Creation of Trusts
The creation of a trust in Arizona is a smart way to ensure that your assets are properly and privately allocated among those you love after you pass on. A trust can also help you protect certain assets if you or your beneficiaries face difficult times, as certain provisions in a trust may keep assets from the hands of creditors. However, the legal language surrounding a trust can be difficult to understand, and you’ll want assistance in establishing a trust and ensuring that it provides a safety net for your loved ones.
The Mesa estate planning lawyers at Rowley Chapman & Barney, Ltd. understand the complex issues involved in creating revocable and irrevocable trusts under Arizona and federal law, and we have helped many clients set up trusts to protect their assets and their legacy. We are here to help. Call 480-833-1113 or contact us online today.
What Are the Benefits of Trust Creation in Arizona?
The benefits of creating a trust are far-reaching:
Trusts allow another family member, professional, or close friend to act on your behalf (as Trustee) if you’re physically or mentally unfit to do so for yourself.
Certain types of trusts can help your beneficiaries avoid taxes after you pass away, potentially leaving them with more money in their pockets.
Your estate and the estate of your beneficiaries can benefit by the protection against creditors afforded by a trust.
A trust can allow you to limit how your money gets spent so that you don’t have to worry about it going to waste after you are gone.
You can leave money in a trust to a charity, or set it aside for the education of your children and grandchildren. Under law the money must be used for the purposes you have outlined following your instructions.
There are just a few of the many benefits of creating a trust to protect your assets.
Your estate planning attorney can explain to you the specifics of each type of trust, and how each type may benefit you. In every case, however, the purpose is to bifurcate ownership and use in order to ensure that the assets in the trust are protected.
There are many different types of trusts including:
- Revocable Living trusts
- Irrevocable trusts
- Life Insurance Irrevocable trusts
- Special needs trusts to ensure the welfare of a loved one with disabilities
- Charitable trusts
- Minor Trusts §2503(C)
- Domestic Asset Protection Trust
- Dynasty trusts
- Spendthrift trusts
How Do I Create a Trust in Arizona?
There are myriad legal requirements when creating a trust in Arizona, including transferring ownership of the assets to the trust, naming a trustee and identifying beneficiaries of the trust. It is important that all legal requirements are met in order for the creation of a trust to be valid so you can benefit from the asset protection features and the protection from taxes and creditors that you are creating the trust in order to achieve such results.
An experienced estate-planning attorney can help you to determine what type of trust is right for you, can work with you to transfer assets and complete all legal requirements, and can help to ensure that your trust is managed properly for the interest of the beneficiaries.
Estate Trust Creation in Mesa
The estate planning attorneys at Rowley Chapman & Barney, Ltd. can help you to create a trust and can assist with any and all estate planning matters. Give our Mesa estate planning lawyers a call today at 480-833-1113 to learn how we can help you.