Wills and Living Wills Article


Revocable Living Trust

A trust is a contract between yourself as the Trustmaker/Grantor/Settlor/Trustor and yourself (typically) as Trustee (the person that manages the trust). You can change or revoke the trust at any time that you have capacity.


You can specify who determines your disability. You can set out the terms of the trust to handle distribution while you are alive and well, alive and disabled, and not alive. The trust handles both disability and providing for your beneficiaries. You can set the terms for how and when your beneficiaries receive assets from the trust. If the beneficiary has disabilities, a special needs trust may be appropriate.


You may want assets held in trust for a minor beneficiary. If a beneficiary is going through bankruptcy or has creditor issues, you may want to draft the trust so that the beneficiary cannot demand the money from the Trustee. Sometimes trusts are set up to provide protection in event of divorce (if the beneficiary receives the money outright and then commingles it with spouse, it can be hard to trace what is left, if anything, if the inheritance and amounts not traceable are included in what is divided in the divorce).


Consult an estate planning attorney to review your goals/wishes and the various options in this area.


Make sure you properly fund your trust after signing it and review all beneficiary designations to make sure they meet your wishes. It will be frustrating for your Trustee to not only have to do the trust administration but also the probate because you “forgot” to change title on an asset into your trust.


Comments:

QUESTIONS

  • can a mother say she had no children in a last will and testament if she does. Then state that no one of her lineage can contest the will?
  • My mother passed away. She does have a will and I was nominated as the executer and trustee. I am the sole beneficiary. She only has a bank account but when the account was setup nobody was on the account but her. no payable unpon death. What is required by the bank for me to access the account to begin paying for her expences? Her will did state that I shoud have immediate access without going through the courts.
  • I have a trust fund that was set up for myself and brother when our mom passed away in 1990. My grandma was the trustee until she passed away 4 years ago. My brother is now the trustee along w my aunt. I do not have a good relationship w either of my trustees and I cannot get any communication from my brother about my trust. I have repeatedly requested info about my trust but I never get a response of any kind. I dont even know if my trust can legally be kept from me anymore or if it shld have been dispersed by now. My brother wont give me any info so I need to knw what my options are & rights

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  • My exhusband and I remained close since our divorce.I spoke to him the day before he died.He stayed in our home and was the only one on the deed etc. He told me the last time we spoke he had mortgage insurance naming me as benificiary. However, he had no wll or named executor so the house is in probate. Most important to me is not the house but my belongings in the house most of which is sentimental. The car I have the title to is gone. Who is it I can call? I don't know who is in control of the house. I hear it is the government but who? I worry about so many things in the home I wish I had.
  • My husband died and our Grant Deed for our property shows he has a 30% tenants in common share of the home. I have 70%. He further has a will that states he leaves any properties to me. He also has a son that will not dispute this. Do I need to go to probate since his 30% value in the home is minimal (K40-45K net value). Or what form can be filed to correct the Grant deed to reflect my full ownership?
  • are wills in Arizona required to be recorded /registered, and are they open to the public? 
  • Hello, my Mom remarried and passed away within 4 years. She had written a holographic will, that was notorized, and verified as her handwriting. She had notated that when/if the house was sold, it would be split amongst her children. She had also mentioned a life insurance policy in her will. This will was shown to all children and spouse. Before passing, Mom learned her life insurance was canceled. Questions: Even though life insurance is no longer available, but mentioned in will, is the will still valid? Also, does the Widow recieve portion of funds from house sale when not designated?
  • What is a living will?
  • Is there a way to read a will without contacting the surviving spouse and/or immediate family?

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Life Care Planning Packet (Advanced Directives), Information and Documents from the Arizona Attorney General

Staying in Charge of Your Future

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AZ Office of the Attorney General Life Care Planning Packet

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