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Flagstaff Living Trust Lawyer
Flagstaff Living Trust Attorney
A Living Trust is a legal document that allows you (the grantor/ trustor) to transfer legal ownership of assets during your lifetime into a trust. It designates who will manage these assets (the trustee) should you become incapacitated or upon your death, and who will receive the principal and/or income from the assets upon death (the beneficiary). The process of creating a living trust can be explained in detail by a Flagstaff living trust lawyer.
This path of protection may be a good option for you if you have an illness that may cause you to become incapacitated in the future, want to avoid probate, or want to keep your financial affairs private.
FAQs:
Q: How Much Does a Living Trust Cost in Arizona?
A: A living trust in Arizona can cost a couple of thousand dollars. It can generally range from $1,000 to $10,000, depending on the complexity of the trust. Other factors that can influence the cost of a living trust include the amount of assets involved, the value of the home, the amount of family members involved, and the fee structure of the attorney. Some attorneys charge a flat fee rate for living trusts and some attorneys will charge an hourly fee.
Q: Can You Set Up a Trust Without an Attorney in Arizona?
A: It is possible to set up a trust without the help of an attorney in Arizona. However, it is generally recommended that you engage the help of an attorney who has the qualified legal experience to help you. It is important that these documents are created correctly and that they are not susceptible to future litigation. For those who are adamant about setting up trusts or wills on their own, the Uniform Probate Code can be a good resource to utilize.
Q: How Do I File a Living Trust in Arizona?
A: To file a living trust in Arizona, you first need to create the trust document. The trust document should outline all of the details of the trust and how it will be executed. Items such as the names of the trustee and beneficiaries should be included.
Once the trust is created, it should be signed and notarized. The final step is to fund the trust by transferring any assets into the trust entity. The process can quickly become complex, and it often requires the help of an experienced trust attorney.
Q: What Is the Difference Between a Living Will and a Living Trust in Arizona?
A: The difference between a living will, and a living trust is that a living will typically will cover property that is in your name until your death, and a living trust will cover property that is transferred specifically into the trust.
A will usually does not take effect until you pass away, and there is no impact on your assets while you are alive. One benefit of trusts is that they will also avoid the Arizona probate process. It is a good idea to contact a trust lawyer who can walk you through the differences in great detail.
Q: What Are Revocable Trusts in Arizona?
A: Revocable trusts are trusts that can be changed after the trust has been created. Irrevocable trusts typically cannot be changed once they have been created. A revocable trust allows the granter to modify the trust with relative ease.
A revocable trust is set up so that it can be modified as financial positions or personal situations change. The management and distribution of assets can be modified as needed. A trust is a great way for Arizona residents to help mitigate against the probate process.
ALREADY HAVE AN ESTATE PLAN?
Is your estate up-to-date with your current life plan and wishes? An estate plan is a document you always want to make sure is up to date.
With over 50 years of combined experience, we can help. Our firm possesses the dedication, determination, and compassion necessary to help you successfully plan for the future. Call us at (928) 213-5916 or Contact Us Here to speak with one of our experienced Flagstaff estate planning attorneys!
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