Estate planning is more than just drafting a will. It's about ensuring your assets are safeguarded and your loved ones are cared for after you pass away. A comprehensive estate plan, centered around a trust, is the most effective way to achieve these goals. Trusts offer flexibility, asset protection, and control over how your property is distributed.
Our Scottsdale trust attorneys at KEYTLaw are committed to working with you to design a trust that meets your unique requirements and safeguards your future and that of your loved ones. Reach out to us today to learn how establishing a trust can protect your assets and provide peace of mind. Call for a free consultation today!
Understanding Trusts
A trust is a legal device in which the trustor (the one who creates the trust) transfers assets to the trustee (the one who manages the trust) for the benefit of the beneficiary.
There is good reason to use trusts for estate planning because they effectively prevent gift or inheritance taxes from diminishing your estate and eliminate the need for probate. Unlike a will, which doesn’t go into effect until you die, a trust can manage and pass on assets before or after death.
Trusts can be structured for different purposes: to protect property, provide for minor children or a child with special needs who will need care for life, or any other purpose. Because of the technical language and legal requirements involved in establishing a trust, it is best to consult with our experienced Scottsdale trust attorneys before setting up your trust to ensure that it will meet all your purposes and be legally sound.
Benefits of Establishing a Trust
Creating a trust offers several advantages for you and your beneficiaries:
- Probate avoidance: If you have assets of any considerable size, creating a trust can help your family avoid the expense and delay of probate. Thanks to a trust, you can pass on some or all of your assets to your beneficiaries without going through the time-consuming and costly probate process.
- Privacy Preservation: Unlike wills, which are filed in court and become public records during probate, trusts remain private. Therefore, your assets will be transferred to your beneficiaries without public disclosure.
- Asset protection: Assets held in a trust are removed from your ownership and held by a trustee. The assets are no longer your assets and are therefore better protected from creditors, lawsuits, and other threats. A trust may be especially beneficial if you own a lot of assets or if you are vulnerable to these kinds of threats.
- Controlled distribution: Trusts let you specify how, when, and to whom your assets are distributed. This is especially helpful if you have minor children, special needs beneficiaries, or other people who aren’t yet financially responsible.
- Management continuity: in the event you become incapacitated, a trust allows your property to be managed without the expensive and time-consuming process of having a court-appointed guardian for you.
- Flexibility: a trust can be tailored for any number of purposes and can be amended or revoked under certain circumstances.
Our Scottsdale trust attorneys at KEYTLaw can provide further insights into the benefits of trusts and help you determine the best trust for your estate planning needs.
Types of Trusts Available
There are several types of trusts, each designed to serve different purposes. Some common types include:
- Revocable Trusts
- Irrevocable Trusts
- Special Needs Trusts
- Charitable Trusts
- Testamentary Trusts
- Spendthrift Trusts
- Generation-Skipping Trusts
- Life Insurance Trusts
- And More!
Choosing the right type of trust for your situation can be complex. Our team is here to guide you through the options and help you select the trust that best suits your estate planning goals.
How Our Scottsdale Trust Attorneys Can Assist You
Our Scottsdale trust attorneys at KEYTLaw are dedicated to helping you protect your future and your family by setting up an appropriate trust, saving your family many thousands of dollars in time and probate fees. We will work with you to build a trust that fits your needs and goals and secure your family’s future. Call us today to start the process of creating a trust to secure your future and help your family now and in the future. To set up your free consultation, call KEYTLaw to speak directly with one of our attorneys and discover your options.
Frequently Asked Questions (FAQ’s)
1. What is the difference between a revocable and irrevocable trust?
A revocable trust can be changed or canceled by the trustor during their lifetime, offering flexibility. An irrevocable trust, once established, cannot be altered, providing stronger asset protection but less flexibility.
2. What are the benefits of establishing a trust for a special needs child?
A Special Needs Trust allows you to provide for a child with special needs without affecting their eligibility for government benefits. It ensures financial support while maintaining access to essential public assistance programs.
3. What types of assets can be placed in a trust?
Almost any type of asset can be placed in a trust, including real estate, bank accounts, and investments.