A trust is a legal arrangement where one party, known as the trustee, holds and manages assets for the benefit of another party, called the beneficiary. Trusts can help manage and protect assets, and they come in various forms to serve different purposes.

A living trust, also known as an inter vivos trust, is a trust you create during your lifetime. You transfer ownership of your assets into the trust and typically serve as the trustee, maintaining full control. Upon your death or incapacitation, a successor trustee manages or distributes the assets according to your instructions, bypassing probate.

Establishing a living trust in Arizona helps you avoid the probate process, ensuring a faster and more private transfer of assets to your beneficiaries. It also allows for flexible estate planning, asset management during incapacitation, and can address complex family situations.

Assets held in a living trust are legally owned by the trust itself. Upon your death, the successor trustee can distribute these assets directly to beneficiaries without the need for probate court involvement.

Trusts offer several advantages over wills, including avoiding probate, maintaining privacy (since trusts are not public record), providing flexibility in managing assets, and allowing for timed distributions to beneficiaries. Trusts can also help in managing assets during your incapacitation.

Creating a trust can be more complex and costly upfront compared to a will. It requires properly transferring assets into the trust, which can be time-consuming. Additionally, a trust doesn't offer certain protections that a will might provide, such as appointing guardians for minor children.

A revocable trust allows you to modify or revoke its terms at any time during your lifetime. An irrevocable trust, on the other hand, cannot be changed or revoked once established. Irrevocable trusts are often used for tax planning and asset protection purposes.

Yes, it's recommended to have a "pour-over" will alongside your living trust. This type of will ensures any assets not transferred into your trust during your lifetime are still distributed according to your wishes.

Yes, assets held in a trust are governed by the terms of the trust, not the will. If there's a conflict between the two, the trust's provisions typically take precedence over the will concerning those assets.

If your living trust is revocable, you can amend or revoke it at any time during your lifetime. This allows you to adjust the trust to reflect changes in your circumstances or wishes.

Yes, a trust can be contested on grounds such as lack of mental capacity, undue influence, fraud, or improper execution. However, contesting a trust is often more challenging than contesting a will due to the private nature of trusts and the strong legal protections they enjoy. The process can be complex, time-consuming, and costly, requiring substantial evidence to support the claim. Courts generally uphold the validity of a trust unless compelling proof is presented. If you believe you have grounds to contest a trust, it's crucial to consult with an experienced attorney to evaluate your case.

Your living trust can include provisions that designate a successor trustee to manage your assets if you become incapacitated. This ensures continuous management of your affairs without the need for court-appointed guardianship.