Moore Law Firm

Moore Law Firm

9949 W. Bell Road
Suite 201
Sun City, AZ 85351
Contact Us For A Courtesy Consultation
623-207-9153

Placing a home in a revocable or irrevocable trust

There are many issues to consider when estate planning. This is especially true to those who have a significant number of assets. For these individuals, merely identifying and valuing all those assets can be a headache. Of course, not everyone has vast amounts of wealth to leave to loved ones, but even those of modest means can benefit from estate planning.

Just look at most people's most valued asset: the familial home. Determining how to leave a residence to an heir can be challenging and costly. This is why it may be beneficial to consider either purchasing the residence in trust or later placing the home in a trust. By utilizing a revocable trust, a homeowner can continue to benefit from use of the home and place conditions on how named beneficiaries can use the residence once it is passed on to them. Since this type of trust is revocable, named beneficiaries can be changed at any time.

A home can also be placed in an irrevocable trust. Doing so reduces the taxable value of an estate, which may save an estate money in the long-run. Again, parameters can be placed on the trust to ensure that it is passed down in accordance with the trust creator's wishes. Those considering this option need to be careful, though, because, as its name implies, once created an irrevocable trust cannot be modified.

To be effective, an estate plan must be thorough and well-thought out. Individuals who don't meticulously address the details of their estates can wind up having assets pass to unwanted recipients, subjected to avoidable taxes, and/or inherited without desired restrictions. This is why Arizona residents should think about discussing these matters with an estate planning attorney they trust, especially when it comes to determining what to do with a family home.

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I got the family trust updated.
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Our legal documents were outdated due to time and circumstances.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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