Revocable & Irrevocable Trusts

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Favour & Wilhelmsen, PLLC has been an integral part of the Prescott area legal community for over 45 years. You can expect exceptional legal representation from the initial consultation through the resolution of every matter.

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Revocable & Irrevocable Trusts Attorney in Prescott, Arizona

Trusts are one of the most powerful estate planning tools available. They offer privacy, control, and flexibility — often avoiding the time and cost of probate. At Favour & Wilhelmsen, PLLC, attorney David K. Wilhelmsen helps clients throughout Prescott, Yavapai County, and Northern Arizona design trusts that fit their unique needs. With over 40 years of experience, he makes the process clear, approachable, and effective.

What Are Trusts and Why Do They Matter

A trust is a legal arrangement that allows a trustee to hold and manage assets for the benefit of chosen beneficiaries. Creating a trust can help you:
  • Avoid or minimize probate proceedings.
  • Keep your estate and beneficiaries’ inheritances private.
  • Provide for minors or beneficiaries who need oversight.
  • Plan for incapacity by naming a successor trustee to manage affairs if you cannot.

Arizona Considerations for Trusts

In Arizona, trusts must comply with the Arizona Trust Code (Title 14, Chapter 11). Key requirements include:
  • Capacity: The person creating the trust must be legally competent.
  • Intent: There must be clear intent to create the trust.
  • Trustee & Beneficiaries: A trustee must be named and there must be identifiable beneficiaries.
  • Funding: Assets must be retitled into the trust’s name to be effective.

Revocable vs. Irrevocable Trusts — Key Differences

Feature Revocable Trust Irrevocable Trust
Control You can change, amend, or revoke it at any time during your lifetime. Cannot be easily changed once created.
Probate Avoidance Yes — assets in the trust bypass probate. Yes — avoids probate and may provide added protections.
Tax Benefits No significant estate tax benefits (remains part of your taxable estate). May remove assets from your taxable estate, offering potential tax savings.
Asset Protection Minimal protection — assets are still considered yours. Stronger protection from creditors, lawsuits, and estate taxes.
Bottom line: Revocable trusts are ideal for flexibility and probate avoidance. Irrevocable trusts are used for tax planning, asset protection, and specific long-term strategies.

Common Challenges People Face

Many clients hesitate to set up a trust because they:
  • Think it’s only for the wealthy.
  • Feel overwhelmed by the legal process or cost.
  • Aren’t sure whether a will is “good enough.”
  • Don’t know the difference between revocable and irrevocable trusts.

Failing to plan with the right trust can lead to unnecessary probate, increased taxes, or disputes between or among heirs.

Myth-Busting: Trusts Edition

“Trusts are only for the rich.”

Trusts are useful for anyone who wants privacy, efficiency, or avoiding probate — not just high-net-worth individuals.

“If I have a trust, I don’t need a will.”

You still need a pour-over will to capture any assets not already in the trust.

“Trusts are too complicated.”

With David K. Wilhelmsen, creating and managing a trust can be straightforward and stress-free.

“Once I create a trust, all of my assets are automatically covered.”

Not true — assets must be properly retitled and transferred into the trust (“funding the trust”). If property isn’t moved into the trust, it may still go through probate.

“Trusts eliminate the need for all other estate planning documents.”

Even with a trust, you still need a will (often a “pour-over will”), powers of attorney, and healthcare directives. Trusts are powerful tools, but they work best as part of a complete estate plan.

How David K. Wilhelmsen Can Help

Personal Consultation

Clear explanation of whether a trust makes sense for your goals.

Custom Drafting

Preparation of revocable or irrevocable trusts tailored to Arizona law.

Trust Funding Guidance

Ensuring your assets are properly titled so the trust works as intended.

Ongoing Maintenance

Advice on updating or amending your trust as your life and assets change.

FAQ: Revocable & Irrevocable Trusts in Arizona

Yes, properly funded trusts bypass probate, allowing assets to transfer directly to beneficiaries.

Yes. Most people name themselves as trustee of a revocable living trust during their lifetime.

Your trust generally remains valid, but it’s wise to have it reviewed to ensure compliance with your new state’s laws.

In some cases, yes — but it requires court approval or beneficiary consent. David can advise if modification is possible.

No. Arizona does not impose a state estate or inheritance tax. However, federal estate tax may apply for very large estates. Trusts are often used to simplify asset transfers and, in some cases, help reduce federal estate tax exposure.

Potentially. Certain irrevocable trusts can be structured to protect assets from AHCCCS estate recovery, but strict rules apply and advance planning is essential. A revocable trust will not shield assets from recovery. Attorney guidance is critical in these situations.

Advanced Certification

David K. Wilhelmsen received his certification as a Real Estate Law Specialist from the Arizona Board of Legal Specialization of the Arizona State Bar in 1991 for demonstrating advanced knowledge, skill and understanding in the practice of real estate law.

Experience

We have over 45 years of practice experience in most areas of Real Estate, Estate Planning and Probate, and Small Business law.

Local Practice

Established in 1947, David K. Wilhelmsen joined the firm in 1981 and has practiced continuously since then in the Prescott and surrounding communities.

High Martindale-Hubbell Rating

We hold AV Preeminent® rating by Martindale-Hubbell, which is given to attorneys who are ranked at the highest level of professional excellence for their legal expertise, communication skills, and ethical standards by their peers.

Responsible Solutions

We provide trusted and straight forward legal solutions to most matters you may encounter.

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Why Choose Us?

Employing Favour & Wilhelmsen, PLLC will ensure that your rights are protected, your obligations are clearly understood, and your interests are strategically represented. Whether navigating a complex transaction, resolving a dispute, or mitigating legal risk, we provide the knowledge and advocacy needed to avoid costly mistakes and strive to achieve favorable outcomes.

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Build a Trust That Truly Protects Your Future

Trusts aren’t just for the wealthy — they’re for anyone who wants privacy, efficiency, and protection for their loved ones. Attorney David K. Wilhelmsen makes the process simple and personalized, guiding Prescott clients through every step with clarity and care.

Contact our Prescott, Arizona law office today to schedule a consultation and take the first step toward protecting your financial future and your family’s legacy.

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