12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Benefits of a Living Trust in Arizona

Benefits of a Living Trust in Arizona


If you want to really know what your friends and family think of you die broke, and then see who shows up for the funeral.
 
- Gregory Nunn


You can make your own basic Living Trust or create a living trust jointly with your spouse. There are many available types of living trust, though some are complicated and can only be used for certain circumstances.

Creating a Living Trust Online

  • Bypass Living Trust: This can be used for married couples with a combined estate that can surpass the estate tax threshold.
  • Special Need Living Trust: Leaving a property to someone with disability.
  • Spendthrift living trust: The beneficiary is someone deemed unable to control his spending and who cannot be trusted to manage money. This living trust will control the beneficiary's ability to spend money.

The Essentials in Creating a Living Trust

You need to decide the following before you begin building your online living trust documents at 12Law.com:

  • List of your beneficiaries
  • List of back up beneficiaries
  • List of young beneficiaries that require guardianship and property management until they reach adulthood
  • First and second choice of successor trustee


  • How to Create a Living Trust

    • Use 12Law.com to create your online living trust document. It shouldn't take long to think through what you want in this important legal document
    • Have your living trust document notarized. Sign your document in front of a notary public. Usually, banks offer free notary services
    • Transfer property into your living trust. Depending on the type of property you are transferring to your living trust, the transfer may take a few weeks to take effect. All property with a title or deed needs to have the title or deed documents updated. This step is absolutely essential.

    How to Change or Revoke Your Living Trust

    Restating or revoking your living trust by adding or removing property is done by transferring your property ownership back to yourself, updating the list of living trust property attached to the trust document and also by revising the property titles.


    When to Use a Living Trust

    Making a revocable living trust can fulfill your wish of giving your property to the beneficiaries of your choice. A living trust avoids any possibility of having the estate tied up in probate (a big advantage over a Last Will and Testament).

    A living trust can spare your family from the expense and delay of a probate that is common when using a will. It can prevent probate from tying up your real estate and other miscellaneous assets. If you have money in a bank, brokerage, and other retirement accounts it would be effective to name "payable-on-death" beneficiaries for each account.

    A living trust can ensure that what you bequeath remains confidential, except when it comes to real estate transfers that can be made public. Making a living trust is not much more complicated than making a will. The important thing to note, however, is to make sure that ownership of all the property you have indicated in the living trust document is legally transferred to the trust, with you as the trustee.

    It may be a good idea to appoint another trustee for the living trust., in case you become incapacitated. He or she will take care of your financial affairs when you are incapable of doing it and will take over the management of the trust assets after you die. The absence of a living trust will make the court arrange someone to take over the affairs you left behind.


    Individual or Shared Living Trusts for Couples

    A Living Trust can be individual or shared. Couples can make a probate-avoiding trust together as a shared living trust. This is preferable especially if you have large, jointly held assets. Needing to divide up the jointly owned property is avoided. Shared living trusts can also be useful to bequeath property to a surviving spouse.

    When one grantor dies, the property left to the surviving spouse stays in the living trust and does not need to be transferred. In the case of individual living trusts, the property left to the survivor has to be transferred from the living trust of the grantee to the survivors then to avoid probate, again placed in the survivor's living trust. Individual trusts may make sense in certain circumstances:

