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A living trust is just one approach to be preemptive in planning your estate. If you are in Arizona and consider that implementing a living trust could be the best way for you to safeguard your assets and make life as easy as it can be for your family following your passing, these instructions will give you the details you need to establish the trust. Whether you are drafting a trust or a financial outline, you may also benefit from speaking with a financial consultant.
How To Setup a Living Trust in Arizona
Thinking of setting up a living trust in Arizona? Below, is a break down the process of establishing a living trust in the state of Arizona into 6 steps:
- Decide on the type of trust you want to establish. If you are single, you will want to choose a single trust. If you are married, you both can each establish single trusts, or each of you can establish a joint trust. A joint trust enables you both to put mutual property such as vehicles and property into the trust.
- Catalog the property and choose what you want in the living trust. You may put anything from bonds and stocks to family keepsakes and a motorcycle into your living trust. Also gather any corresponding documentation, such as records of vehicle ownership, and bonds.
- Decide on a trustee. If you opt to make you the trustee, you will also want to decide on a successor replacement who can manage the trust once you have passed. It’s also a great time to decide who inherits your estate. Your trustee, or replacement trustee, will be accountable for distribution of your estate to your successors after you have passed.
- After that it’s time to really create the trust paperwork. You can draft a living trust utilizing online services, or you may consult an attorney to assist you with the process.
- Subsequently you will need to sign the paperwork in the presence of a notary.
- Last of all, you are required to fund the trust. Move the property you have decided you want included in the trust. This will need some paperwork. Hiring a lawyer could be the best choice for having this done since there are risks with estate planning yourself.
How Much Does a Living Trust Cost in Arizona?
The cost of establishing a living trust in Arizona relies completely on how you go about getting it set up. If you plan it yourself, the cost depends on the service you use. The total cost might be less than $100, or it may be up to $300, subject to the online service you use.
If you do hire a lawyer to assist you in creating the trust, the lawyer’s fees will define your total cost. You may end up paying upwards of $1,000. Before consenting to work with a lawyer, be sure you talk about their fee rates so you will know what you may pay.
If you hire a lawyer, you need to look for someone who practices in creating trusts, also. Furthermore, because a lawyer works in estates doesn’t necessarily mean they specialize in trusts, so look specifically for a lawyer who has proficiency in this specific area. You can find experienced lawyers on the State Bar of Arizona’s website.
How Much Does a Living Trust Cost in Arizona?
The cost of establishing a living trust in Arizona relies completely on how you go about getting it set up. If you plan it yourself, the cost depends on the service you use. The total cost might be less than $100, or it may be up to $300, subject to the online service you use. If you do hire a lawyer to assist you in creating the trust, the lawyer’s fees will define your total cost. You may end up paying upwards of $1,000. Before consenting to work with a lawyer, be sure you talk about their fee rates so you will know what you may pay. If you hire a lawyer, you need to look for someone who practices in creating trusts, also. Furthermore, because a lawyer works in estates doesn’t necessarily mean they specialize in trusts, so look specifically for a lawyer who has proficiency in this specific area. You can find experienced lawyers on the State Bar of Arizona’s website.
Source:
- Geier, Ben. “How To Create A Living Trust In Arizona.” SmartAsset, SmartAsset, 22 Aug. 2018, https://smartasset.com/estate-planning/living-trust-arizona.
