Our revocable Living Trust is the center piece of our Estate Plan. A Living Trust is a legal document that controls the transfer and distribution of your property and assets upon your death. It's referred to as "Living" because you create it, and your property and assets are legally transferred into it, while you are alive.
Our Trust is"revocable" which means you can revoke or make changes to the Trust as needed during your lifetime. You still own all property that you transfer into the Living Trust and you can do what you want with that property, including selling it, spending it, or giving it away.
All Living Trusts are not created equal
At Legacy Estate Planning, we believe that we offer the Rolls Royce of Trusts! Our estate planning attorney has over 35 years of estate planning experience and we believe that ours is one of the most comprehensive Living Trust available in Arizona.
95% of Trusts that are created are basic. Most do not include the added benefits we offer in our Revocable Living Trust:
Ours is a Dynasty Trust allowing you the option to make provisions for grandchildren
Our Trust offers greater flexibility to the surviving spouse
Avoid Estate Taxes and Probate with a Living Trust
A Living Trust is not just for the rich or elderly. There are no serious drawbacks or risks involved in creating or maintaining it and it is truly a gift to the loved ones you leave behind! A Living Trust does much the same job as a Will, which is to leave your property to the beneficiaries you choose, with three major differences; your heirs will avoid probate, avoid estate taxes and unlike a Will, it is a private document and not public record.
The beneficiaries named receive the trust property upon your death. When a Trust includes the use of schedules, (it is important to note that not all do), it allows you to list specific items like jewelry, family heirlooms, and even larger items such as cars and real property. You then can select a specific individual whom you choose to receive these items upon your passing.
Other benefits of our Living Trust
Only one Living Trust is required for a married couple; it can handle their shared ownership property and any property they own individually. While a will is contestable, it's very rare for someone to succeed in contesting a Trust, which is very important if you are estranged from a loved one or have disagreements within the family.
Another benefit of a Living Trust is "multiple age disbursement"; this feature allows you to determine when financially unsophisticated heirs will receive their inheritance, allowing it to be distributed in portions when they reach specific ages that you choose. With a will, your heirs receive their entire inheritance at the tender age of 18, which may not always be in the best interest of that individual!
Contact us today if you have any questions about our revocable Living Trust, the centerpiece of our Estate Plan, or if wish to schedule an appointment.