Trusts in Scottsdale, AZ
In simple language, a trust is a convenient way of handling your property if you become incapacitated or die. It avoids problems the come with having no estate plan or trying to do a shortcut. It can avoid probate, and it can ensure that your wishes are carried out when you pass away.
There are various positions involved with a trust.
If you create a “living trust,” then you most likely fill all of these rolls. Here are the positions:
- Grantor (also called a Settlor, or Creator, or Trustmaker). This is the person who sets up the trust.
- Trustee. This is the person appointed to administer the trust per the trust guidelines.
- Beneficiaries. These are the people who are benefiting from the trust. Initially, this is probably the person who created the trust.
Types of Trusts.
There are 2 major types of trusts — a revocable and irrevocable trust. A revocable trust is one that can be changed. Most people’s “living trusts” are revocable as long as they are alive and have mental capacity. An irrevocable trust cannot be changed. An irrevocable trust is normally created for asset protection, or for estate tax purposes, or to prevent the kids or grandkids from having immediate access to the money.
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.
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