What Is A Living Trust In Arizona

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.

What is a living trust in arizona.

We also offer free downloads of useful estate planning documents. 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. 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. 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. 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. Living trusts also known as revocable trusts appoint a trustee or trustees to manage assets that a settlor has transferred to the trust.

Often the first trustee is you the owner of the property. So how much does a living trust cost. 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. The trust document designates who will serve if the initial trustee becomes unable or unwilling to continue.

Well the answer depends on the specific situation but here s a list of the top misconceptions about living trusts in arizona. Unlike a will the contents of a living trust don t have to be distributed in probate and are not made public record. We help arizona residents at all income levels create affordable and comprehensive estate plans to achieve their unique goals. What is an arizona living trust.

But this initial cost of the will does. 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. Ownership of the assets are transferred to the trust but the.

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. Only a will can do that. After you pass away the assets in your trust will be transferred to the beneficiary that you named. Estate planning needs vary with state laws and of course family situations.

A living trust can t appoint a guardian for your children. A living trust is expensive. You can continue to use and control the assets during life. Living trusts estate planning for arizona families.