Types of Trusts

There is a misguided belief among many people that trusts are suited only to the ultra-wealthy. In fact, there are many different types of trusts and even people with a modest amount of assets can still make use of these essential estate planning tools.

Trust creation can be a bit complex. Additionally, if you don’t take the proper steps to fund your trust, your family could be in for a shock after you’re gone. Walk-In Wills will do everything in our power to make sure that doesn’t happen. Our licensed attorneys advise you on the creation of your trust from start to finish. We’ll also explain the difference between types of trusts.

Revocable Trust

Also known as a living trust, a revocable trust can be changed during your lifetime. Assets are transferred to ownership of the trust, which stops them from being probated. With a living trust, you serve as the trustee until your death, at which point control of the trust passes to another individual that you choose.

Irrevocable Trust

An irrevocable trust cannot be changed once assets have placed into the ownership of the trust itself. These trusts are often used to protect assets from taxation, as the trust-maker is relieved of ownership of any assets or income placed into the trust.

Special Needs Trust

A special needs trust is created to help people who are disabled and unable to care for themselves. It can protect these individuals after their caregivers pass, or it can be used to provide funding to a disabled person without interfering with his or her governmental disability benefits.

Charitable Trust

Upon a person’s death, assets placed within a charitable trust are distributed to a specific charity or organization. Charitable trusts also help avoid estate and gift taxes, which can be quite expensive depending on the size of your estate.

Spendthrift Trust

If you’re concerned about heirs squandering the assets you leave them, a spendthrift trust might be right for you. These trusts also prevent heirs from making poor financial decisions before they actually receive the money, since assets in the trust can’t be accessed by creditors.

Frequently Asked Questions

1. What types of trusts can Walk‑In Wills help me with?

Walk‑In Wills assists with a range of trust options based on what you’re trying to accomplish. Whether you want a living trust to avoid probate, an irrevocable trust for asset protection, or a special‑needs trust for a loved one, their attorneys take time to explain which trust fits your goals and draft the paperwork so it’s legally sound in Arizona.

2. How does the trust setup process work with Walk‑In Wills?

First, you’ll talk with a Walk‑In Wills attorney about your situation and what you want the trust to achieve. After that, they draft the trust document tailored to your needs, help you understand how to fund it properly, and answer your questions so you feel confident the trust will work the way you expect.

3. Why should I get professional help from Walk‑In Wills instead of using an online form?

Trusts involve specific legal requirements that must be met to be valid and effective. DIY forms can contain errors or miss key elements, which can cause problems later. Walk‑In Wills ensures your trust is drafted and funded correctly, explains the implications of your choices, and makes sure your plan reflects your long‑term wishes.

4. How much does it cost to set up a trust?

Trust costs vary based on the type of trust and complexity of your estate. Walk-In Wills provides clear pricing during your consultation so you can budget appropriately for your trust planning needs.

5. Where can I find a trust attorney near me?

Walk-In Wills offers comprehensive trust services, from living trusts to special needs trusts. Schedule a consultation to discuss your goals and learn which trust type best fits your situation.

Schedule a Consultation Today

Walk-In Wills is here to answer your trust questions and put you on the right path towards creating an estate plan. Call (505) 903-7000 today to arrange a free hour-long consultation with a licensed attorney. You can also visit us online to see the full range of services we provide.