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Is putting your house in trust a good idea?

With your property in trust, you typically continue to live in your home and pay the trustees a nominal rent, until your transfer to residential care when that time comes. Placing the property in trust may also be a way of helping your surviving beneficiaries avoid inheritance tax liabilities.

What are the disadvantages of a trust?

Drawbacks of a living trust The most docHub disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.

How do I set up a trust in Arizona?

How to Set Up a Trust in Arizona Select a trustee. Name a beneficiary. Set the terms of the trust. Sign the trust. Transfer property to the trust.

Does a trust have to be filed in Arizona?

As such, Arizona trustees must provide every trust beneficiary with notice, if the trust became irrevocable when the trustor died. Also, where there is a Will, the trustee must file it with the Superior Court in the trustors home county.

How does a trust work in Arizona?

The beneficiaries you name in your living trust receive the trust property when you die. You could instead use a will, but wills must go through probatethe court process that oversees the transfer of your property to your beneficiaries. Many people create a revocable living trust as part of their estate plan.

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