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

How to Set up a Trust in Mesa, AZ

Trusts are a crucial aspect of estate planning, one that’s often misunderstood. While most people believe trusts are only suited to the ultra-wealthy, they can also be beneficial to:

  • Business owners
  • People with children from previous marriages
  • Those who want more control over estate planning

When you have questions about estate planning tools and whether they’re right for you, Walk-In Wills is here to provide the answers you’re looking for. We can help clients in Mesa, Gilbert, Paradise Valley, and Glendale, whether you have relatively simple estate planning needs or own many assets.

Steps to Creating a Trust

The person creating a trust is often referred to as the grantor, although they can also be called the trustor. To get started, the grantor must complete legal documents that establish the trust and list certain key details. This includes what assets are owned by the trust, who will inherit these assets, and who will manage the trust (which is called the trustee).

In many cases, the grantor will need to create a bank account, which is where certain assets will be held until the person passes away. Other assets will be handled differently. For instance, it’s necessary to retitle property to show the name of the trust. When it comes to things like life insurance policies or retirement accounts, you must list the trust as a beneficiary on essential documents.

Benefits of Establishing a Trust

While will creation is a vital part of estate planning, trusts offer many benefits. Trusts allow you to establish certain rules, such as requiring an heir to complete schooling before receiving their inheritance. You can also provide funds to heirs in increments, as opposed to one lump sum.

Trusts also allow you to avoid probate, which is the process of proving that a will is valid, paying down debts, and distributing assets to heirs. Because assets are owned by the trust and not the grantor, they pass directly to beneficiaries according to the rules established when the trust was created.

Is a Trust Right for You?

Here at Walk-In Wills, we offer clients throughout Mesa and surrounding areas the benefit of more than 20 years of experience. Our team can help with will and trust creation, as well as things like Medicaid planning and other estate planning tasks.

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.