A revocable trust has many benefits for estate planning and can avoid the process of probate in Arizona. A Phoenix revocable trust allows an asset owner (grantor) to manage a particular asset or set of assets during their lifetime. After the death of the grantor, a successor trustee takes over the asset management and ensures that it goes to the right beneficiaries.

Setting up and funding a Phoenix revocable trust does take more effort and money than setting up a will, but there are many benefits as well. There are a number of cases where a Phoenix revocable trust would be of better use than a will for asset distribution. By knowing some of the benefits of a Phoenix revocable trust you can decide on which one will work better for your situation.

One major benefit of a Phoenix revocable trust is that it avoids probate court, which is normally used to distribute assets in a will. Every will must go through probate court, but a Phoenix revocable trust avoids this because the assets are owned by the trust once they are transferred to the trust, and the trust continues on after the death of the grantor.

Since wills must go through probate court, there is public documentation of the events of the probate court, and the value of items and assets of an estate are often made public. A revocable living trust allows the assets of an asset to remain confidential since there is no probate.

There is also a gap period between the time that an executor is appointed to distribute the assets of the grantor’s estate, and the time of the grantor’s passing. This is avoided with a Phoenix revocable trust, as the successor trustee is already selected in the trust and can immediately take over managing the trust if the grantor becomes ill or passes away.

There are many circumstances where a Phoenix revocable trust can be of benefit compared to a will, such as the distribution of assets to minors, estate planning for married couples, for those on a second marriage, and many other scenarios. Setting up a Phoenix revocable trust can be more expensive than preparing a will, but the extra costs are well worth it, as it can avoid probate court and save thousands of dollars of legal expenses when it comes time for estate distribution.

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