An Arizona family trust is also referred to as a revocable living trust, and is one of the most important financial planning tools you can have in your arsenal. Whether you live in the southwestern United States and have a family trust Arizona document or if you live elsewhere in the country and have filed this type of document in your state, it is important to determine what will become of your assets.

After all, should something happen to you, it will likely send your family into a spiral of grief. The last thing you want them to worry about is what to do with your money and your assets. Even during their blind grief, this kind of decision-making can cause a serious rift among family members, particularly if it is not clear to any one person what you might have wanted to be done.

A family trust Arizona or other state-filed document will ensure that your assets are funneled into the trust just in case. In terms of your financial accounts, this process simply consists of filling out one form and filing it with your bank in order to set the process in motion. In terms of assets, you must retitle them accordingly to ensure that they will be included in the trust. If you don’t, then some of your assets might not be included as part of this account.

What most people don’t realize about setting up a family trust Arizona or other trust similar to it is that you do not lose control of the assets that you reallocate into this account. You should appoint a trustee to administer the account upon your passing, but until you do, everything is still within your complete control. Once you pass, the trustee will handle the account in whichever way you dictated before your passing to ensure that your assets are distributed in whatever way you wish.

This document also helps to determine power of attorney in the event of a health crisis, which means there will be someone to make decisions for you if you become physically or mentally incapacitated and no longer able to do so on your own. If you know that you have certain wishes in terms of your medical care, this is a good thing to include in your family trust Arizona or trust document set up in whatever state in which you reside.

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