Trusts in Tucson Arizona

A revocable living trust is a document created during your lifetime to direct the management and administration of the assets held in the trust.  Living trusts allow you to avoid probate, and the time delays, expense, and lack of privacy associated with the probate process.

Through a revocable living trust, you (the trustor) appoint a trustee to manage and administer your property according to detailed written instructions you have specified in the trust.  The trustee holds legal title to your assets and manages them for the benefit of the beneficiaries you designate, who will receive title to the assets upon your death.  Since you have already transferred title to the assets during your lifetime, there is no need for a probate procedure to transfer the assets after death.

As the name implies, a revocable living trust is revocable by you during your lifetime, and can be changed or amended should your situation or wishes change. 

There are additional types of trusts that individuals should consider including in their estate plans, such as:

• Qualified Terminable Interest Property (QTIP)

• Irrevocable Life Insurance Trusts (ILITs)
• AB Trusts

• Pour-Over Wills

  A pour-over will is a will designed to work in conjunction with a revocable living trust.  Revocable living trusts are successful in avoiding probate only if all probatable assets have been properly transferred into the trust.  During the life of the trustor, he or she may accumulate additional property, for example, that has not been transferred into the trust at the time of death.  A pour-over will is a will that leaves all assets, which are otherwise unaccounted for in the trust document, to the trustee of the living trust, thereby including them (or pouring them over) in the trust document.

Speak to a Tucson Real Estate Lawyer

Our Tucson real estate law firm can help you customize an estate plan to protect your assets, manage end-of-life decisions, and ensure that your family is provided for and taken care of.  Contact the Law Office of Neff & Griffith, P.C. by e-mail, or call us at (866) 606-9740 to discuss your legal needs.

Serving clients throughout Southern Arizona

The Law Office of Neff & Griffith, P.C.