Wills and Living Wills Article


Revocable Living Trust

A trust is a contract between yourself as the Trustmaker/Grantor/Settlor/Trustor and yourself (typically) as Trustee (the person that manages the trust). You can change or revoke the trust at any time that you have capacity.


You can specify who determines your disability. You can set out the terms of the trust to handle distribution while you are alive and well, alive and disabled, and not alive. The trust handles both disability and providing for your beneficiaries. You can set the terms for how and when your beneficiaries receive assets from the trust. If the beneficiary has disabilities, a special needs trust may be appropriate.


You may want assets held in trust for a minor beneficiary. If a beneficiary is going through bankruptcy or has creditor issues, you may want to draft the trust so that the beneficiary cannot demand the money from the Trustee. Sometimes trusts are set up to provide protection in event of divorce (if the beneficiary receives the money outright and then commingles it with spouse, it can be hard to trace what is left, if anything, if the inheritance and amounts not traceable are included in what is divided in the divorce).


Consult an estate planning attorney to review your goals/wishes and the various options in this area.


Make sure you properly fund your trust after signing it and review all beneficiary designations to make sure they meet your wishes. It will be frustrating for your Trustee to not only have to do the trust administration but also the probate because you “forgot” to change title on an asset into your trust.


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QUESTIONS

  • What is a living will?
  • How long do family members need to wait to be allowed copies of a Will? Do family members get notices?
  • I own a rental property with another person, can I leave my half of the property to my children with a beneficiary deed?
  • My father passed away 10/22/13. He had a Revocable Family Trust, I was listed as a cotrustee. I was promised a copy of the trust several times but haven't seen it yet. If wife of 7 or 8 years is refusing to let me see it and says it will now be changed and if there's anything left when she passes we'll get then. Is she required by law to give me a copy of the trust now? Don't I have a right to see what the trust says on the day of my father's death? Please advise.
  • Do you have to file your power of attorney paperwork with the county recorder for it to be legal and final.
  • My mother passe away and I am the beneficiary of her home according to her will. My name is not on the title of the home. What steps should I take to get the house before it goes into probate?
  • Our former estate lawyer failed to pay for 'records storage' (among which were our wills and trust) and now that we need them because we need to update our trust, the company won't release them to us. How can we get the company to release our papers? We are willing to pay an access fee.
  • If an attorney tells you not to contact someone, is that legally binding?
  • I have inherited $50000 from a neighbor I cared for. Do I have to pay any taxes on this income? Would I be able to ask estate to pay down my mortgage directly or do I have to receive money and do it myself.
  • how would you find out what happened if someone willed proprty to you after they died several years ago

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RELATED ARTICLES

Life Care Planning Packet (Advanced Directives), Information and Documents from the Arizona Attorney General

Staying in Charge of Your Future

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Arizona Office of the Attorney General

AZ Office of the Attorney General Life Care Planning Packet

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