Contact Walk-In Wills today for help with will and trust creation, probate, long-term care planning, and other essential estate planning needs.

Trust Preparation

Along with will creation, trusts are another method you can use to disperse assets to heirs after you’re gone. While not every person needs to include a trust in their estate plan, this tool offers numerous benefits to many people when it comes to estate planning.

Here at Walk-In Wills, our attorneys have provided trusted guidance to clients since 2003. While we offer a wide range of estate planning services to people throughout Chandler, AZ, we can also help you decide whether a trust makes sense for your estate plan.

How to Create a Trust

There are quite a few steps involved in creating a trust, including:

Selecting Assets – Trusts must be funded with your assets, which include property, vehicles, life insurance policies, cash, and financial accounts, among many others.

Naming Beneficiaries – These are the individuals who will receive assets placed into your trust. Beneficiaries can be family members, friends, or even charitable organizations.

Establishing Rules – You can create rules for how assets in the trust are dispersed. For instance, you can insist that an heir reaches a certain age or milestone before receiving their inheritance.

Choosing a Trustee – This is the person who will manage the trust and disperse assets. Being a trustee comes with a lot of responsibility, so it’s important to choose wisely.

Types of Trusts to Consider

Trusts can be revocable or irrevocable. A revocable trust can be changed during your lifetime, while an irrevocable trust cannot. However, irrevocable trusts offer benefits in the form of tax and creditor protection. There are also other types of trusts to choose from, such as:

Special needs trusts
Living trusts
Charitable trusts
Spendthrift trusts

How to Determine Whether a Trust Is Right for You

Trusts make sense for a lot of people, including those with minor children in their care, business owners, and people who want to exert greater control over how their assets are distributed.

Our team at Walk-In Wills can help you determine which estate planning tools are best for your needs. From there, we’ll walk you through the process of establishing a trust and implementing rules for asset distribution.

Schedule a free consultation at our office today by calling (480) 470-7000. You can also contact us to learn more about our firm and what we can do for you.