Will your trust sink or sail on when
you die? After watching living trust after living
trust end up in probate here in Arizona for over 21+ years of
practice as a document preparation firm, I find it simply amazing that
anyone would go to all of the trouble to create a living trust....and
then ignore it for years with no updating.
ignore their trust or fail to put their assets in it. But some do. If this describes you,
please bear with me so you can understand what you are really doing. If
your trust was a car, you are buying it and putting it on the road
telling it that other than the cost of gas, you will never change the
oil, check the tires, or replace the brake pads. Which, sooner or
later, means you will be walking -- not riding it it! Without service
work, your car will eventually fail!
Well, the same is true
with your Living Trust! If someone told you that you would never have to
update it, that someone was lying to you. The only thing that is
certain in this world are death and taxes. That is why a proper
legal instrument such as a Living Trust is so important to help protect
against the harshness that death and taxes can inflict. There may
now be a large "Iceberg"
in your finances that you don't even see.
update service includes a 360 degree view from a professional advisor
licensed in insurance, real estate and document preparation and trained in tax matters
(a practicing estate accountant) to be sure
your trust remains up to date and is fully funded at all times. Let
40 years of financial consulting
experience throw a lifeline to your ignored living trust document. It is a myth that you can
purchase a Living Trust
you never have to service.
Ignoring your trust and not updating it is like throwing that
lifeboat in the water when the big ship goes down...only to find holes
in the bottom! Don't let that happen!
Sure, some updates are not that
important, but others make the difference between staying out of
probate. Or staying out of court sessions with Qualified
beneficiaries fighting over terms
they can't find in the text of YOUR TRUST!
This new ATC law has given "marching orders" to your Trustee and Qualified
Beneficiaries -- yet the orders are blank if you don't custom draft them
into your current trust instrument.
You couldn't win a war that
Your Living Trust isn't
worth much if you have
ignored past updates or feel it is good enough as it is. If you
have missed National changes such as new privacy law under HIPAA, or the new change
here in Arizona
to the Arizona Trust Code (ATC) which was modeled from national Uniform Trust Code
language, then your ship... is already listing most likely.
Add in the drastic federal law changes on estate taxes and national
health care provisions now mandatory -- and indeed, your outdated trust
most likely will sink just when you need it most!
Did you work hard
all of your life to retire, eventually die, then allow a probate or a
court fight in spite of your trust being created mostly to avoid
WELL, THAT IS EXACTLY WHAT YOU HAVE
DONE IF YOUR TRUST IS OUT OF DATE. Obviously, you may have other
changes like adding grandchildren, removing children, changing gifts and
percentages to heirs --
all in need of a simple amendment. So, don't let your Living Trust
become a Titanic when it is all said and done.
The Question Remains:
trust sink or sail on
when you die?
Back to the Arizona Trust Code Page With Ordering
Instructions, CLICK HERE
Provided as a courtesy reminder that all good
work has a price and the price is worth paying when it comes to
protecting you, your family, and others you deeply care about.
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. Founded in 1990, FSI is a
long-term Financial Advisory and Arizona domiciled Corporation now
providing services nationwide and in some foreign countries. Services
profiled herein are available unrestricted to Arizona residents.
Residents outside of Arizona are eligible for certain consulting
services and to legal (lawyer) referrals by our firm when requested of
us. For 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.
Besides being a licensed Arizona Certified Legal
Document Preparer, Mr. Anderson is also an Arizona
Professional Accountant/Consultant and registered IRS tax
preparer and ERO (Electronic Return Originator) agent/firm.
He also is an Arizona licensed Professional
(Realtor®)/consultant (with Realty One Group) and a licensed Professional insurance
agent and corporation for life, health or annuity sales.
Lastly, he and his firm is an appointed representative for
Royal Metals Group as a Professional Precious Metals
consultant and sales advisor.
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