What You Don't Know About the New Arizona Trust Code
Might Not Hurt You.
But, it could spell disaster for a surviving spouse or other beneficiaries...
ARIZONA TRUST CODE
There are numerous provisions of the new ATC (Arizona Trust Code) now effective in Arizona that apply to all trusts. Contrary to what some may tell you, certain parts of this new law DO pertain to revocable living trusts created before the effective date as well as all trusts created after.
ATC provisions apply when ANY Arizona living trust becomes "irrevocable" for any and all Arizona Trustors (Settlors, Creators, Grantors, etc.) who may also serve as their own Trustee. (If their residency is in Arizona) It also applies to all Arizona Trustees if domiciled here, even if the Trustor resides in another state.
Any living trust will normally become irrevocable at the time the Last Trustor either dies or becomes disabled, or if single, the Trustor dies or becomes disabled. (Other conditions could be drafted whereas the trust is irrevocable from inception or upon some other contingency triggered other than by death or disability.)
The ATC provisions kick in the second a Trustors' trust becomes irrevocable. This could be right after a heart attack, or the second death in a marital trust. Failing to draft these new provisions is no excuse for your Successor Trustee who will have to adhere to all mandatory provisions that apply to an irrevocable trust.
Without drafting these provisions, chances are high that a beneficiary could petition the court to interpolate the ATC regarding his or her rights. If the Trustee finds that these provisions are absent in the trust Articles, where else but the courts could your trust end up in?
Net cost of that? A whole lot more most likely than the cost of drafting the provisions into your trust now!
Therefore, updating your current trust is important. We have found that just about every trust we originally reviewed could not be strategically updated for the new ATC provisions without an AMENDMENT IN THE ENTIRETY. A complete replacement may be what you need too.
SO, IF YOU CHOOSE US TO UPDATE YOUR TRUST AT THIS TIME, YOU WILL GET A NEW TRUST WITH ALL PROVISIONS! (While preserving your custom provisions of course)
TWO CHOICES TO GET YOUR TRUST CORRECTED WITH THE NEW ATC PROVISIONS
First, if we didn't create your trust, you may be able to go back to your original source to have these important updates drafted.
Of all the updates called for over the years regarding trust law changes, THIS change is very important to draft in your current revocable trust instrument.
However, we find many firms, both lawyer and non-lawyer document preparers who have not updated their documents for Arizona Trust Code. And, if your trust is older, there is a good chance your original firm or person you used is no longer in business.
Of course, pricing is important too. But, price alone means nothing if you do not understand how to compare. So, your two choices are to go back to where you got your trust and get a price quote if they are still available to you.
Your second choice is to let us professionally serve as your AZCLDP (Arizona Certified Legal Document Preparer). We are licensed by the Arizona Supreme court and supervised by them. You can be assured of accuracy and quality in our documents which are known to be some of the most thorough and legally correct in the Valley!
Beyond that, they are some of the fanciest looking documents as well. Every trust is printed on high cotton content linen bond paper, to last for years. Our sole document practice is in providing estate planning legal documents since 1991!
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WHY FSI'S TRUST UPDATE MAY BE YOUR BEST CHOICE
Sure, price matters. But, if you don't know what you are getting for that update price, how can you compare?
10 THINGS YOU GET WITH THE FSI TRUST UPDATE
(That your current trust provider may not be able to provide to you)
1. An entire amended trust known as an "Amended Trust in the Entirety". Every provision and update in our 2012+ model is in your update!
2. Our trust is endorsed for HIPAA health provision waivers and takes the strongest stand to eliminate failure due to HIPAA law. Make sure your trust is HIPAA friendly!
3. Our trust contains important specific state statutes and is organized to find information fast during a time of need.
4. Our trust is part of a professional trust portfolio available with all Power of Attorney, Will, and other funding forms needed to be sure your trust estate is fully managed and funded. (up to 300 pages!)
5. Our trust contains provisions for pets, overlooked by many. Many use us for that reason alone!
6. Our trust contains national (inter-state) and international portability provisions to extend your legal coverage world wide!
7. Our trust contains some of the most comprehensive A/B provisions and planning for larger estates. (A/B/C also available) It is a convertible trust as well, now necessary with 2010 tax law changes, with the "sunset" set in the law.
