Revocable Trust Lawyers in Scottsdale, AZ – Magellan Law
Revocable Trusts, also called Revocable Living Trusts are the most popular component of an estate plan. They are legally binding documents that determine who will get what property when you pass away, but are not required to be filed with the probate court. The reason they call them “revocable” is because you can change them during your lifetime. As you acquire more property or assets you can add them to the trust, or if you eliminate items you can also remove items from the trust. The reason they call it a “living” trust is because it is created during your lifetime, and because it is flexible; it is amendable). Property left in a Revocable Living Trust can be disbursed to the beneficiaries without probate, which is the most common reason people set up these trusts. Unfortunately, a revocable trust does NOT protect you from creditors. There are other ways to protect your assets from creditors, but each case is different. You will need to discuss your unique situation when you meet with Magellan Law. Setting up a revocable trust now will be less expensive and less stressful than going to probate later.
What is the difference between a Revocable Living Trusts and a Will?
Both Wills and Revocable Living Trusts allow you to leave property to your children, give property to a beneficiary, and revise the document as needed – unlike an irrevocable trust. A Revocable Trust usually includes a bank account that is titled in the name of the trust. (Warning: If the bank account has another beneficiary’s name on it, then the account will go to that beneficiary rather than the persons named as beneficiaries in the trust.) Both a Will and a Trust are important and key pieces of any estate plan. The Scottsdale law firm of Magellan Law can help with all your Trust, Will and Estate Planning needs. Contact us at any time to discuss your situation.