Virtual first, serving families across Arizona.
Mon to Thu 8 to 4, Fri 8 to 12
Virtual first, serving families across Arizona.
Mon to Thu 8 to 4, Fri 8 to 12
Estate Planning
A revocable living trust is a popular estate planning tool. Basically, it is a written document that determines how your assets will be handled after your death. Revocable means that you can change or cancel the terms of the trust at any time during your life.
Sometimes people assume that trusts are only for the wealthy, but a revocable living trust can benefit almost everyone, no matter their net worth. Below are some reasons why you should consider including a revocable living trust in your Phoenix estate plan.
Estate Planning
The most powerful tool in Arizona estate planning for privacy, control, and a smooth transition.
A revocable living trust is the centerpiece of most modern Arizona estate plans for one simple reason: assets held in your trust pass to your loved ones without going through probate court. That means privacy, lower administrative costs, and a faster transition during one of the hardest seasons your family will face.
Because the trust is revocable, you remain in complete control during your lifetime. You can change it, restate it, or unwind it at any time. You serve as the trustee while you are able, then a successor you have chosen takes over if you become incapacitated or pass away. There is no judge involved, no public filing, and no waiting on letters of administration to access accounts.
The trust is most powerful when it is properly funded. We provide clear, written instructions for retitling real estate, financial accounts, and other assets into the trust’s name, and we are available to coordinate with your bank, broker, or title company. Funding is the step that turns a good document into a working plan.
Nicole drafts your trust alongside a pour-over will, durable powers of attorney, health care directives, and a HIPAA waiver. The result is a complete plan, signed and notarized at one in-person appointment, ready to protect your family from day one.
A major benefit of a revocable living trust is that it avoids probate. Probate is the court process of administering an estate. All property left through wills is subject to probate. Probate can be costly and take months if not years to complete. Your beneficiaries will be subject to court costs and attorneys’ fees. If your estate is small, these costs aren’t high, but they can add up if your estate is more complicated. For example, if you own property in different states, your beneficiaries would be forced to go through multiple probates in each state where the property was located.
With a revocable living trust, the property passes directly to the beneficiaries. There are no court costs and attorneys’ fees. The assets are available shortly after death, which is particularly helpful for beneficiaries that need to pay funeral costs and immediate expenses.
You should consider creating a revocable living trust if you are concerned about keeping information about your assets and beneficiaries private after your death. Some people are surprised to learn that when a will is probated, it becomes public record. Anyone can learn what property you left and how you distributed it.
Revocable living trusts, on the other hand, are private documents. Trust documents do not need to be filed with the court, and no one will be able to look up and discover what property you owned and where it went.
Revocable living trusts tend to reduce familial disputes. Before the probate proceeding begins, all heirs who have an interest in your estate are given notice of the will, and they have the opportunity to challenge the will. Even heirs that were disinherited are given notice, which can cause disputes among family members. However, there is no notice requirement for revocable living trusts.
Another great reason to create a revocable living trust is to protect your assets if you become incapacitated. In a revocable living trust, you can authorize another person to act on your behalf if you become physically or mentally incapacitated and can no longer make decisions on your own. They will automatically be able to pay your bills and otherwise control the trust’s assets.
If there is no revocable living trust or durable power of attorney, a family member or close friend will have to go through a court process and request guardianship or conservatorship. This process can be both expensive and timely. Even after a guardian is named, there is often continued court supervision over the management of the assets.
One benefit of revocable living trusts is that you can put restrictions on how your inheritance is to be managed by your successor trustee. For example, you could set milestone ages when the property should be distributed. This flexibility can be especially helpful if your child has disabilities, fights addiction, or is a spendthrift.
While the trust technically owns the assets, you retain control over the assets in a revocable living trust. The trust document is not set stone. You change or cancel trust provisions at any time. This flexibility is important because life circumstances change, and you want your estate plan to be able to adapt.
A revocable living trust can help married partners segregate marital property from separate property. Arizona is a community property state. If you are married and have a substantial property that was acquired before marriage, you should consider a revocable living trust.
Included in the Trust Package: $2,500 for individuals, $3,000 for couples, with funding guidance built in. View full pricing.
Begin your plan
Schedule a virtual consultation or telephone call with Nicole Pavlik. Flat-fee pricing, clear timelines, and a process designed around you.
