After watching living trust after living
trust end up in probate here in Arizona for the past 20 years of
practice as a document preparation firm, we find it simply amazing that
anyone would go to all of the trouble to create a living trust....and
then ignore it.
Most don't, but if this describes you,
please bear with me to 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, replace the brake pads, etc.
You know a car will eventually break
down if you do not properly service it. 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. Their may
now be a large "Iceberg" in your finances that don't even see. Our
update service includes a 360 degree view from a professional advisor
licensed in insurance, real estate and trained in tax matters to be sure
you are fully funded as well. Let 35 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, if you want it to do any good that is!
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 other 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
Now, if you are sharp on trusts, you will already be thinking
in your mind that "funding" is most important. That is true.
But, failing to update now to the new ATC legal provisions that are
mandatory on irrevocable trusts is also like purchasing insurance and
getting the policy only to find your declaration page has white pages
only, no text to describe your coverage! You would surely
call your casualty insurance agent and ask what was going on.
Well, your Living Trust isn't much different 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.
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
percentage 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. Will your
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 (soon to apply to the IRS as an enrolled agent) and licensed IRS registered tax preparer and ERO (Electronic Return Originator) agent/firm. He also is an Arizona licensed Professional (Realtor®)/consultant 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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