Can a living trust be set up in Arizona?
Living Trusts in Arizona. If you create a living trust in Arizona, you are the trust grantor. 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.
What is the Arizona Probate Code for a trust?
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.
What are the disadvantages of a revocable living trust in Arizona?
In this article, our Phoenix estate planning lawyers at Mushkatel, Robbins & Becker, PLLC provide an overview of five potential disadvantages associated with revocable living trusts in Arizona: As a starting point, one of the disadvantages of using a trust to pass on assets is that the initial cost is somewhat higher than other options.
How do I create a living trust in the Grand Canyon?
Below, we break down the process of creating a living trust in the Grand Canyon State into six steps: Choose the type of trust you want to set up. If you’re single, you’ll want to opt for a single trust. If you’re married, you and your spouse can each make single trusts or both make a joint trust.
When did Arizona’s irrevocable trust law change?
While enactment of the Code is no longer breaking news – it went into effect January 1, 2009 – many people are still unaware of the significant changes the Code made to Arizona trust law and the requirements it imposes on irrevocable trusts. In short, the Code imposes the following requirements regarding irrevocable trusts:
What are the estate tax laws in Arizona?
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.