In Arizona, if you own a home or other assets worth more than $75,000, the Revocable Living Trust is by far the preferred estate planning vehicle. At Phelps Law we have been designing and implementing Living Trusts in Arizona for over 35 years. We know what works and doesn’t when the time comes.
Unfortunately, many people have been led to believe that all Living Trusts are the same. But the truth is all Living Trusts are not created equal! Here are just a few examples why:
Our many years of experience in drafting Living Trusts and seeing them work in real life will help you avoid these costly mistakes.
A Revocable Living Trust is a Will substitute … and much more! Unlike a Will, which is subject to Arizona’s Probate Court after you die, a Living Trust is a private agreement that allows your loved ones to administer your estate privately around the kitchen table instead of in a courtroom. Because Living Trusts are not supervised by a probate court, your loved ones can carry out your wishes without the frustration of court costs, mandatory waiting periods, public notices to creditors and frivolous contests from disgruntled heirs.
Have you ever considered who will manage your affairs if you are disabled? Who will sign checks, pay your bills, run your business, etc.? Without planning in advance, your loved ones will likely have to go to court, prove you are incompetent and then ask the court to appoint a conservator to manage your finances; and oftentimes this is true even if you have executed a power of attorney.
There is a better way. When you create a Living Trust, you hand-select a Successor Trustee to act for you not just when you die, but also when you are disabled. Your Successor Trustee will be able to access your money and other assets for your care almost immediately if you become disabled.
You can learn more about Living Trusts here.