Key TakeawaysA successor trustee is essential in overseeing a trust post the original trustee’s tenure, with an obligation to act with fiduciary duty, diligence, and integrity in Arizona.We explain what triggers the successor trustee’s activation, the importance of successor trustees, how to choose a successor trustee, and common mistakes people make when assigning successor trustees.Successor [...]
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 TakeawaysTrustees must understand how to properly fulfill their fiduciary responsibilities, which encompass both prudent management of trust assets and compliance with the trust’s provisions, to avoid costly mistakes and litigation.Common mistakes in Arizona include failing to fund trusts properly, neglecting communication, poor record-keeping, and mismanaging investments, all of which can lead to beneficiary disputes [...]
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 TakeawaysUnequal trust distribution in Arizona involves complex legal, psychological, and interpersonal factors, making it essential to understand both the grantor’s intent and the legal framework before making decisions or raising concerns.Recording a grantor’s wishes explicitly within trust documents and explaining the rationale for unequal distributions can limit confusion and decrease the chance of future [...]
Key Takeaways You need to grasp Arizona’s community property rules for how assets are split between spouses, kids, and stepkids. Establishing a will and leveraging trusts are critical to making sure your intended recipients, such as your stepchildren, get their due and to prevent intestate succession from messing things up. By keeping estate planning [...]
Key Takeaways Estate recovery in Arizona is a process where the state recoups Medicaid costs from a deceased person's estate, impacting assets such as real estate and personal property. Knowing this is key to proper estate planning. Wills determine how property is distributed upon death. Unlike other types of assets, they must go through [...]
Key Takeaways Estate recovery in Arizona allows the state to recover Medicaid costs from a deceased person's estate, potentially impacting the financial well-being of heirs. On a very practical level, knowing how these laws work is key to making good plans. Usually, recovery is only sought against benefits paid by Medicaid when those benefits [...]
Key Takeaways Arizona’s estate recovery process recovers Medicaid expenditures from the estate of a deceased recipient. This administrative process applies to all of a person’s assets, including their primary residence and financial accounts. The first step to successful estate planning is understanding the legal framework. Common misconceptions, such as Medicaid automatically taking a home [...]
Key Takeaways In Arizona, estate recovery is mandatory by Arizona Revised Statutes. Specifically, it allows the state to recoup Medicaid expenditures from the estate of a deceased recipient. Whether you are a smart estate planner or a careless beneficiary, knowing these laws is key. Assets subject to estate recovery can include real property, especially [...]