Revocable Living Trust Attorney Chandler, Arizona

A Revocable Living Trust is the primary tool our attorneys at the Lawler Group use to plan for the distribution of assets after someone passes away. This amendable contract is signed during the Trustmaker’s lifetime while they have capacity. Our clients can avoid probate court, maintain privacy, and ensure their assets pass to loved ones without undue delay. As the name suggests, this type of trust is revocable and easily amendable. During their lifetime, clients can add or sell assets from the trust or make other changes as they see fit. Simple amendments can be made with a quick document, while extensive changes may require a restatement of the trust, keeping the trust name but rewriting the rest to match current laws and desired changes.

With a Revocable Living Trust, clients remain in control of the trust assets during their lifetime and designate a Successor Trustee after they pass away. We recommend naming at least two Successor Trustees if the first choice is unavailable. Upon the Trustmaker’s death, the Successor Trustee evaluates and gathers trust assets, pays expenses, and distributes the assets to the Beneficiaries. The Successor Trustee can also manage trust assets if the Trustmaker becomes incapacitated and unable to manage their assets.

To successfully avoid probate, the Revocable Living Trust must be “funded,” meaning assets must be reassigned to be owned by the trust. Without this step, probate cannot be avoided.

While avoiding probate court is a significant advantage of a Revocable Living Trust, several other benefits exist. First, a trust helps keep your assets and their inheritance private, preventing them from becoming part of the public court record in a probate matter. Second, a Revocable Living Trust allows for various types of distributions. You may choose direct distribution to heirs after expenses or have the Successor Trustee hold assets until beneficiaries reach a certain age. Additionally, you can instruct your Successor Trustee to create Beneficiary Asset Protection Trusts upon your death, providing enhanced protection from liabilities, creditors, lawsuits, and divorce. A third significant benefit is the peace of mind with a well-designed estate plan.

A Revocable Living Trust is just one aspect of a complete Estate Plan. Utilizing this trust, powers of attorney, and other ancillary documents can create a comprehensive estate plan to protect you and your heirs during your lifetime and after your passing.