A revocable Phoenix Living Trust is a very popular tool used for estate planning to assign property to beneficiaries after your death. Phoenix Living Trust programs are considered revocable because you can change them as you need if you want to because your wishes or circumstances have changed — this can of course only be done to a Phoenix Living Trust while you are still alive.
What is a Phoenix Living Trust?

A Phoenix Living Trust is basically just a legal written document that is made by the trustor and signed by a notary public to make it official. The actual document that goes along with a Phoenix Living Trust is pretty simple but will still need to be put together by an attorney because of its importance and impact on the people involved. Phoenix Living Trust documents need to list the property owned by the trustor, designate a trustor, and also name a beneficiary (or beneficiaries). The trustee is the maker of the Phoenix Living Trust, the trustee is in charge of seeing it through, and the beneficiaries are the ones who get the property or funds. There are usually two kinds of trustees associated with Phoenix Living Trusts — one who is usually the actual trust maker and the other is the trustee who takes over after the trust maker’s passing.

What Happens to Property When a Phoenix Living Trust is Made?

After the document is created and notarized, the trust maker must transfer property they want to be covered by the document into the trust when they like. This usually just simply involves listing the property in the trust document. Titled property is different though, the property will have to be retitled in the name of the trust — this is a lot less complicated than it seems. If property isn’t properly retitled and it needs to be, it could end up in probate court where a judge will have to sort it out — which is pretty much the reason people create living trusts to avoid this in the first place. If everything is retitled as it should be, the property will be handled how you explained in the trust document and is overseen by the trustee — most of the time this completely eliminates the possibility of your estate entering probate court that will surely hold up the distribution of your estate.

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If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.

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