What You Don't Know About the New Arizona Trust Code
Might Not Hurt You.
But, it could spell disaster for a surviving spouse or your other beneficiaries...
ARIZONA TRUST CODE
There are numerous provisions of the ATC (Arizona Trust Code) now effective in Arizona that apply to all trusts. Contrary to what some may tell you, certain parts of this law that became effective January 1st, 2009 DO pertain to revocable living trusts created before the effective date as well as all trusts created after.
ATC provisions apply when ANY Arizona living trust becomes "irrevocable" for any and all Arizona Trustors (Settlors, Creators, Grantors, etc.) who may also serve as their own Trustee. (If their residency is in Arizona) It also applies to all Arizona Trustees if domiciled here, even if the Trustor resides in another state.
Any living trust will normally become irrevocable at the time the Last Trustor either dies or becomes disabled, or if single, the Trustor dies or becomes disabled. (Other conditions could be drafted whereas the trust is irrevocable from inception or upon some other contingency triggered other than by death or disability.)
The ATC provisions kick in the second a Trustors' trust becomes irrevocable. This could be right after a heart attack, or the second death in a marital trust. Failing to draft these new provisions is no excuse for your Successor Trustee who will have to adhere to all mandatory provisions that apply to an irrevocable trust governed by Arizona law.
Without drafting these provisions, chances are high that a beneficiary could petition the court to interpolate the ATC regarding his or her rights. If the Trustee finds that these provisions are absent in the trust Articles, where else but the courts could your trust end up in?
Net cost of that? Most likely a lot more than the cost of drafting the provisions into your trust now!
Therefore, updating your current trust is important. We have found that just about every trust we originally reviewed could not be strategically updated for the new ATC provisions without an AMENDMENT IN THE ENTIRETY.
In other words, if your trust has not been updated since the law changed, a complete replacement may be what you need in order to gain proper control of this important law change.
SO, IF YOU CHOOSE US TO UPDATE YOUR TRUST AT THIS TIME, YOU WILL GET A NEW TRUST WITH ALL MANDATORY ATC PROVISIONS! (While preserving your former custom trust provisions drafted previously)
TWO CHOICES TO GET YOUR TRUST CORRECTED WITH MANDATORY ATC STATUTES
First, if we didn't create your trust, you may be able to go back to your original source to have these important updates drafted. But, if they haven't contacted you by now... perhaps a new firm would serve your interests better.
Of all the updates called for over the years regarding trust law changes, THIS change is very important to draft in your current revocable trust instrument.
We find many firms, both lawyer and non-lawyer document preparers who have not updated their documents for Arizona Trust Code. People die and we get a lot of trusts to assist in administration. And, we find many die without proper terms drafted that reflect the actual law here in Arizona!
Of course, pricing is important and we understand that. But, price alone means nothing if you do not understand how to compare. Your two choices are to go back to where you got your trust and get a price quote if they are still available to you.
Your second choice is to let us professionally serve as your AZCLDP (Arizona Certified Legal Document Preparer). And hire us to draft a modern trust update with all the important provisions you need, including many others never thought of drafting to help protect you no matter which state, or country you become disabled in, or worse - pass away in.
We are licensed by the State of Arizona and supervised by a committee under the Arizona Supreme court and supervised by them. You can be assured of accuracy and quality in our documents which are known to be some of the most thorough and legally correct in the Valley!
Beyond that, our Legacy Trust Portfolio documents are some of the fanciest looking documents as well. Every trust is printed on high cotton content bright white linen bond paper, to last for years. Our document preparation practice is dedicated to just doing estate planning legal documents. And, we have practiced professionally here in Arizona since 1991!
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WHY FSI'S TRUST UPDATE MAY BE YOUR BEST CHOICE
We put everything in your trust update you could possibly need. All at one set price. And, we assist in any funding that wasn't done properly in the past, to make sure your trust doesn't fail. Using FSI"s trust update service can assure you the money spent is WELL spent and the documents are CORRECT.
10 THINGS YOU WILL GET WITH YOUR FSI TRUST UPDATE
(That your current trust provider may not give you)
1. An entire amended trust known as an "Amended Trust in the Entirety". Every provision and update in our 2014+ model is in your update!
2. Our trust is endorsed for HIPAA health provision waivers and takes the strongest stand to eliminate failure due to HIPAA law. Make sure your trust is HIPAA friendly!
3. Our trust contains important specific state statutes and is organized to find information fast during a time of need.
4. Our trust is part of a professional trust portfolio available with all Power of Attorney, Will, and other funding forms needed to be sure your trust estate is fully managed and funded. (Our marital version is almost 275 pages!)
5. Our trust contains provisions for pets, overlooked by many. Many use us for that reason alone!
6. Our trust contains national (inter-state) and international portability provisions to extend your legal coverage world wide!
