What is an Arizona Revocable Living Trust?

As you age, you try to plan ahead financially for just about everything – from major purchases to retirement. However, one element of planning that far too many people neglect to consider is what will happen to their assets once they’ve passed away. It’s a grim thought and death is certainly not something most people want to spend considerable time talking about and planning for when they are trying to enjoy life.

However, this is key to ensure that your loved ones are not left in a state of confusion upon your passing. An Arizona revocable living trust can go a long way towards ensuring this doesn’t happen. No matter where you live, you can create this document and file it like a will; for example, a revocable living trust Arizona gives residents in that state peace of mind in knowing their assets will be properly distributed after their passing.

A revocable living trust is an account that holds all of your assets, from property to financial accounts, in one place to be distributed to whoever you stipulate and in whatever manner you see fit in the event of your passing. It has less red tape than a will, as the assets can be moved around and transferred faster and without the need for the probate process. Creating the trust involves appointment a trustee to distribute the assets within the trust and establishing beneficiaries, who are the individuals that will receive the assets contained within the revocable living trust.

So, if you live in Arizona and want to set up a revocable living trust Arizona, you would attach your assets to this account and appoint someone that you trust to conduct the process in way in which you stipulate. You can change the document as needed to ensure that it fits with your wishes for your assets once you have passed away. There is no limit to the number of times you can change your revocable living trust Arizona, for example, if live in that state or wherever you might establish a trust of this nature.

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If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.