providing for incapacity. Most comprehensive estate plans include both a trust and a will.
How much does it cost to create a revocable living trust?
Costs vary depending on the complexity of your estate, but the long-term savings from avoiding probate often outweigh the initial cost of creating a trust. See the price for our estate plan at the end of our article that describes the 31 documents and services you will get if you buy our comprehensive customized estate plan with a revocable living trust
Protect Your Loved Ones' Future Today
Don’t leave your loved ones future to chance. A revocable living trust offers unparalleled benefits, especially for married couples with minor children. Contact one of us today to schedule your free consultation and take the first step toward securing your family’s legacy.
Go to our online calendar to schedule a free office, phone or Zoom video meeting to get answers to your questions and design your custom estate plan. We want to create your estate plan with a revocable living trust that safeguards your loved one’s financial security and legacy. You can also call Richard Keyt (the father) at 480-664-7478 or his son, Richard C. Keyt, at 480-664-7472.