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.

What is a living trust in arizona.

Only a will can do that. Unlike a will the contents of a living trust don t have to be distributed in probate and are not made public record. It is true that a well constructed living trust does have a higher initial cost compared to a will. 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. We also offer free downloads of useful estate planning documents. A living trust is not necessarily the right estate planning tool for every person or situation. After your death the assets in the living trust are transferred to those people you have chosen as beneficiaries.

A living trust can t appoint a guardian for your children. A living trust is expensive. Living trusts also known as revocable trusts appoint a trustee or trustees to manage assets that a settlor has transferred to the trust. Well the answer depends on the specific situation but here s a list of the top misconceptions about living trusts in arizona.

You can continue to use and control the assets during life. At four peaks planning inc. Arizona uses the uniform probate code which simplifies the probate process so making a living trust may be more trouble than it saves. We help arizona residents at all income levels create affordable and comprehensive estate plans to achieve their unique goals.

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. So how much does a living trust cost. The trust document designates who will serve if the initial trustee becomes unable or unwilling to continue. What is an arizona living trust.

A living trust takes more time to set up. The arizona revocable living trust is a document created by an individual who wishes to protect their assets and leave instructions for an appointed trustee to distribute assets to beneficiaries when they die. Often the first trustee is you the owner of the property. 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.

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. When handled through the living trust it isn t. 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. But this initial cost of the will does.