Living Trusts

Living trusts are an often misunderstood, but many times essential, estate planning document. They help you avoid probate, allow for greater control over inheritances, and can even save your family a lot of stress after you’re gone.

Should you make a living trust a part of your estate plan? Walk-In Wills can help you decide. No two estate planning situations are the same, so we’ll sit down with you to create the best strategy for assets and property. The first step is to understand how living trusts work.

Transfer of Ownership

Will creation doesn’t change the ownership of your assets and property. Instead, it provides instructions for how these items should be distributed to heirs after you die. With a living trust, you no longer own your assets. Upon creation they become property of the trust itself, which entails retitling assets to show trust ownership.

While you’re alive you’ll be the trustee, which is the person responsible for managing the trust. You’ll also name successor trustees, and these people assume responsibility upon your passing. The transfer of ownership offers a distinct benefit when it comes to probate.

How Living Trusts Help You Avoid Probate

Probate determines whether a will is valid, makes sure remaining debts are paid, and finally provides assets to heirs once all other matters are taken care of. The process is often drawn out, especially when a family member contests the will. Additionally, legal fees and other costs are taken directly from the estate, which reduces the amount heirs are afforded when everything is said and done.

Assets placed in a trust are not probated because they are no longer owned by the deceased. Upon a person’s passing, the trustee is obligated to disperse assets according to the instructions of the grantor, or the person who created the trust. This makes for a much shorter process and also prevents the estate from being drained by legal fees.

Other Benefits

Living trusts are also beneficial in other ways:

Delays inheritances until an heir is old enough
Establishes terms for inheritances, such as mandating an heir maintain a certain grade point average in college
Ensures children from a previous marriage receive their inheritances
Keeps your decisions regarding your estate out of public view
Makes sure your estate will be properly managed should you become incapacitated

Frequently Asked Questions

1. What is a living trust and how can Walk‑In Wills help me set one up?

A living trust is a legal arrangement that holds your assets during your lifetime and passes them to your beneficiaries after you’re gone, often without going through probate. Walk‑In Wills meets with you to understand your goals, explains how a living trust differs from a will, and prepares the trust document so it reflects your wishes and works under Arizona law.

2. Why might I choose a living trust instead of just a will?

Many people choose a living trust because it can help avoid the time and expense of probate court and make it easier for loved ones to access property after you pass. Walk‑In Wills guides you through the benefits and logistics, including how to fund the trust properly, so you’re confident your plan will work as intended.

3. What’s involved in the process of creating a living trust with Walk‑In Wills?

You’ll begin with a conversation about your estate and what you want to accomplish. The attorneys then draft a personalized trust document, help you identify which assets should go into it, and explain how to manage or update the trust over time so it continues to serve your family’s needs.

4. How much does a living trust cost?

Living trust costs vary based on your estate’s complexity and what additional documents you may need. Walk-In Wills discusses pricing during your consultation so you understand the investment before getting started.

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

Walk-In Wills provides living trust services to help your assets pass to beneficiaries without probate. Schedule a consultation to discuss your goals and learn how a living trust can benefit your family.

We’ll Answer Your Questions

Can a living trust replace a will? How are trusts funded? What special distribution rules make sense for your situation? Walk-In Wills is here to answer these questions, so you make the best decisions regarding your estate.

We’ll set up a free one-hour consultation to discuss your estate planning needs. Contact an attorney today by calling (505) 903-7000. You can also visit us online for a complete listing of estate plan packages.