Trusts in Scottsdale, AZ
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All trusts require a trustor (person setting up the trust), trustee (person appointed to administer the trust per the trust guidelines) and beneficiaries (the people who are benefiting from the trust). There are 2 major types of trusts — a revocable and irrevocable trust. However, depending on your assets, businesses, creditor exposure, etc, there are creative ways to structure your trusts in your Estate Plan. Paul Deloughery is great at listening to your story and advising what would work the best for your situation. Structuring an Arizona trust properly requires creativity and a vast knowledge of the law and tax codes. The Magellan Law Firm goes above and beyond to make sure its clients get a trust that will protect them properly and reap the most tax and other benefits.
Taking the responsibility of being a loved one’s trustee or personal representative can be intimidating and overwhelming, especially if the trust contains a business or complicated assets such as stocks. Trusts can be set up in many, many different ways with an array of details included. Each section of the trust must be followed properly by the trustee or personal representative.
As a trustee or personal representative, you will be held to a high standard in administering the trust, and if you have specific knowledge (such as having owned a business before, being an attorney or CPA) you will be held to an even-higher standard still. You don’t have to do it alone. The experienced trust attorneys at the Magellan Law Firm have handled lots of unique family situations and helped with every detail of settling complicated trust issues.
Here are a few of the ways we can assist you in trust administration:
- Providing beneficiaries with the information required by the law and the trust documents.
- Interpreting the trust documents to ensure that you are properly performing your duties. There are many legal issues, such as how to divide the trust between a Survivor’s Trust and Decedent’s Trust, whether any part of the trust becomes irrevocable at some time, when distributions should be made to beneficiaries, and how trustee decisions are to be made.
- Helping you gather assets from the deceased estate
- Negotiating with the deceased creditors.
- Administering the trust to fulfill the loved one’s wishes.
- Negotiating the resolution of family conflict.
- Dealing with issues arising from blended families.
Contact our office for a personal consultation about your unique situation. We will take the time to listen to your situation and give you advice about the best way to handle the trust of your deceased loved one.
What can you do with a TRUST and not a WILL?
A trustee will have immediate access to the assets, which is especially important if a family business needs to be maintained. If you own properties in multiple states, not having a trust will require your family to have a probate in each state in which you own property. Also, if you want to set your children and grandchildren up for success (and not spoil them with a large inheritance or have them inherit money before they are prepared), you need to have a properly structured trust. Certain trusts can protect your spouse and other loved ones from creditors. A trust will help you avoid a conservatorship and also keep your documents private after death.
What can you do with a WILL and not with a TRUST?
A will allows you to name guardians for children. Even if you have a trust, you still need a special “pour-over will” as a safety mechanism in case something failed to get transferred to your trust before you died. Also, sometimes there are strategic reasons for probating a will, even if you have a trust.