Phoenix Trusts Lawyers Aiding You With Your Complicated Estate Planning Issues
Trying to understand trusts and how they can benefit you can be difficult without the right help. The truth is, trusts can be incredibly valuable to you during your life, and long after you have passed away. If you have concerns about protecting your estate and the assets within them, getting a trust set up can be an effective way to curb any doubts you have. Trusts can be your best friend when the time comes because they can help you and your loved ones avoid headaches and hassles and let you dictate the terms of your assets.
Comprehending the totality of trusts and all the options available to you can make you feel like you’re trying to figure out rocket science. Trusts and estates lawyers can help simplify your options for you and help you choose the options that are tailor-made for you.
What is a Trust?
Simply put, trusts can allow you to set the rules and conditions on when and how your property should be distributed and when and how your property should be used. In this instance, property means both physical properties such as real estate and prized possessions like vehicles and artwork, and financial property like bank accounts, stocks, and bonds. Having all of your property in a trust allows you as the grantor – the owner of the trust – to designate a trustee. A trustee is someone that overlooks your trust and executes whatever you determined needs to be done with your property when the time comes.
This differs from a will because a trust can still be managed while the grantor is still living. Trusts can be beneficial for an estate because the terms and conditions on your property can allow for a responsible transition of your property to your trust’s beneficiaries. For example, if you have a trust and end up disabled or dead, you can set up an allowance that your seventeen-year-old son can use as dictated by your terms and executed by your appointed trustee so he can responsibly utilize his inheritance rather than get a lump sum that he can use as he wishes. Additionally, having a trust set up may allow you to skip probate court if you pass away. This means that all your property can be dispersed to its rightful beneficiaries soon after you pass away. There are various types of trusts and many of them have requirements you must meet. A trusts and estates attorney in Phoenix can point you in the right direction as to which trust you may need and can help you get started setting one up.
Why is a Trustee Important?
A trustee is an important aspect of a trust. Think of a trustee as the quarterback, the trust is your football team, and you, the grantor, are the head coach. You set up the trust the way you want it to be, and your trustee goes out and executes your directives when they need to in order to make the trust work. A trustee is meant to manage the property in your trust according to the terms you set, keep tabs on the assets in your trust, and disburse any assets to your beneficiaries as required. You yourself can be the trustee of your trust but you may need to name an alternate trustee if you were to become disabled or die so your trust can continue to be managed.
What are Common Types of Trusts?
There are about as many types of trusts as there are flavors of ice cream – so a lot. The role of an experienced trusts and estates attorney would be to explain to you the various trusts that would line up with your intentions. Here is a list of common types of trusts people use:
- Living Trusts
- Testamentary Trusts
- Asset Protection Trusts
- Life Insurance Trusts
- Special Needs Trusts
- Charitable Trusts
- Marital Trusts
Each specific trust has its own purpose. A trusts and estates lawyer can help you find one that fits your needs.
Can a Trusts and Estates Lawyer Help Me With My Estate Plans?
Trust us when we say that trusts can be tricky to navigate if you go at it alone. We’re here to help. At Israel & Gerity, PLLC, we strive to make your estate planning as easy as possible by understanding your needs, advising you on suggested plans, and explaining to you what your decisions mean, every step of the way. Schedule a free consultation with Israel & Gerity, PLLC today by calling 602-274-4400 and get ahead of the game by planning your future with us.