  • Both of you have signed an agreement that each spouse's earning and other income are separate and each of you wants to keep your property separately
  • You are newly married with little or no property together
  • You owned property before marriage and don't want it comingled with assets you will acquire together during the marriage. You will be in sole control of your own trust property.
  • Community Property States. Decisions you make may be affected by the community property laws of your state. This law states that, as a general rule, spouses should share income acquired during marriage 50-50. Properties earned during the marriage are a community property regardless of the name in the title.
  • Non- Community Property States. The name stated in the title document is considered the owner of that property. If you acquire property together, consider a shared living trust. If you own separate property, then an individual living trust may be appropriate for one or both of you
  •  
    Personalize & Print a Free AZ Living Trust Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
    Page 11
    Page 12
    Page 13
    Page 14
    Page 15
    Page 16
    Related Legal Services in Arizona
    Thompson & Volquardsen Pc
    2198 E Camelback Rd Ste 305
    Phoenix, AZ 85016
    (602) 510-9999
    Mon. - Fri. 9am - 5pm, Sat. - Sun. CLOSED
    Tobler & Associates
    1630 S Stapley Dr #200
    Mesa, AZ 85204
    (480) 253-9995
    Attorneys,  Criminal Law Attorneys,  Malpractice Law Attorneys,  Social Security & Disability Law At
    Daniel I. Ziskin, PC
    301 E Bethany Home Rd
    Phoenix, AZ 85012
    (602) 845-9995
    Attorneys,  Medical Law Attorneys,  Consumer Law Attorneys,  Accident & Property Damage Attorneys,  
    Blecher Robert B PC
    8930 E Raintree Dr
    Scottsdale, AZ 85260
    (480) 444-9988
    Attorneys
    Honig Roger S PC
    8930 E Raintree Dr
    Scottsdale, AZ 85260
    (480) 444-9984
    Attorneys
    Finch David
    4935 E Valley Vista Ln
    Paradise Valley, AZ 85253
    (602) 468-9983
    Attorneys
    Martin Marshall A
    8930 E Raintree Dr # 100
    Scottsdale, AZ 85260
    (480) 444-9980
    Attorneys, General Practice Attorneys
    Dietz Ty S
    12658 N 80th Pl
    Scottsdale, AZ 85260
    (480) 368-9979
    Attorneys, General Practice Attorneys, Legal Service Plans
    Chris Winchell Atty
    207 N. Gilbert Road, Suite 001
    Gilbert, AZ 85234
    (480) 917-9977
    Mon-Fri 7:30am-6pm, Sat 9am-6pm, Sun Closed
    Goldberg & Osborne - East Tucson
    9630 E 22nd St # 130
    Tucson, AZ 85748
    (520) 298-9962
    Personal Injury Law Attorneys, Attorneys, Civil Litigation & Trial Law Attorneys
    Hawkins & Hawkins, PLLC
    1930 N Arboleda Suite 216
    Mesa, AZ 85213
    (480) 325-9950
    Divorce Attorneys, Family Law Attorneys
    Carroll F Michael Atty
    702 E Osborn Rd
    Phoenix, AZ 85014
    (602) 234-9946
    Attorneys
    Jeremy Geigle
    40 N Center Street
    Mesa, AZ 85201
    (480) 818-9943
    Traffic Law Attorneys, DUI & DWI Attorneys, Drug Charges Attorneys, Criminal Law Attorneys, Attorney
    Villadolid David M Atty
    702 E Osborn Rd
    Phoenix, AZ 85014
    (602) 234-9943
    Attorneys
    Resnick Mark R
    100 N Stone Ave # 508
    Tucson, AZ 85701
    (520) 903-9938
    Attorneys, General Practice Attorneys, Legal Service Plans
    Iniguez Anthony
    702 E Osborn Rd
    Phoenix, AZ 85014
    (602) 234-9938
    Attorneys
    Gunderson, Denton & Peterson, P.C.
    40 N Central Avenue suite 1400
    Phoenix, AZ 85004
    (480) 325-9937
    Immigration Law Attorneys, Labor & Employment Law Attorneys, Wills, Trusts & Estate Planning Attorne
    Davis Kathie
    4300 E Whitman St
    Tucson, AZ 85711
    (520) 795-9935
    Paralegals, Attorneys
    Luikens Thomas G
    4227 N 32nd St
    Phoenix, AZ 85018
    (602) 468-9928
    Attorneys
    Harris Ralph D
    702 E Osborn Rd
    Phoenix, AZ 85014
    (602) 234-9924
    Attorneys
    Abel Clare H
    702 E Osborn Rd Ste 200
    Phoenix, AZ 85014
    (602) 234-9920
    Attorneys
    Abraham Andrew
    702 E Osborn Rd Ste 200
    Phoenix, AZ 85014
    (602) 234-9917
    Attorneys, Legal Service Plans
    Jamal F. Allen & Associates PLC Lawyers
    1811 S Alma School Rd Suite 145
    Mesa, AZ 85210
    (480) 253-9914
    Attorneys,  Personal Injury Law Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys
    Cavness Marc C
    777 E Thomas Rd Ste 210
    Phoenix, AZ 85014
    (602) 279-9911
    Attorneys, General Practice Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US