Last Updated: 06/02/2018
 
Trusts Need Service Work To Stay Valid

 

Arizona Living Trust

Update Services


Will Your Trust Sink or Sail?

After 26+ years of practice, our firm has observed countless attorney prepared trusts sink at the time of death of the trust maker.  We find it amazing that anyone would go to all of the trouble to create a living trust....and then ignore it for years with no updating. 

If this describes you, please understand what you are really doing by trying to save money while you are alive on trust update fees. If your trust was a car, you are buying it and buying gas only, never changing the oil, checking  the tires, or replacinc the brake pads.  Sooner or later -- that means you will be walking, not riding! Without service work, your car will eventually fail!

Trust IcebergThe same is true with your Living Trust! The only two things that are 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. Don't let the "Iceberg" no procrastination or penny pinching ship your current trust when you die!

Our update services includes a 360 degree view from a professional advisor multiple licensed in insurance, real estate and document preparation and nationally known and published in retirement and estate plan tax matters (a practicing estate consultant and accountant). Be sure your trust remains up to date and fully funded at all times. 

Past updates you may have missed include National law changes such as  privacy law under HIPAA and national health care; the 2009 effective date for the Arizona Trust Code (ATC), and others. Don't let your Living Trust become a TITANTIC problem when you are no longer here.

The Question Remains:

Will your trust sink or sail on when you die?


EDUCATION: Arizona Trust Code

There are numerous provisions of the ATC (Arizona Trust Code) now effective in Arizona that apply to all trusts, even if a trust has no refence to the ATC that became effective January 1st, 2009.

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 marital trust will normally become irrevocable at the time the last Trustor either dies or becomes disabled. Or, if single, when 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 has mandatory provisions that the Trustee will  be subject to. 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 governed by Arizona law.

Failing to state ATC provisions in an Arizona trust could force being subject to Arizona  probate court, causing excess delay and expense no one wants. Updating your current trust is important.  Using our "AMENDMENT IN THE ENTIRETY" new trust is normally the least expensive way to correct missing provisions in an older or out of state trust. (While preserving your former custom trust provisions drafted previously)


TWO CHOICES TO GET YOUR TRUST CORRECTED WITH MANDATORY ATC STATUTES

First, if we didn't create your trust, we will review your trust at no cost or obligation to report any missing, out of date, or out of state provisions that no longer apply.  You can then either go back to your original source to have these important updates drafted, or consider having our firm draft the changes.

Over nine years after the Arizona Trust Code became law, we still find many trusts that have not been updated.  Recently, a 2014 lawyer prepared trust was replaced since it failed to address the ATC provisions!  (We always preserve your original trust signing date)

Of course, pricing is important and we understand that.  But, price alone means nothing if you do not understand how to compare.  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 new AZCLDP (Arizona Certified Legal Document Preparer), and hire us to draft a modern trust update with all the important provisions you need. (Including many important provisions others never thought of drafting to help protect you anywhere in the world, control your large IRA at your death, or handle the tricky circumstances of providing for a disabled child)

We are licensed by the State of Arizona and supervised by a committee under the Arizona Supreme court. 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, our Legacy Trust Portfolio documents are some of the fanciest looking documents as well.  Every trust is printed on high quality  linen paper to last for years. Our document preparation practice is dedicated solely to preparing estate planning legal documents. And, we have practiced professionally here in Arizona since 1991!


WHY FSI'S TRUST UPDATE MAY BE YOUR BEST CHOICE

We include everything in your trust update you could possibly need.  All at one set price. And, we assist in any funding that wasn't done properly in the past, to make sure your trust doesn't fail (and sink).

Using FSI"s convenient trust update service assures your money is WELL spent and the documents are legally CORRECT.

10 THINGS YOU WILL GET WITH YOUR

FSI TRUST UPDATE

(That your current trust provider may not give you)

1. An entire amended trust known as an "Amended Trust in the Entirety".  Every provision and update in our 2018+ 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, Pour Over Will, and other funding forms needed to be sure your trust estate is fully managed and funded. (Our marital version is over 280 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 proper portability provisions for the highest net worth clients and optional bypass A/B trust provisions and planning. And proper Medicaid planning options for smaller estates.

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 nationally known and quoted Inherited IRA consultants!

9.  Additionally, we build in "disclaimer" options for total versatility of surviving spouses or other heirs.

10.  FSI offers optional Special Needs trust consultations and one of the most modern, comphrehensive SNT for clients with disabled minor or adult children. And special consulting on other custom provisions you would like drafed in your new revised trust.


To Order an Update, 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. 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.

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