Tips on Setting up a Trust in Gilbert, AZ

While wills play a crucial role in the estate planning process, trusts also offer quite a few benefits. More control over your assets, protection from creditors, and avoidance of probate court are just a few of the many advantages offered by trust creation.

Here at Walk-In Wills, we pride ourselves on offering top-tier estate planning services with a relaxed and laidback office environment. We can also provide information on the creation of trusts so that our clients in Gilbert, AZ know exactly what to expect.

Steps to Establishing a Trust

When creating a trust, you must make decisions about the following:

  • Select assets to be transferred into the trust
  • Name beneficiaries to receive these assets
  • Establish rules on how the assets will be transferred
  • Name a trustee to manage the trust after you’re gone
  • Make sure associated legal documents are handled properly

Creating a trust is often complex, and failure to follow pertinent rules and guidelines can result in the trust being considered invalid. Accordingly, it’s best to confer with an experienced attorney when it comes to trust creation.

Revocable vs. Irrevocable Trusts

While there are many distinct types of trusts, revocable and irrevocable trusts are quite common within estate plans:

  • Revocable Trusts – Sometimes referred to as a living trust, revocable trusts can be changed by the creator of the trust after being established. In this case, you will serve as the trustee until your passing, at which point your successor trustee will take the reins.
  • Irrevocable Trusts – An irrevocable trust cannot be easily changed by the creator, otherwise known as the grantor. However, these estate planning vehicles offer benefits when it comes to minimizing taxes.

Along with setting up a trust according to pertinent rules and guidelines, you must also select the best type of trust for your estate planning needs.

Our Attorneys Can Answer Your Questions

Have questions about trust creation and whether it’s right for you? If so, now’s the perfect time to contact our attorneys at Walk-In Wills.

Residents of Gilbert and surrounding communities in Arizona, including Phoenix and Tempe, can also call (480) 470-7000 to schedule a consultation today.

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