Creation of Trusts in Arizona – Overview
estate planning
Establishing a Trust
Creating a trust in Arizona is a wise way to ensure your assets are allocated properly and privately to your loved ones after you pass. A trust can also offer protection for certain assets, shielding them from creditors if you or your beneficiaries face financial difficulties. However, the legal terminology can be challenging, so it’s important to seek guidance when setting up a trust to ensure it provides the necessary protection for your family.
At Rowley Chapman & Barney, Ltd., our Mesa estate planning attorneys have extensive experience in establishing both revocable and irrevocable trusts under Arizona and federal law. We’ve helped many clients secure their assets and legacy through well-crafted trusts. Call us today at 480-833-1113 or contact us online for assistance.
What Are the Advantages of Creating a Trust in Arizona?
Creating a trust offers numerous advantages:
It allows a trusted family member, professional, or friend to manage your affairs (as Trustee) if you become physically or mentally unable to do so.
Certain trusts can help your beneficiaries minimize taxes after your passing, potentially leaving them with more assets.
Trusts can protect your estate and your beneficiaries’ estate from creditors.
You can control how your funds are used, ensuring they are spent according to your wishes even after you’re gone.
A trust can be used to allocate funds to a charity or set aside money for the education of your children or grandchildren, with the assurance that it will be used as intended.
These are just a few examples of how creating a trust can safeguard your assets.
An estate planning attorney can walk you through the various types of trusts and explain how each can benefit you. Ultimately, the goal is to separate ownership from control to ensure that the assets in the trust are properly protected.
What Types of Trusts Are Available in Arizona?
- Revocable Living Trusts
- Irrevocable Trusts
- Life Insurance Trusts (Irrevocable)
- Special Needs Trusts for individuals with disabilities
- Charitable Trusts
- Minor’s Trusts (Section 2503(C))
- Domestic Asset Protection Trusts
- Dynasty Trusts
- Spendthrift Trusts
How Can I Set Up a Trust in Arizona?
Creating a trust in Arizona involves several legal requirements, such as transferring asset ownership to the trust, appointing a trustee, and identifying beneficiaries. Ensuring that all legal criteria are met is crucial for the trust to be valid, enabling you to receive the asset protection, tax benefits, and creditor safeguards that the trust is designed to provide.
An experienced estate planning attorney can guide you in selecting the appropriate trust type, assist with transferring assets, fulfill legal requirements, and ensure that your trust is properly managed for the benefit of the beneficiaries.
Estate Trust Creation in Mesa
The estate planning attorneys at Rowley Chapman & Barney, Ltd. are here to assist you in creating a trust and handling all your estate planning needs. Contact our Mesa estate planning team today at 480-833-1113 to find out how we can support you.
