Revocable Living Trusts in Fountain Hills
Fountain Hills Revocable Living Trusts Lawyer
A revocable living trust, similar to a Last Will and Testament, is a legal document by which a person, called the Trustor, can use to determine who will receive his or her property at death. Unlike a will, a revocable living trust can avoid probate at death, control all of your assets, and prevent a court from controlling your assets if you become incapacitated.
Most living trusts are “revocable”, which means they may be changed or modified to fit your changing circumstances or wishes. Revocable living trusts are called “living” because you make them during your lifetime. Once you set up a revocable living trust, you transfer assets from your name to the name of your trust, which you control. Such as, from Michael and Sara Jones to Michael and Sara Jones as Trustees of the Jones Family Revocable Living Trust, dated January 1, 2015. If funded properly, there will be nothing for the courts to control if you become incapacitated, or probate when you die.
To schedule a free consultation with an estate planning attorney at Fountain Hills Law Firm, please call us at 480.345.2993 or fill out our online contact form.
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Fountain Hills Living Trust FAQs
What are the rules for trusts in Arizona?
Arizona follows the Arizona Trust Code (A.R.S. Title 14, Chapter 11), which is based on the Uniform Trust Code. Key rules include:
- The grantor (creator) must be mentally competent.
- The trust must name a trustee and a beneficiary.
- The trust can be revocable (changeable) or irrevocable (permanent).
- Trusts must have a lawful purpose and be created voluntarily.
- The trust must be in writing to be legally enforceable.
How much does it cost to set up a trust in Arizona?
- DIY or Online Services: $150 – $500
- Legal Document Preparers: Around $600 – $1,000
- Estate Planning Attorneys: $2,500 – $5,500+ for a customized revocable living trust package (including powers of attorney, pour-over will, etc.)
Costs vary depending on complexity, number of assets, and whether tax or Medicaid planning is involved.
Is a trust better than a will in Arizona?
It depends on your needs. Here’s a quick comparison:
|
Feature |
Will |
Trust |
|
Probate |
Required |
Avoided if properly funded |
|
Privacy |
Public record |
Private |
|
Cost |
Less expensive to create |
More expensive upfront |
|
Control |
Basic distributions |
More control over timing/terms |
|
Ongoing Management |
Not applicable |
Trustee manages after death |
A revocable living trust is often preferred for avoiding probate, managing incapacity, and ensuring smoother asset distribution.
Can I create my own trust in Arizona?
Yes, you can create your own trust using:
- DIY legal templates
- Online trust creation platforms
- Arizona-licensed legal document preparers
However, mistakes in wording or failure to fund the trust properly can make it ineffective. For peace of mind and legal compliance, it’s recommended to work with an estate planning attorney, especially for complex estates.
What is the downside of putting assets in a trust?
Upfront cost: More expensive than a simple will.
Funding complexity: Assets must be retitled in the name of the trust (e.g., bank accounts, real estate).
No asset protection with revocable trusts: Assets remain accessible to creditors.
Ongoing maintenance: Trusts need to be kept up to date when your life circumstances or asset list changes.
Doesn’t replace all planning: You still need a pour-over will and powers of attorney.