Phoenix Revocable Living Trust
The cornerstone of our estate planning is the work we do during a revocable living trust in Phoenix. As the name implies, revocable trusts are fully revocable at the request of the trust maker. This Trust may be amended, changed, completely revised or revoked as long as you have the capacity to make the changes and you are still living.
When you create a Revocable Living Trust to hold your assets, you are the creator of the trust, the trustee and the beneficiary. Assets transferred (or “funded”) to a revocable trust remain in your control as the trust maker, also known as the grantor. While you are still living, the income from assets in the trust is still reported on the grantor’s tax return. You may sell property from the trust, buy property in the trust and add and remove assets from the trust as will.
Revocable trusts are used for many reasons, but the primary reasons are to avoid probate, to maintain privacy regarding assets and their disposition on your death, and to provide for planning in case of incapacity or disability.
Revocable Living Trust Attorney In Phoenix
While each estate plan is unique, all of our Revocable Living Trust Plan Package include:
- A Revocable Living Trust (a Joint Revocable Trust for married couples) that contains your plan for trustees, care for you if you are incapacitated and your plan for disposition of your assets on your death.
- Transferring assets to (also referred to as funding) of your trust. This is a crucial part of making your estate plan work the way you plan. The assets must be titled in your trust in order for your successor trustees to be able to step in to manage them.
- Pour Over Will(s). The will in a trust based plan contains the instruction for any assets that were inadvertently left out of your trust to be transferred to your trust.
- Comprehensive Nomination of Guardians for minor children, effective during your lifetime (in case you become incapacitated) and upon your death.
- Comprehensive Durable Powers of Attorney that allow your spouse or another trusted person to sign documents and handle financial matters for you. This document is crucial if mental disability prevents you from managing your own affairs. Without this document, your loved ones may end up going to court in a proceeding called conservatorship to declare you incompetent and ask the court to appoint them to control your affairs.
- Advance health care directive(s), which give directions to physicians and family members regarding continuation of life support systems and other medical treatment preferences. We also register these with the Arizona Healthcare Directives Registry if you desire, so that the documents are always available to healthcare providers regardless of the hospital or care center where you are being treated.
- Discussion concerning incapacity planning to ensure that you are protected in the event you become unable to manage your affairs for any period of time.
- Your three-ring Family Protection Plan Binder contains copies of all of your planning documents as well as informational documents and forms which can be completed regarding where assets are located, wishes for memorial services, and any other information which you consider to be pertinent. Your Binder is information central should your family face a crisis.
- Peace of Mind Meetings. Any time you experience a major life event or feel the need to talk to an Estate Planning or Trust Attorney about a major and unexpected issue, you can call us and schedule a Peace of Mind meeting at no charge.
Contact Phoenix Revocable Living Trust Lawyer, Libby Banks For a Free Consultation Today.