Make provisions during your lifetime with a Will or Trust to provide security to your loved ones. Make the best decisions to avoid Probate to provide swift and desired benefit to your loved ones. wills
Your property, which is controlled by the terms of your trust document, will be transferred to named beneficiaries of the trust by the trustee. No probate will be necessary.
Creating a will allows you to designate who will receive property that is not passed under terms of your trust. If you do not have a will or a trust, any property that you own at the time of your death is transferrable only in accordance with the provisions of the Arizona Revised Statutes.
In Arizona, the law allows one to transfer his property to a trust, created by a trust document designating certain beneficiaries of the trust property and naming a trustee. The trust document must comply with Arizona law.
A revocable trust is a document created by an individual (Grantor) with instructions for one appointed (Trustee) to follow in the distribution of the assets to named persons (beneficiaries) upon his death. The assets are owned by the trust but they can still benefit the Grantor throughout his lifetime. A revocable trust does not avoid Federal and State estate taxes and the Grantor can amend, alter or revoke the trust at any time during his lifetime. Upon the Grantor's death, the trust becomes irrevocable.
There are many types of irrevocable trusts created for many reasons. Primarily, an irrevocable trust is created to either protect assets or to reduce taxes. A irrevocable trust cannot be terminated once it has been created.
A legal document that states a person's wishes regarding medical treatment; more specifically, those treatments that prolong life. A living will is typically used in situations where death is imminent.
An Ordinary Power of Attorney designates a person (Attorney-in-fact) to act as the Principal in certain designated activities. It is created during the life of the principal and while he/she has the capacity to act for himself/herself. It ends upon the principal's loss of capacity or death.
A Durable Power of Attorney provides the same power as the Ordinary Power of Attorney, however, it will remain in full force after the principal becomes incapacitated but ends automatically on the principal's death or if revoked in writing.