In the state of Arizona do we need a living trust?
I heard that having a will in the state of Arizona is not enough and after you die your money can be tired up for many years. The laws are different here so I am hearing.
Is a LIving Trust what we need to protect our children should we die. I don't know any of the facts and want to learn what they are so I can let my children know what to do. None of them are aware of this situation.
Thanks
Answers:
I have a life estate for my children in which all of our homes, accounts and assets are kept for my children. Basically, my two minor children own everything underneath the estate umbrella but can not make any decisions regarding the assets until both my husband and myself pass away. We also have a will which provides additional conditions such as what to do in the event that we pass before our children our both 25 or older, or one of the children is unfit to make financial decisions, etc. However, I have inherited a trust (irrevocable) and it took about 15 months for the court and the IRS to sign off.
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