Arizona Pot Testamentary Trust
Description
How to fill out Pot Testamentary Trust?
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FAQ
How does it save tax? A testamentary trust allows the person who controls it to split the income generated by the trust between family members. Importantly, children who receive income from a testamentary trust are taxed at adult tax rates, instead of penalty rates (up to 66%) which apply to other types of trusts.
Arizona has strict laws governing trusts and how they must be run. As a beneficiary, you are legally entitled to know the contents of the trust that you are appointed to receive as well, as you must be provided with up-to-date information regarding their values and any costs needed to maintain the items.
Trusts that hold property will, like other trusts, only need to be registered if the trustees incur a liability to tax. Thus, if the property is occupied by a beneficiary and is not income-producing - no requirement for registration will exist unless a taxable event occurs for IHT, CGT or SDLT purposes.
The new Arizona Trust Code requires the trustee to provide to the trust's beneficiaries an annual report of trust property, including trust liabilities, receipts, disbursements, a list of trust assets and, if feasible, the fair market value of the trust assets.
The will must go through probate, which means the process is overseen by the court. The trust is outside the probate process so the court does not oversee it. Wills are part of the public record. Trusts are private.
Probate is required by Arizona law unless all of a decedent's assets are placed in trust or the decedent has listed beneficiaries for all their assets. However, Arizona has a more straightforward, streamlined probate process for smaller estates.
Following the creation of a trust, you will need to fund your assets to the trust. While there are a few key exceptions to this rule, including qualified retirement plans, a trust will not avoid probate unless it is fully funded.
Testamentary trusts are discretionary trusts established in Wills, that allow the trustees of each trust to decide, from time to time, which of the nominated beneficiaries (if any) may receive the benefit of the distributions from that trust for any given period.
When a trust is set up correctly, there is no need to go through probate. Whoever you have named as the beneficiary of the trust will automatically become the owner of the assets. The court doesn't need to oversee transfer of ownership for the assets, which are placed into the trust.
Do I Need a Living Trust in Arizona? There is no requirement that anyone create a living trust, however many people choose to do so because of the many benefits it offers. Your living trust allows you to control when and how your assets pass to the people you personally select.
