Yes, if you create a revocable living trust, you can serve as your own trustee. This gives you full control over your assets during your lifetime—you can buy, sell, invest, or remove assets from the trust as you wish. You’ll also name a successor trustee who steps in if you become incapacitated or pass away, avoiding the need for court involvement.

However, you cannot serve as trustee of an irrevocable trust (in most cases) if the goal is asset protection or estate tax reduction. With irrevocable trusts, you're giving up control in exchange for benefits like creditor protection or removal of assets from your taxable estate. Your trustee must be someone independent, and any attempt to retain control could jeopardize the trust’s effectiveness.

Pros of being your own trustee (revocable trust):

• Full control over assets
• Flexibility to make changes
• No third-party oversight

Limitations:

• • No asset protection during your lifetime

• Assets are still considered part of your estate for tax and Medicaid purposes

Most types of assets can be placed in a trust. Placing assets in a trust helps them bypass probate and ensures they are managed according to your instructions. Most non-retirement assets can and should be transferred into your trust.

Common assets to place in a trust:

• Real estate
• Bank and investment accounts (non-retirement)
• Business ownership interests (LLCs, corporations)
• Valuable personal property
• Non-qualified annuities

Assets typically not titled in a trust:

• Retirement accounts (IRAs, 401(k)s): Best handled by naming beneficiaries or a trust as beneficiary (when appropriate)
• Life insurance: The trust can be named as a beneficiary, but ownership is usually retained
• Vehicles: Usually left out due to retitling costs, car insurance premium increase, and DMV complications unless high-value or titled to a business

Some assets should remain outside fo the trust to preserve tax benefits, comply with legal restrictions, or Because naming a trust as a beneficiary (instead of retitling) may be more appropriate. 

Properly funding your trust is essential to ensure it functions as intended. Our team will guide you through the process of transferring assets to your trust and advise on any exceptions or special procedures.

It is advisable to review your trust every three to five years, or whenever you experience a significant life event—such as marriage, divorce, the birth or adoption of a child, a substantial change in assets, or the death or incapacity of a trustee or beneficiary. Regular reviews help ensure your trust continues to reflect your wishes and current law.

A revocable trust can be changed or revoked by the grantor at any time during their lifetime, offering flexibility and control. 

An irrevocable trust generally cannot be changed or revoked once established, but it may remove assets from your gross estate and provide greater asset protection and potential tax benefits.

Certain types of trusts, such as irrevocable trusts, may offer protection from creditors or legal claims. However, a standard revocable living trust does not provide asset protection during your lifetime, as you retain control over the assets.

Yes. A “pour-over” will is typically used alongside a trust to ensure that any assets not transferred to the trust during your lifetime are directed into the trust upon your death. A will is also necessary to name guardians for minor children.

Assets properly titled in the name of your trust are not subject to probate and can be distributed directly to your beneficiaries by your successor trustee, saving time and maintaining privacy.

While most revocable living trusts do not provide estate tax benefits, certain irrevocable trusts can be structured to reduce or eliminate estate taxes for larger estates. We can advise you on the best strategy based on your circumstances.

You may choose a trusted individual, a professional fiduciary, or a financial institution. It is important to select someone who is responsible, organized, and capable of managing financial matters in accordance with your wishes.

Trusts are generally portable, but state laws vary. It is advisable to have your trust reviewed by an attorney in your new state to ensure it remains valid and effective.

If you have a revocable trust, you can change beneficiaries at any time by amending the trust. Irrevocable trusts are generally not changeable, but there may be limited exceptions.

Funding a trust involves retitling your assets (such as real estate, bank accounts, and investments) in the name of the trust. Our firm will guide you through this process to ensure your trust is properly funded and effective.

A trustee is responsible for managing trust assets, keeping accurate records, filing tax returns if necessary, and distributing assets according to the terms of the trust. Trustees have a fiduciary duty to act in the best interests of the beneficiaries.

It depends on the type of business, the nature of your assets, your estate planning goals, and your risk tolerance. Most business owners benefit from placing their ownership interest in the business (e.g., LLC membership units or corporate shares) into a trust—but whether that trust should be the same as the one holding your personal assets depends on several factors.

Why this matters:
If business interests are not held in your trust, your successor trustee may lack authority to act, and your heirs may face delays in accessing or managing the business.

In general, placing business interests in a trust is advisable, but the structure of that trust matters. For many clients, it may make sense to hold business interests in a separate trust—distinct from the one used for personal assets—especially when:

• The business carries liability risk or involves outside partners.
• The business owns real estate or multiple rental properties.
• Different trustees or beneficiaries are desired for business assets versus personal assets.

What can typically be placed in a trust:

• LLC membership interests
• Corporation shares
• Partnership interests

Caution for active businesses:

• Your business’s governing documents (like an operating agreement or shareholder agreement) may need to be updated to recognize the trust as an owner.
• A trust should not be named as a "member-manager" without careful planning.
• If you are a licensed professional (e.g., attorney, physician), state laws may restrict ownership by a trust.

Business-owned property or personally owned business-use property should also be evaluated carefully. If you own property personally but use it for business, it may be better to transfer it into an LLC for liability protection, then place the LLC interest into your trust. Similarly, if your business owns multiple properties, placing each property in a separate LLC and then transferring those LLC interests into a trust can reduce liability exposure and streamline management.

We work with your CPA and other advisors to determine the best legal structure, including whether your business should be included in your revocable living trust, placed into its own business trust, or held in a trust with customized terms that reflect your operational and estate planning needs.

We’ll help coordinate with your accountant and business partners to ensure your trust is aligned with your legal and business obligations.

Arizona has adopted the Uniform Trust Code, which governs the creation, administration, and termination of trusts in the state. Our firm ensures your trust complies with all Arizona legal requirements.