Key TakeawaysIn Arizona, real estate in trust can bypass probate, making the estate transfer efficient and economical.Trusts provide greater privacy by keeping estate details private and off public records, protecting families from unwanted attention and disputes.Asset protection is bolstered with well-tailored trusts, which can protect against creditors, lawsuits and financial mismanagement, particularly with irrevocable or [...]
Key TakeawaysKnowledge of Arizona’s trust administration timeline guarantees legal adherence and optimal administration, emphasizing statutory deadlines and obligatory beneficiary notifications.Successful trust administration involves open communication between trustees, beneficiaries, and advisors to avoid conflicts and ensure transparency during all stages of the process.Trustees have responsibilities not only to administer the trust assets prudently — e.g., adhering [...]
Key TakeawaysTrustees in Arizona are bound by some of the strictest fiduciary duties in the country — duties of undivided loyalty, prudent administration, absolute impartiality, cost control, and robust transparency, among others.Taking advantage of the prudent investor rule and reviewing trust assets on a regular basis are crucial for trustees to glean performance and minimize [...]
Key Takeaways By knowing Arizona probate laws and planning your estate accordingly, you can minimize delays, expenses, and familial conflicts. By being proactive with your estate planning — and considering options like revocable living trusts, beneficiary designation updates, and joint property ownership — you can avoid probate and maximize the efficiency of your asset [...]