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  • July 4, 2022

Get To Know About Different Types Of Miller Trusts In Arizona

A trust is simply a legal arrangement in which you appoint somebody (usually a financial advisor) to manage certain aspects of your estate while you are still alive. 

If you are considering setting up a Miller trust, you should first speak with an elder law attorney. You can browse to this site to consult with attorneys to protect the rights and benefits of your loved one’s.

There are two main types of Miller trusts:

  • Discretionary trusts allow the trustee to make decisions on behalf of the beneficiaries without being bound by any specific criteria. This type of trust is good for individuals who want to have more control over their assets, but who also want to be assured that their money will be distributed in accordance with their wishes.

  • Absolute trusts stipulate specific conditions under which the trustee may distribute the assets. These trusts are usually good for people who want to ensure that their money goes to a particular person or group of people, and who are not concerned about having discretion over how it is used.

Either type of trust can be set up using a written agreement called a trust instrument. An elder law attorney can help you create the document, and also review it for any potential legal issues.

A miller trust is a type of revocable trust that allows you to divide your assets among beneficiaries in a way that is more flexible and manageable than other types of trusts. To set up a Miller trust, it is advisable to enlist the services of an elder law attorney.