Steven M. Jackson Law Group - Estate Planning Trust

The Revocable Living Trust is normally amendable and revocable by the person who initially contributes assets to the trust, the Trustor. While the Trustor retains control over the revocable living trust, the trust itself remains a flow through entity, meaning there are no additional tax returns filed. At the death or incapacity of the Trustor the nature of the trust changes and the terms become irrevocable, locking the instructions and distributions in place. The Trust is then administered in a process outside of probate, and the Trustee works to distribute the assets in accordance with the Trustor’s wishes.

Many people do not want to deal with probate because it is public, takes a long time, and can be costly. The Revocable Living Trust is popular in Arizona because it is easy to create and easy to manage, yet it still circumvents probate and allows for restrictions on how assets are distributed. The Revocable Living Trust is an effective estate-planning tool that allows Arizona families to pass their hard earned wealth free of the fear of family conflict.

OTHER TRUSTS

  • Pet Trust: A pet trust is created for the benefit of a person’s pet, and gives guidance to a person nominated as the trustee, as to how to care for an animal.
  • Gun Trust: A Gun Trust is a specific trust meant to hold and transfer firearms regulated by the National Firearms Act.
  • Special Needs Trust: A special needs trust is a trust created in order to allow a child or adult with special needs to receive assets but still qualify for assistance. The Special Needs Trust allows only those assets that wouldn’t disqualify the beneficiary to be distributed to the beneficiary.

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