How are Trusts and Wills different in Arizona?

The Benefits of a Revocable Living Trust in Arizona
To many in Arizona, a revocable living trust looks a lot like a will because it includes the details and instructions for how you want your estate to be handled at your death, as well as appoints a successor to be in charge of your estate.

However, unlike a will, a properly funded trust provides the following distinct advantages:

1. Flexibility and Control: As the “Trustor,” “Trustee,” and lifetime “Beneficiary” of your own trust, you retain full and complete control over all your assets during your lifetime. Upon your death, the assets in the trust are managed and distributed exactly according to your written desires. Because every family has particular needs, your trust can be highly customized. It gives you control over the assets you leave to minor children, grandchildren, or other beneficiaries who shouldn’t receive their inheritance all at once (including special needs or financially irresponsible beneficiaries).
2. Avoidance of Probate: Assets titled in the name of the revocable living trust at the time of your death are not subject to probate administration. This avoids thousands of dollars in executor and attorneys’ fees, not to mention sparing your family a possible one- or two-year delay while estate assets are tied up in the court system.
3. Planning for Incapacity: If you become disabled or simply wish to be free of the day-to-day worries of asset management, the revocable living trust designates a “Successor Trustee.” This individual can step in to manage your financial affairs without the costly, public, and slow process of going to court to have a conservator appointed.
4. Continuity of Asset Management: Upon your death (or the death of a surviving spouse), the Successor Trustee automatically steps in. They begin managing the estate immediately, completely avoiding the delays and “red tape” heavily associated with probated estates.
5. Total Privacy: Revocable living trusts are completely private. They keep the details of who inherits your estate, when they receive it, and exactly how much they receive out of the public record.

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