Arizona Living Trust Failure To Update Results

Arizona Living Trust

Update Failure Results

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 way...

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 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 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?

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 (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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