Last Updated: 05/03/2017
 
Trusts Need Service Work To Stay Valid

 

Arizona Living Trust

Update Failure Results

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. 

Most don't 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!


Trust IcebergWell, 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. 

Our 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 way...

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 those situations? 

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:

Will your trust sink or sail on

when you die?

To Go 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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