Contact Walk-In Wills today for help with will and trust creation, probate, long-term care planning, and other essential estate planning needs.

What is a Grantor of Trust in Gilbert, AZ?

For residents of Gilbert, AZ and surrounding cities like Peoria and Casa Grande, Walk-In Wills can serve as your one-stop-shop when it comes to estate planning needs. Along with helping you draft a valid and legally binding last will and testament, our skilled attorneys can also assist you with the creation of trusts.

What Is a Trust?

A trust is an estate planning tool that you can use alongside a will to distribute assets to heirs. Trusts offer quite a few benefits when it comes to estate plans, including:

  • Greater privacy, as trusts do not become part of the public record
  • The ability to avoid the probate process associated with wills
  • Protection against creditors and taxes with certain types of trusts

Trusts also allow you to establish rules regarding your assets and how heirs will receive them. For instance, you may require an heir to be of a certain age before receiving their inheritance. You can also mandate that the heir accomplishes a specific goal, such as graduating from college, before they receive funds.

Who Is the Grantor of a Trust?

A grantor is the person who originally creates the trust. In many situations, the grantor is the person who owns the assets they intend to place into the trust once it’s created. Trust creation also entails naming a trustee, which is the person who manages the trust on behalf of the grantor (the grantor and trustee can be the same person depending on the type of trust).

Finally, trust creation requires the naming of grantees, also known as beneficiaries. These are the individuals who will receive the assets held by the trust according to the rules established by the grantor.

Should You Include a Trust in Your Estate Plan?

Not everyone needs to include a trust in their estate planning process, but it can be beneficial in the following situations:

  • You’re a business owner
  • You have children from a previous marriage
  • Your estate has a high value
  • You have a complex estate (meaning lots of property and assets)
  • You have concerns about leaving a lump sum of money to heirs

If you’re not sure whether a trust is right for you, the next step is to consult with an estate planning attorney for more info.

Contact Our Firm Today for Guidance You Can Trust

Since 2003, Walk-In Wills has provided trusted estate planning guidance for all sorts of situations.
Feel free to contact an attorney by calling (480) 470-7000. You can also learn more about our firm and what we do by contacting us today.

Schedule a free consultation at our office today by calling (480) 470-7000. You can also contact us to learn more about our firm and what we can do for you.