Understanding Trusts in Arizona

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Understanding Trusts in Arizona
Questions and Answers
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Trusts
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What Is A Trust?
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A trust is a legal agreement
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It creates a type of legal entity that can own
property, much like a corporation
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Who Is Involved in a Trust?
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A trust exists between three main people
The person who makes the trust
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The person who manages the trust
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The person(s) or organization(s) who is entitled
to use the property the trust owns
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What Is A Settlor?
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A settlor is the person who makes the trust
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This person can also be referred to as the
grantor, or the trustor
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What Is A Trustee?
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A TRUSTEE is responsible for managing the
property the trust owns
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The settlor gets to choose who the trustee is
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Beneficiaries
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Who Are The Beneficiaries?
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The beneficiaries can be almost anyone, such as
family members, charity, or other individuals or
organizations
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Like the trustee, the settlor chooses who the
beneficiaries are
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Revocability and Creation
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What Is A Revocable, Irrevocable, Living, and
Testamentary Trust?
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A revocable trust is one that the settlor can
change, while an irrevocable trust, after its
created, cannot be changed
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Living trusts are those that take effect while
the settlor is still alive, while testamentary
trusts only take effect after the settlor is dead
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Purposes
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What Can I Do With A Trust?
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That all depends
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There are many trusts available, each of which
serves a specific purpose
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Your estate plan might include one or more
trusts depending on your goals and circumstances
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Learn More About Trusts in Arizona
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