Living Trusts Arizona Laws
Living Trusts Arizona Laws | What You Need to Know
An Arizona living trust is a common document included in quality estate planning. It allows for the transfer of legal ownership of assets to the trust during your lifetime. It also allows you to continue using those assets throughout your life and retaining control over them. At the time of death, assets that are in the living trust are transferred to the individuals that you chose as the trust beneficiaries. Living trusts in Arizona provide many benefits.
Creating a living trust in Arizona means that you will be the trust grantor. Any assets owned by the trust will be managed by the trustee, which you choose. Many choose to make themselves the trustee of their own living trust, but it is important to note that a successor trustee should also be named to manage the trust after your death.
The successor trustee is very important and should be chosen very carefully as the entire point of creating a trust is to ensure that your assets are distributed as you prefer upon your time of death. When dealing with a revocable living trust, you can cancel the trust entirely or simply make changes to the trust at any time prior to your death. At time of death, the revocable trust becomes irrevocable and, therefore, permanent.
Many decide to create a living trust in Arizona in order to pass on their assets without having to go through the probate process. Even with Arizona’s use of the Uniform Probate Code, having a trust in place makes the transfer of assets notably faster. Passing assets along to beneficiaries through a will or the state intestacy statutes means a delay as the court must approve the process.
Small estates (under $50,000) can use a streamlined process available in Arizona that is less expensive, but even if your estate qualifies for this specific process, you will not be afforded the same protections as are available with through a trust. Due to this fact, many opt for a living trust in Arizona even when their estates technically qualify as “small.”
If you are not sure how to manage your assets for maximum asset protection , please get in touch with the experienced attorneys at Hildebrand Law. We are here to assist you with your Arizona estate planning needs and can take you through all the options to ensure you get what is best for you and your loved ones.