Call Us For A Free Consultation


trusts Tag

The Law Office of Libby Banks > Posts tagged "trusts"

Different Trusts Meet Different Needs in Your Estate Plan

There are a number of different types of trusts we use when doing an estate plan. Here is a bit of information about a few of the most common trusts. The Revocable Living Trust The primary trust we use in estate planning is the Revocable Living Trust (“RLT”). It is the foundation of most estate plans and has many benefits. It contains instructions for managing the assets in the trust during your life, upon your death, and if you become incapacitated. The RLT will also avoid the need for a probate court proceeding on your death. You can select the person(s) who...

Continue reading

Pets, Trusts, And Your Estate Planning

Those of us with pets consider them members of our family. And like the rest of the family, we want to make sure they are taken care of when we can no longer do the job! The wealthy sometimes go to the extreme to provide for their pets. Leona Helmsley is one of the most famous examples, having left her entire $12 Million fortune to Trouble, her dog. The family sued, and the judge whittled Trouble’s share down to $2 Million. The widow of the Star Trek creator left $4 Million for their dogs, and $1 Million for the employee to...

Continue reading

Is it time to update your old trust?

I review many trusts, and some of them are quite old. After these old trusts were put in place lots of things have changed: the federal estate planning laws, the Arizona Trust Code, and of course, the situation of the people who are included in the trust. When so much has changed, it’s clearly time to update the trust. When we do an update, we usually do a complete amendment – called a restatement – of the trust. We keep the original trust name and date, and just note that it was restated as of the date we sign the new...

Continue reading