Skip to content
  • Call 24/7 (602) 910-4068
Contact Us
  • 24/7

(602) 932-3187

estate planning law firm
  • Home
  • Start Here
    • Becoming a Client
    • Our Story
    • Our Approach & Values
    • Meet the Team
    • Client Testimonials
  • PROTECT MY FAMILY
    • Estate Planning
    • Wills and Trusts
    • Power of Attorney
    • Deeds & Real Estate Transfers
  • Specialized Planning
    • Minor Children
    • Special Needs Trusts
    • Asset Protection Planning
    • Irrevocable Trusts
  • Elder Care
    • Long term Care
    • Medicaid (ALTCS)
    • Guardianship
  • Probate
    • Do I Need Probate?
    • Avoiding Probate
    • Trust Administration
  • Business Planning
    • Business Formations
    • Business Succession Planning
    • Operating Agreements
    • Employment Agreements
  • Resources
    • Estate Planning Blog
      • Estate Planning
      • Elder Law
      • Probate
      • Business Succession
      • Guardianship
    • Videos & Recordings
    • Seminars & Webinars
    • Free Estate Planning Masterclass
    • Educational Library
    • Estate Planning Resources For Professional Advisors
    • FAQs
    • Media Room
  • Contact Us
    • Schedule Strategy Session
    • Office Locations
  • Home
  • Start Here
    • Becoming a Client
    • Our Story
    • Our Approach & Values
    • Meet the Team
    • Client Testimonials
  • PROTECT MY FAMILY
    • Estate Planning
    • Wills and Trusts
    • Power of Attorney
    • Deeds & Real Estate Transfers
  • Specialized Planning
    • Minor Children
    • Special Needs Trusts
    • Asset Protection Planning
    • Irrevocable Trusts
  • Elder Care
    • Long term Care
    • Medicaid (ALTCS)
    • Guardianship
  • Probate
    • Do I Need Probate?
    • Avoiding Probate
    • Trust Administration
  • Business Planning
    • Business Formations
    • Business Succession Planning
    • Operating Agreements
    • Employment Agreements
  • Resources
    • Estate Planning Blog
      • Estate Planning
      • Elder Law
      • Probate
      • Business Succession
      • Guardianship
    • Videos & Recordings
    • Seminars & Webinars
    • Free Estate Planning Masterclass
    • Educational Library
    • Estate Planning Resources For Professional Advisors
    • FAQs
    • Media Room
  • Contact Us
    • Schedule Strategy Session
    • Office Locations

Do You Need a Living Trust?

Serving Clients in the Gilbert, Arizona Area

Do You Need a Living Trust?
  • July 24, 2024
  • Estate Planning, Power of Attorney, Wills & Trusts
Gilbert Arizona estate planning attorney

BY: Jake Carlson

Jake Carlson is an estate planning attorney, recognized business leader, inspiring presenter, and popular podcast host. He is personable and connects immediately with others. A natural storyteller, he loves listening to your story and exploring what matters most to you.

Get To Know Jake
Please Share!
Facebook
Twitter
LinkedIn
Email
Living trusts are private, changeable and efficient. Are they right for you?
  • Scroll Down to Read Article

Trusts have been called the Swiss army knife of estate planning, and rightly so. There are trusts for every purpose in estate planning, including the living trust, also known as the revocable trust. As described in the article “Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?” from The Motley Fool, you start by creating a living trust, then retitle assets to move them into the trust. When you die, assets in the trust are distributed according to the directions in the trust.

Trusts protect assets in ways last wills and testaments can’t. This is especially so if your wishes for the assets change during your lifetime.

One of the most significant advantages of trusts over wills is the avoidance of having the assets in the trust go through probate. While probate is better in some jurisdictions than others, in general, probate takes some time and requires the involvement of the court. In the process, your will becomes part of the public record. Anyone who wants to can read the will, grab the information you may have wanted to keep private and contact heirs to solicit them. That includes creditors and potential litigants.

The living trust keeps your private business private. If discretion is important, or if you have a family with a history of battling over assets, a trust could be a good move for you.

Trusts can also be used to give very specific information about what you want to happen to your assets. You can tell the trustee to provide gradual distributions of assets to beneficiaries over extended periods or stipulate the conditions they need to meet to receive an inheritance.

Trusts are also used to manage assets if incapacity strikes. A trustee can be appointed, and the trust can be structured so that if you cannot manage your own affairs, they can use assets to pay household expenses and medical bills and manage the investments or other assets the trust owns.

Whether or not to create a living trust depends upon your own unique situation. What type of trust to establish also depends upon many different factors. An experienced estate planning attorney who understands the pros and cons of different types of trusts is your best resource when making this decision.

Remember that the trust needs to work alongside other aspects of your estate plan. If you have a last will and testament including certain assets and then place the assets in the trust, the directions of the trust will take precedence. You can leave whatever you want to whomever you want, but what is owned by the trust will be distributed regardless of the direction of the will.

Your best move is to contact an estate planning attorney and have them create your will and trusts in tandem for optimal results.

To learn more about estate planning in the East Valley, Gilbert, Mesa and Queen Creek, schedule your free consultation with Attorney Jake Carlson by using one of the links above.

Reference: The Motley Fool (June 2, 2024) “Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?”

PrevPreviousHow Long Does It Take to Distribute Assets and Close an Estate?
NextSmart Estate Planning In 13 StepsNext
Subscribe!

Recent Posts
  • Resources for Children with Developmental Disabilities
  • Protecting Your Business with Life Insurance
  • Managing a House After a Relative’s Death
  • How Does a No-Contest Clause Protect Your Will?
  • How to Talk with Children About a Grandparent with Dementia
Categories
  • Advanced Directives
  • ALTCs
  • Alzheimer's Disease
  • Asset Protection
  • Business Formations
  • Business Succession
  • Charitable Planning
  • Dementia
  • Elder Law
  • Estate Administration
  • Estate Planning
  • Estate Tax
  • Guardianship
  • Life Insurance
  • Medicaid
  • Medicare
  • News
  • Power of Attorney
  • Probate
  • Retirement
  • Social Security
  • Special Needs
  • Trust Administration
  • Uncategorized
  • Wills & Trusts

Contact Us

All fields marked with an “ * ” are required

Practice Areas

Conservatorship Lawyer Mesa, AZ
End-Of-Life Planning Lawyer Mesa, AZ
Estate Planning Lawyer Mesa, AZ
Guardianship Lawyer Mesa, AZ

Wills And Trusts Lawyer Mesa, AZ
Living Will Lawyer Mesa, AZ
Business Formation Lawyer Mesa, AZ

Estate Administration Lawyer Mesa, AZ
Asset Protection Lawyer Mesa, AZ
Living Trust Lawyer Mesa, AZ

estate planning law firm
Facebook-f Twitter Linkedin-in Youtube Instagram Rss

Our Mesa Office

2500 S Power Road Bldg 14
Suite 132
Mesa, AZ 85209

Phone Number: (602) 910-4068

Our Gilbert Office

1425 S. Higley Road #106
Gilbert, AZ 85296

Copyright © 2025 – LifePlan Legal AZ. All rights reserved. Some artwork provided under license agreement. Privacy Policy | Disclaimer | Sitemap