What Is A Living Trust In Arizona

Arizona uses the uniform probate code which simplifies the probate process so making a living trust may be more trouble than it saves.

What is a living trust in arizona.

After you pass away the assets in your trust will be transferred to the beneficiary that you named. Unlike a will the contents of a living trust don t have to be distributed in probate and are not made public record. If you or your loved one is considering setting up a revocable living trust in arizona it is important that you have a basic understanding of these potential advantages and drawbacks. An arizona living trust is a legal document that allows you to transfer legal ownership of assets during your lifetime into a trust as part of your estate planning.

After your death the assets in the living trust are transferred to those people you have chosen as beneficiaries. A living trust helps you skip probate costs but still comes with attorney fees any property given through the last will and testament is subject to probate. Ownership of the assets are transferred to the trust but the. A living trust takes more time to set up.

A living trust in arizona is a legal document that allows a person to transfer legal ownership of the assets they accumulated during their life into a living trust as a part of their estate planning. Only a will can do that. When handled through the living trust it isn t. A living trust is not necessarily the right estate planning tool for every person or situation.

You can continue to use and control the assets during life. So how much does a living trust cost. Living trusts estate planning for arizona families. A living trust is one way to be proactive about planning your estate if you re in arizona and think that establishing a living trust might be the best way for you to protect your assets and make life as easy as possible for your family after you ve died this guide will give you the information you need to set up the trust.

Estate planning needs vary with state laws and of course family situations. Well the answer depends on the specific situation but here s a list of the top misconceptions about living trusts in arizona. We help arizona residents at all income levels create affordable and comprehensive estate plans to achieve their unique goals. The trust document designates who will serve if the initial trustee becomes unable or unwilling to continue.

We also offer free downloads of useful estate planning documents. Arizona has a simplified probate process for small estates under 75 000 for estates with no real property under 100 000 for estates with real property less any liens or encumbrances. Often the first trustee is you the owner of the property. But this initial cost of the will does.

It is true that a well constructed living trust does have a higher initial cost compared to a will. What is an arizona living trust. Living trusts also known as revocable trusts appoint a trustee or trustees to manage assets that a settlor has transferred to the trust. At four peaks planning inc.