Morris Hall, PLLC

Estate Planning Attorneys

MakePayment with multiple options
CALL NOW: 1 (888) 222-1328
  • Home
  • Our Firm
    • About Morris Hall
    • Attorneys
    • Our Team
    • Morris Hall Core Values
    • Communities We Serve
      • Carefree
      • Chandler
      • Flagstaff
      • Mesa
      • Oro Valley
      • Phoenix
      • Prescott
      • Scottsdale
      • Sedona
      • Tucson
    • Career Opportunities
  • Estate Planning Services
    • Advanced Estate Planning
    • Asset Protection
    • Power of Attorney
    • Trust Administration and Probate
    • Wills and Trusts
  • Resources
    • Blog
    • Do I Need an Estate Plan?
    • Elder Law Reports
    • Elder Law Resources
      • Phoenix Elder Law
      • Tucson Elder Law
    • Estate Planning Problems
    • FAQs
    • Probate Resources
      • Probate
      • Flagstaff Probate
      • Phoenix Probate
      • Sedona Probate
      • Tucson Probate
    • Published Books
      • Don’t Go Broke in a Nursing home
      • Tax Free Money for Long-Term Care!
    • Recent Law Changes and Improvements Affecting Arizona
      • Update My Living Trust
    • Reports
    • Videos
    • What to Do When Death Occurs
      • What Not To Do When Someone Dies
      • Who To Contact After A Loved Ones Death
  • Reviews
    • Testimonials
    • Review Us
  • Locations
  • Events
    • Seminars / Webinars
    • Past Webinar Recordings
  • Contact
    • Consultation Policy
    • Contact Us
    • Discounts

Why Should I Use a Living Trust to Distribute My Estate?

March 8, 2023 by Morris Hall, PLLC Leave a Comment

Why Should I Use a Living Trust to Distribute My Estate?

When it comes to creating your estate plan, one of your primary motivations will likely be to ensure that your estate assets are distributed pursuant to your wishes when you are gone. While a Last Will and Testament can certainly accomplish that goal, you may wish to consider using a Living Trust instead. To help you decide, a Tucson trust attorney at Morris Hall PLLC discusses why you might want to use a living trust to distribute your estate.

Trust Basics

A trust is a legal relationship where property is held by one party for the benefit of another party. The person who creates a trust is referred to as the “Settlor”, “Trustor” or “Grantor.” The Settlor transfers property to a Trustee, appointed by the Settlor. The Trustee holds that property for the trust’s beneficiaries, also named by the Settlor. The overall job of a Trustee is to protect and invest trust assets and to administer the trust terms found in the trust agreement.

Why Should I Use a Living Trust to Distribute My Estate?

While both a Will and a living trust can be used effectively to distribute your estate assets, many people choose to rely primarily on a living trust at some point. There are several reasons why a living trust is often the preferred estate planning tool to distribute assets, including:

  1. A living trust helps your estate avoid probate. Getting an estate through the probate process can be time-consuming and costly. If you use a Will to distribute your estate, the assets gifted in your Will cannot be distributed to the intended beneficiaries until the end of the probate process. This often means your loved ones must wait months, even years, to receive their inheritance. In the meantime, the costs associated with probating your estate will reduce the final value of the assets passed down to your loved ones. Trust assets, on the other hand, bypass the probate process entirely because a trust does not have to be submitted for probate. Consequently, assets earmarked for your loved ones can reach them faster.
  2. A living trust allows you to maintain some control over the assets you gift. When you make a gift through your Will, those assets become the unconditional property of the beneficiary once the transfer of ownership is complete. When you use a living trust, however, to distribute assets you can also use the provisions of the trust to maintain a certain degree of control over the assets you gift. For example, you could require the beneficiary to use the assets to pay tuition. Moreover, because the Trustee of the trust manages the trust assets and administers the trust, you have someone to make sure the trust terms are honored.
  3. A living trust can protect the inheritance of a minor child. Being a parent to a minor child is a major incentive for using a living trust to distribute your estate because a minor child cannot inherit directly from your estate. As such, any assets gifted to a minor child in your Will must be held and managed by an adult until your child reaches the age of majority. Therefore, a trust is a better option to guard your child’s inheritance because it is set up with a Trustee whose job is to do just that – manage trust assets. A primary difference between using a Will and using a living trust is that you choose your Trustee whereas a judge may end up choosing someone to manage assets gifted to your child in your Will.

Contact Our Tucson Trust Attorneys

For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about using a living trust to distribute your estate, contact our experienced Tucson trust attorneys at Morris Hall PLLC by calling 520-320-5100 to schedule your appointment today.

  • Author
  • Recent Posts
Morris Hall, PLLC
Morris Hall, PLLC
Company at Morris Hall, PLLC
For more than five decades, Morris Hall has been providing quality estate planning legal services for its clients seeking opportunities to preserve wealth and assets through estate preservation plans.

In fact, estate planning, asset preservation and probate law have been our only areas of practice. We are proud to have helped thousands of individuals of all levels of wealth and assets, people concerned about protecting their families from the devastating legal and financial effects of disability and death.
Morris Hall, PLLC
Latest posts by Morris Hall, PLLC (see all)
  • Why Do I Need an Estate Plan? - March 31, 2023
  • Protecting Your Assets from Marriage and Divorce - March 30, 2023
  • Getting Ready for Retirement: Top 10 Tips - March 29, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

MH logo

Main Office

7600 N 16th St, Ste 105

Phoenix, AZ 85020

Phone: 602-249-1328

Fax: 602-248-2887

Subscribe to Our Newsletter

For a sample Click Here

Offices

Our law firm proudly serves many areas in Arizona. See all of our locations here.

Our law firm proudly serves the state of Arizona.  See all of our locations here.

Toll Free: 888-222-1328

Mon-Thur: 8:00am – 5:00pm
Fri: 8:00am – 4:00pm

  • Linkedin
  • Twitter
  • Facebook
  • Youtube
  • Instagram

Need an Estate Planning Lawyer in Arizona?

Looking for an estate planning attorney near you? We have office locations in Phoenix, Mesa, Chandler, Scottsdale, West Valley, Carefree, Prescott, Sedona, Flagstaff, Tucson, and Oro Valley in Arizona so please visit us at the location that is closest to you.

  • © 2023 American Academy of Estate Planning Attorneys, Inc All rights reserved.
  • Disclaimer