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Trusts/Wills

AVOID PROBATE

If you have not seen it already look at our Probate page to see the process your heirs/beneficiaries could avoid if you have a Trust.

Click to go to the Probate page

What is a Trust? 

A Trust is an estate planning document which contains your wishes regarding the distribution of your assets upon your death.

 Why does a Trust avoid Probate?

Unlike a Last Will and Testament, which requires the supervision of the Court during the process of distribution (aka Probate), the law does not require the Court to intervene when a valid Trust is in effect.  So why would you force your heirs/beneficiaries to endure the Probate process?

Do I give up any control over my assets if I have a Trust?

No, not with the Trust we will provide.  We will draft a Revocable Living Trust and you will maintain complete control over all of your assets.  When you die, that control is passed on to someone that you appoint to be the Successor Trustee.  During your lifetime you will be able to do anything with your assets you could do if they were not in the Trust.

Do I have to file a separate tax return for the Trust?

No, you will file your taxes as you always have. There is no separate Tax ID number for your Trust.  Your taxes will be filed using your own social security number just like you’ve done before.

Does a Revocable Trust offer me any asset protection during my lifetime? 

No, since you have complete control over your assets they are subject to attachment as if you held them in your name. If you want a Trust that offers you asset protection during your life then you need some type of irrevocable Trust, and an attorney to draft it for you.

Our Trusts do offer your heirs/beneficiaries some asset protection. There is a “Spendthrift” provision in our Trust. That means if one of your heirs/beneficiaries has a judgment placed against them prior to your death then, at the time of your death, rather than taking possession of the assets to be inherited the beneficiary can request that the Successor Trustee keep the assets in the Trust. In this scenario the judgment creditor of the beneficiary cannot attach the assets in the Trust. 
It’s a great feature in our Trust!!

 
If I am married, how many Trusts do I need?

One, you and your spouse will both be Trustors (creators of the Trust) and Trustees. Upon the death of the first spouse the other spouse maintains all authority and control over the assets in the Trust.

What happens when I die? Does my spouse have to do anything to ensure he/she has access to all of our assets?

No, since the assets are held in the name of the Trust there is no need to change anything.  All documents of ownership like deeds, bank accounts etc. in the name of the Trust are then within the control of the surviving spouse.

What information do I need to gather to have a Trust drafted?

• CHILDREN: Your Children’s first and last names, their dates of birth, and the city and state in which they live
• SUCCESSOR TRUSTEE: Name, Date of Birth, City and State where they reside
• ALTERNATE SUCESSOR TRUSTEE: Name, Date of Birth, City and State where they reside
• DISTRIBUTION: Have an idea of how you want your assets distributed and to whom
• ASSETS: A copy of the deeds to any real property, names of financial institutions and account numbers, year and make of vehicles worth more than $50,000
• LIVING WILL AND HEALTH CARE POWER OF ATTORNEY: Our Trust package comes with these documents.  Decide whether you will consent to an autopsy or want to make an organ donation

Our Trust is a complete package!

We will also prepare for you and your spouse (if you are married) the following:

• A “Pour Over” Will
• Living Will
• Health Care Power of Attorney
• Durable Power of Attorney

What is a "Pour-Over" Will?

A “Pour Over” Will is a document that names the Trust as beneficiary to your Will.  When you and your spouse (if you are married) die, then anything that you have acquired during your lifetime that you have forgotten to put into your Trust will be “poured over” or placed into the Trust.

What is a Living Will? 

A Living Will is a document that lets your family and friends know your wishes if you become seriously ill or incapacitated and are not able to make decisions for yourself in regard to your health care.  This is the document that states whether or not you want to be kept alive by artificial means.

What is a Health Care Power of Attorney? 

A Health Care Power of Attorney gives an Agent, that you name, the authority to act on your behalf and to carry out your wishes if you become seriously ill and incapacitated.  This document states whether or not you consent to an autopsy or whether you want to be an organ donor.

What is a Durable Power of Attorney?

A Durable Power of Attorney gives an Agent, that you name, the authority to conduct any financial transactions on your behalf if you become seriously ill or incapacitated.

Do I need to change the Deed to my house?

Yes, we will prepare the Quit Claim Deed that transfers your house to the Trust. We will also record it with the appropriate Recorder’s Office.

All of this is really simple if you've done it as many times as we have.

Call us for an appointment now at (520) 327-4000, or go to our contacts page on this website and set your own appointment. We will contact you to confirm it right away. 

MONEY BACK GUARANTEE

Did you read our home page?  We have a money back guarantee, so you have nothing to lose. Let us handle this for you. Set an appointment now, you will be glad you did!