Living Trusts

A Living Trust is a contractual agreement that creates a separate legal entity which essentially controls the assets that are transferred into it, subject to a certain set of instructions and provisions that are left by the Trustor (the person creating the Trust). The use of a Trust, or as often referred to as a “Living Trust” when made during the Trustor’s lives, is a more advanced Estate Planning tool than a simple Will, but also requires a more hands-on approach to managing the estate during the Trustor’s life.

A Living Trust designates a Trustee, and often successor trustees, to administer the Trust in accordance with its provisions, and further designates beneficiaries who will be entitled to the Trust assets, or use of certain Trust assets, upon the occurrence of pre-defined events.

Unlike a simple Will, a Trust need not be approved by the Probate Court upon the death of the Trustors, but rather continues to independently exist under the management of the Trustee or Successor Trustee, until the purpose for which it was created is either fulfilled or is otherwise no longer relevant or practicable.  To many, this bypass around Probate proceedings is a big advantage of creating a Trust, as opposed to a simple Will.

Living Trusts are also drafted in a manner that maximizes certain tax advantages that are available to each decedent, and are designed to minimize the estate’s tax liability in connection with any applicable estate taxes.

Our Scottsdale Estate Planning attorneys can assist you in evaluating your estate needs, and help you determine whether the creation of a Living Trust would be consistent with your Estate Planning goals.”

Estate Planning Related Topics

• Wills
• Living Trusts
• Irrevocable Trusts
• Health Care Power of Attorney
• Financial Power of Attorney
• Living Wills