7. Our trust contains proper portability provisions and only for the highest net worth clients, bypass A/B trust provisions and planning. And proper Medicaid planning options for smaller estates.
8. Our trust is one of few that has comprehensive provisions for large IRAs and allows IRAs to be left in trust. This is done by meeting minimum standards required by the IRS. We are nationally known and quoted Inherited IRA consultants!
9. Additionally, we build in "disclaimer" options for total versatility of surviving spouses or other heirs.
10. FSI is an associate of a prestigious, long term International law firm that serves as our company legal advisor. We also associate with America's top IRA advisor law/tax firms! With 22+ years history, as far as we know, our trust has never triggered a client probate!
1. Order & Pay online below with your debit or credit card. (below)
2. Arrange for delivery to us of your current trust document(s).
You may do this in one of 3 ways:
A. Arrange for delivery or pickup of your current trust or other estate documents by calling us locally at:
(480) 345-1616 or (out of valley) 1-800-782-2806
B. E-mail us electronic copies of your current trust or other estate documents.
C. Mail a copy (please don't send originals by mail) to us. Please just call or E-mail us a request for our mailing address.
Online Cost for our 2017+ ATC "Amendment in the Entirety"
All Single Trust Owners: $ 445.00* (About 40 pages)
All Married Trust Owners: $ 535.00* (About 50 pages)
Just call 1-800-782-2806 or E-mail us!
We will start immediately on your update upon payment and receipt of your "Copies" of your current trust documents!
* Fixed cost UNDER MOST CIRCUMSTANCES and this price includes our 10% discount for online orders. Cost is 10% more if not ordered online. Offline trust update costs are: $ 495.00 for s a Single Trust and $595 for a marital trust. Updates for any A/B or A/B/C trust (still required) are by quote only. Pricing is the total fee for one (1) complete trust replacement ready for signing. Sent Priority Mail (at our expense) in 48 hours from the time all information is received. All additional trust portfolio updates you may need are also available at a 30% online discount if also sent to us for updating within a week of receipt of your trust amendment. (or sooner if you like).
This is a limited time offer and pricing is reduced from normal costs of a stand alone new trust document. This special pricing can be locked in by placing your electronic order with us now. Local valley residents and clients are also offered face to face appointments in our office or in your home at this special pricing for a limited time. If you feel your trust documents (Trust, Pour Over Will, Durable General Power of Attorney, Health Care Power of Attorney, Living Will, Mental Health Care Power of Attorney, etc.) may all need updating, please contact us for a special "package" cost quote we guarantee you will like! Documents are prepared by Financial Strategies, Inc., (FSI) a long term Arizona corporation that celebrated it's 25th year of business in 2015! FSI is an Arizona Certified Legal Document Preparation firm and practices under AZCLDP certificate # 807038.
BONUS: WE WILL ALSO INCLUDE A NEW TRUST CERTIFICATION under the new Arizona Trust Code that restricts financial institutions by statute, from requiring you to provide them full copies of your trust when you fund your assets into your living trust. There is no extra cost for this important new document now available. It is free with your order for a trust update.
Note: All text on this page is "General Legal Information" and is not intended to be legal advice or a legal opinion. If you need legal advice or an opinion on your own situation, you should obtain that from a qualified Arizona licensed estate planning lawyer.
NOTICE: If you have decided it is not worth spending a little money now to get your living trust updated so that it reflects current estate tax provisions and the new Arizona trust code (ATC), then please review our company perspective: CLICK HERE
Disclaimer: The information contained on this site, though deemed reliable and accurate, is solely the opinion and statements of the advisor profiled. Therefore, it should be considered "general" in nature and no action should be taken based on this information until such time your specific situation and circumstances can be reviewed and analyzed by competent and qualified tax, insurance, legal, and/or other financial advisors. This information is not intended, nor should be construed as legal advice. FSI can not and will not give you legal advice. If you need legal advice, we can refer you if you desire and request it. Founded in 1990, FSI is a long-term Financial Advisory and Arizona domiciled Corporation now providing services nationwide and in some foreign countries. Services profiled herein are available unrestricted to Arizona residents. Residents outside of Arizona are eligible for certain consulting services and to legal (lawyer) referrals by our firm when requested of us. For Arizona residents, communication with an Arizona Certified Legal Document Preparer (AZCLDP) are private and confidential but are not "privileged", such as they would be with an actual Lawyer.
Besides being a licensed Arizona Certified Legal Document Preparer, Mr. Anderson is also an Arizona Professional Accountant/Consultant and registered IRS tax preparer and ERO (Electronic Return Originator) agent/firm. He also is an Arizona licensed Professional (Realtor®)/consultant (with Realty One Group) and a licensed Professional insurance agent and corporation for life, health or annuity sales. Lastly, he and his firm is an appointed representative for Royal Metals Group as a Professional Precious Metals consultant and sales advisor.
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