What is a family trust?
An Arizona family trust is a financial product that allows you to pre-plan for your assets and other resources should something happen that renders you unable to make those decisions on your own because of death or becoming disabled. It is also referred to as a revocable living trust and is key to ensuring that everything you want to happen to your money and physical assets once you pass on or find yourself in dire health will happen. A family trust Arizona is the best way to ensure that your family doesn’t have to worry about these decisions while they are grieving what has happened to you.
Why Set up a Family Trust in Arizona?
The primary reason to set up a family trust Arizona is to dictate what happens to your money. Without a clear plan, there exists the potential for chaos among family and friends in ways that you might never suspect. Moreover, once you funnel everything into the trust, you don’t have to worry about putting the burden on anyone else to divvy things up should you pass away.
How do I set up a Family Trust in Arizona?
A family trust Arizona starts with setting up the account and naming a trustee to administer it. This person will step in should you become disabled or pass away. There are limitations to what the person can do with your money; if they don’t follow your wishes, then there is the potential for criminal prosecution as it is against the law to go against what you’ve stipulated in your trust.
There is a form that will be provided to you by your bank that allows you to list those assets and finances that you want covered under the umbrella of the family trust Arizona. Anything that you have of value, including financial accounts, should be listed on this form. Your assets are then re-titled after being included on this document and officially become part of the trust upon submission of the document to the financial institution helping you set up and maintain this trust account. You maintain control of them; the purpose of the document is to ensure that your trustee can administer the account should something happen to you. It is important to note that you must re-title all of your assets to be considered in the trust; if you don’t, they aren’t and the aforementioned chaos may ensure.
A family trust Arizona is a great way to maintain some sense of control over things should you pass away or become disable. You don’t have to worry as you would if you didn’t have plans and there was no way for your loved ones to know your intents. Remember, you aren’t doing this for yourself; you are doing it to ease the burden on those left behind should you pass on. It is one of the greatest gifts you can provide to your friends and family as they go through a time of great loss in losing you. Take the time to set up a family trust now so that you – and them – can enjoy peace of mind.