A living trust is a legal arrangement under which real property is vested in or transferred to a trustee. Your property will be managed and cared for by your trustee, until you have achieved independence. The most common use of a living trust is the creation of an estate planning trust, commonly referred to as an estate trust. In Arizona, it is the law to register all gifts and inheritance with the state. However, you may register your gift with your county instead. The reason for doing this is that in Arizona the gift-or-inheritance rule is applied to trusts rather than wills.
A living trust can serve many purposes. A living trust can also be called a revocable or grantor trust. The living trust will help you avoid the usual probate procedure.
It is necessary to appoint a Living Trust Attorney if you are considering using one of these tools to protect your family interests. The attorney will advise you about which state forms you need to fill out and what information you should include. You will also be advised about how to avoid paying estate taxes and the gift or inheritance tax on the gift in question. An estate-planning lawyer can give you legal advice about these and other ways to avoid probate. You may not be able to avoid probate altogether but if you have a living trust, probate can be avoided by using the trust as a stepping-stone through probate.
If you decide not to use the trust as a vehicle to avoid probate, you should appoint a living trust attorney to help you with the planning and distribution of your assets. This person will make sure that all of your assets are properly distributed according to your will. The attorney may also assist you in any state probate proceedings if you are having difficulties meeting the requirements for registration with the state. Many individuals who are in financial distress may find that it is preferable to have an attorney handle the affairs of their estates rather than relying on the probate court system.
As previously mentioned, the living trust is a very useful tool for avoiding probate. In fact, most attorneys suggest that everyone who has assets to avoid probate and who also wants a good tax plan would be well advised to create a living trust to protect their assets. The tax planning attorney can help you obtain the tax benefits you deserve by planning ahead for your future. You can make use of the living trust to benefit from future tax breaks as well.
Appointing an experienced living trust attorney is your best bet if you want to keep your assets out of the hands of the probate court. He or she will guide you through the process from start to finish. He or she will work with the court system to ensure that your wishes are followed and that your needs are met. This can all be accomplished while providing you peace of mind and allowing your family to have some peace and quiet at last. You can rest assured that the attorney you hire will work hard to make sure that your assets remain in your control.
