Arizona trust software

Your assets become owned by the trust which will be managed by the person you choose as trustee. You can name yourself as trustee, but you need to name a successor trustee who will manage the trust after your death.

The whole point of a trust is to ensure that your assets go to the people you choose, your beneficiaries, so you will want to choose them carefully. A revocable living trust allows you to change or cancel the trust at any point during your life, while an irrevocable living trust becomes permanent.

Creating a living trust in Arizona allow you to pass on your assets without having to go through the probate process. Although Arizona uses the Uniform Probate Code, a trust allows a speedy transfer of assets. If your assets pass via your will or through the state intestacy statues, there is a delay as the court approves the process.

There is no requirement that anyone create a living trust, however many people choose to do so because of the many benefits it offers. Your living trust allows you to control when and how your assets pass to the people you personally select. A living trust allows you to preempt probate, so there is never a court proceeding or any public record of what property you leave at your death and to whom you leave it. The privacy this provides is important to many people. If you do not have a living trust, your assets will be passed according to your will, if you have one.

The probate process can take months or more depending on the size of your estate. A living trust allows your assets to pass immediately upon your death. A living trust also provides you with protection should be you become incapacitated during your lifetime.

Your assets are already in trust, being managed by a trustee you have hand selected, so your affairs will be completely managed. There is no state estate tax in Arizona, however federal estate tax laws do apply and property placed in a trust in Arizona may be exempt from federal estate taxes if placed in an AB trust, sometimes called a marital trust or QTIP trust, which transfers the property in the trust to a surviving spouse.

Living trusts do not shelter your assets from Medicaid eligibility spend down laws. To create a living trust in Arizona you need to create a trust document that lays out all the details of your trust and names the trustee and beneficiaries. You will sign the document in front of a notary.

To complete the process, you fund the trust by transferring the ownership of assets to the trust entity. Living trusts are a simple way to maintain control of your assets while planning for the future. Creating one can be an important part of your estate plan. If you're ready to create a living trust in Arizona , LegalZoom can help.

In the past, the use of trust protectors has been limited due to uncertainty over whether, and to what extent, a trust protector has fiduciary duties to the beneficiaries of the trust, i. The Code eliminates this uncertainty in favor of saying a trust protector is not a fiduciary and, thus, makes it easier to appoint and use trust protectors.

If you have an irrevocable trust, or are a trustee of an irrevocable trust, you should review your trust provisions to determine whether, and to whom, you have a duty to report and provide notice.

Site Search. December After the beneficiaries become aware of the trust, they can request from the trustee, and trustee must give them, a copy of the portions of the trust agreement that pertain to each beneficiary.

Avoiding the Reporting Requirement The annual reporting requirement can be eliminated through a trust amendment to a revocable trust.

Non-Judicial Modification The Code makes it easier to modify a trust without a beneficiary having to go to court. Trust Protector In recent years, a growing number of persons creating irrevocable trusts have included provisions that appoint an independent party a friend, attorney, CPA, other professional, etc.

Conclusion If you have an irrevocable trust, or are a trustee of an irrevocable trust, you should review your trust provisions to determine whether, and to whom, you have a duty to report and provide notice. Communications from non-clients via this website are not subject to client confidentiality or attorney-client privilege. Further, the articles, discussion, commentary, forms and sample documentation contained in this website are offered as general guidance only and are not to be relied upon as specific legal advice.

For legal advice on a specific matter, please consult with an attorney who is knowledgeable and experienced in that area. Trustbooks has helped simplify what was an incredibly complicated, frustrating, and time-consuming part of my practice. I was trying to keep track of so many different binders, sheets of paper, excel spreadsheets, and bank receipts; it was a nightmare.

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Small and solo law practices should absolutely try it out, but it would certainly handle large practices as well.

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Three-way reconciliations make my accounting so much easier on a monthly basis. TrustBooks really took the worries away and made our trust accounting simpler and more efficient.

The team at TrustBooks is always super friendly and helpful. I always feel like I am talking to a trusted friend.