Do you need a revocable living trust?

A trust is a legal document that takes care of your assets while you are alive and disposes of your assets after your death and is the center-piece of most estate plans. A revocable trust is a trust that can be changed, amended or revoked during the creator’s lifetime. The creator of a trust is typically called the “grantor,” “settlor,” “trustor,” or “trustmaker.” A revocable trust generally becomes irrevocable after the grantor’s death. The opposite of a revocable trust is an irrevocable trust. An irrevocable trust is a trust that cannot be changed or revoked the moment it is signed. A living trust is a trust created while the grantor is alive. The opposite of a living trust is a testamentary trust, which is a trust that springs to life after the creator’s death, generally through language found in the person’s Last Will and Testament.

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The purposes of revocable and irrevocable trusts

Revocable living trusts have three main purposes:

  1. Avoiding probate at death (probate of the decedent’s estate)
  2. Leaving assets to whom you want, when you want, and how you want
  3. Incapacity planning – avoiding probate while alive caused by incapacity (guardianship over the person, or conservatorship over their assets)

Irrevocable trusts have two main purposes:

  1. Avoiding federal estate taxes (death taxes)
  2. Asset protection – protecting assets against lawsuits, creditors, bankruptcy, and disqualification from government benefits such as Arizona’s Medicaid program, Arizona Health Care Cost Containment System (AHCCCS, pronounced “access”) and or the Arizona Long Term Care System (ALTCS)

One great benefit of a revocable living trust is that the trust becomes irrevocable after the grantor(s) of the trust passes away. Thus, you get all of the benefits of the revocable trust while you are alive and then your beneficiaries also get the additional benefits, asset protection, of an irrevocable trust after you pass away, which protects your heard-earned life savings for your beneficiaries’ benefit.

What our clients are saying...

I have worked with Trent numerous times over the past year. I have both referred him clients of mine and he has advised me on several estate planning questions personally. There is no one that I would trust more highly than Trent when it comes to business law, estate planning, and gun trusts.
Chad W.
I was very pleased with the service . I had been waiting and waiting to get trust setup, and when I decided to use Woods Law it was painless, fast, priced right, very simple. Thank you so much for your help. See you again soon sir.
Barrett
I used Mr Woods for a NFA Trust and the experience was great. Mr Woods was very patient with all my questions and lack of knowledge with the law. Mr Woods responded very quickly to all my concerns and questions involving my trust.
Gary

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