Moore Law Firm

Moore Law Firm

9949 W. Bell Road
Suite 201
Sun City, AZ 85351
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623-207-9153

Why you should "trust" trusts as part of your estate plan

Trusts are often the best way for Arizona residents to distribute assets without having to worry about the costly and time-consuming probate process. There are many benefits to using a trust in Arizona. For one thing, a trust can offer protection. When someone passes away, the probate process allows the public to access information regarding the deceased's will and assets. As the estate goes through probate, the creditors will be paid off, and probate fees in the range of 3 to 8 percent of the total estate will be assigned, plus estate and income taxes.

However, if there is a trust in place, the public will not have access to the deceased's private information and creditors won't be able to access the assets in the trust. You can also avoid probate fees and prevent your heirs from fighting over your belongings, if you assign beneficiaries. Certain trusts, such as life insurance trusts, also offer tax protections.

One common misconception is that trusts are inflexible and that once you create one, it is "set in stone." This is not the case. Trusts can be revocable, meaning that you can make changes to it or get rid of it as long as you are alive. There is also flexibility as to what you can include. In general, trusts can include just about anything from real estate to investments to funds for education. The specifics of what you can and cannot not include in a trust will depend on what type of trust you use. You can even leave a legacy and set specific amounts of contributions to organizations that are important to you.

In any case, there will be a trustee that you, as a grantor, assign to be in charge of your estate and manage the assets included in your trusts. The trustee, whether it be an individual or investment firm, will be required to manage your trust in accordance with the law.

Source: Investopedia, "5 Benefits of Creating a Trust to Manage Wealth," Kevin Simpson, Nov. 22, 2017

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Client Testimonials

I got the family trust updated.
I was very pleased with the expertise and professionalism exhibited by your staff in serving my needs.

I needed to review my Will, recommended by my son.
Mr. Farrer’s expertise helped me realize that a Trust would better serve my needs.
The staff and Mr. Farrer were very professional and friendly (not cold). Thank you. Very comfortable atmosphere.

Our legal documents were outdated due to time and circumstances.
The staff at Moore Law Firm worked with us to develop a trust and other legal documents which meet our current as well as our future needs.
The staff at moore law firm were so professional, knowledgable and friendly to work with. They worked beyond to accomodate our needs. Thank you all.

Moore Law Firm
9949 W. Bell Road
Suite 201
Sun City, AZ 85351

Phone: 623-207-9153
Phone: 623-207-9153
Fax: 623-977-7237
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