8. Our trust is one of few that has comprehensive provisions for large IRAs and allows IRAs to be left in trust. This is done by meeting minimum standards required by the IRS. We are expert Inherited IRA consultants!
9. Our trust has 20 years history and has never triggered a probate as far as we know in over 100 trust client deaths we are aware of -- to date!
10. FSI is an associate of a prestigious, long term International law firm that serves as our company legal advisor. We also associate with one of America's top 3 IRA advisor law/tax firms!
1. Order & Pay online below with your debit or credit card. (below)
2. Arrange for delivery to us of your current trust document(s).
You may do this in one of 3 ways:
A. Arrange for delivery or pickup of your current trust or other estate documents by calling us locally at: (480) 345-1616 or (out of valley) 1-800-782-2806
B. E-mail us electronic copies of your current trust or other estate documents.
C. Mail a copy (please don't send originals by mail) to us. Please just call or E-mail us a request for our mailing address.
Online Cost for our 2012+ ATC "Amendment in the Entirety"
All Single Trust Owners: $ 445.00* (About 40 pages)
All Married Trust Owners: $ 535.00* (About 50 pages)
Just call or E-mail us!
We will start immediately on your update upon payment and receipt of your "Copies" of your current trust documents!
* Fixed cost UNDER MOST CIRCUMSTANCES and this price includes our 10% discount for online orders. Cost is 10% more if not ordered online. Offline trust update costs are: $ 495.00 for s a Single Trust and $595 for an A A/B Convertible marital trust. Updates for an A/B/C trust (still required) are by quote only. Pricing is the total fee for one (1) complete trust replacement ready for signing. Sent Priority Mail (at our expense) in 48 hours from the time all information is received. All additional trust portfolio updates you may need also available at a 30% online discount if also sent to us for updating within a week of receipt of your trust amendment. (or sooner if you like). This is a limited time offer and pricing is reduced over the cost of a stand alone new trust document. This special pricing can be locked in by placing your electronic order with us now. Local valley residents and clients are also offered face to face appointments in our office or in your home at this special pricing for a limited time. If you feel your trust documents (Trust, Pour Over Will, Durable General Power of Attorney, Health Care Power of Attorney, Living Will, Mental Health Care Power of Attorney, etc.) may all need updating, please contact us for a special "package" cost quote we guarantee you will like! Documents are prepared by Financial Strategies, Inc., (FSI) a long term Arizona corporation that celebrated it's 20th year of business in 2010! FSI is an Arizona Certified Legal Document Preparation firm and practices under AZCLDP certificate # 807038.
BONUS: WE WILL ALSO INCLUDE A NEW TRUST CERTIFICATION under the new Arizona Trust Code that restricts financial institutions by statute, from requiring you provide them full copies of your trust when you fund your assets into your living trust. There is no extra cost for this important new document now available. It is free with your order for a trust update.
Note: All text on this page is "General Legal Information" and is not intended to be legal advice or a legal opinion. If you need legal advice or an opinion on your own situation, you should obtain that from a qualified estate planning lawyer.
NOTICE: If you have decided it is not worth spending a little money now to get your living trust updated so that it reflects current estate tax provisions and the new Arizona trust code (ATC), then please review our company perspective: CLICK HERE
Disclaimer: The information contained on this site, though deemed reliable and accurate, is solely the opinion and statements of the advisor profiled. Therefore, it should be considered "general" in nature and no action should be taken based on this information until such time your specific situation and circumstances can be reviewed and analyzed by competent and qualified tax, insurance, legal, and/or other financial advisors. This information is not intended, nor should be construed as legal advice. FSI can not and will not give you legal advice. If you need legal advice, we can refer you if you desire and request it. FSI is a long-term Financial Advisory and Arizona domiciled Corporation. Most services profiled herein are available only to Arizona residents. Communication with an Arizona Certified Legal Document Preparer (AZCLDP) are private and confidential but are not "privileged", such as they would be with an actual Lawyer. Testimonials are actual, active clients of Financial Strategies, Inc. and can be contacted upon your written permission request if you desire before engaging any product or service of our firm.
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