Revocable Trusts are Trusts that can be changed or even revoked by the person who creates the trust.
Revocable trusts are also known as “living trusts.” One of the main advantages is that property can be changed and the trust can be restricted to best serve the needs of the person who set up the trust.
Revocable trusts are kept private
Another advantage is privacy. When you die, the trust can be used to pass your property to heirs without going through probate. Since probate is filed in court, it becomes public knowledge for anyone to see.
While a living trust does keep the property out of probate, it doesn’t protect the money from being included in inheritance taxes.
Need help to understand trusts? Your initial consultation is free
Arizona Trusts and Estates Attorney Brian Utsey is available to help you start or modify a revocable trust. He can help you decide which options are right for you.
Call Arizona Trusts and Estates Attorney Brian Utsey. He’ll come to you to begin the process of creating or modifying your estate plan with a free one-hour consultation. Call today at 480-538-5024.