Morris Hall, PLLC

Estate Planning Attorneys

MakePayment with multiple options
CALL NOW: 1 (888) 222-1328
  • Home
  • Our Firm
    • About Morris Hall
    • Attorneys
    • Our Team
    • Morris Hall Core Values
    • Communities We Serve
      • Carefree
      • Chandler
      • Flagstaff
      • Mesa
      • Oro Valley
      • Phoenix
      • Prescott
      • Scottsdale
      • Sedona
      • Tucson
    • Career Opportunities
  • Estate Planning Services
    • Advanced Estate Planning
    • Asset Protection
    • Power of Attorney
    • Trust Administration and Probate
    • Wills and Trusts
  • Resources
    • Blog
    • Do I Need an Estate Plan?
    • Elder Law Reports
    • Elder Law Resources
      • Phoenix Elder Law
      • Tucson Elder Law
    • Estate Planning Problems
    • FAQs
    • Probate Resources
      • Probate
      • Flagstaff Probate
      • Phoenix Probate
      • Sedona Probate
      • Tucson Probate
    • Published Books
      • Don’t Go Broke in a Nursing home
      • Tax Free Money for Long-Term Care!
    • Recent Law Changes and Improvements Affecting Arizona
      • Update My Living Trust
    • Reports
    • Videos
    • What to Do When Death Occurs
      • What Not To Do When Someone Dies
      • Who To Contact After A Loved Ones Death
  • Reviews
    • Testimonials
    • Review Us
  • Locations
  • Events
    • Seminars / Webinars
    • Past Webinar Recordings
  • Contact
    • Consultation Policy
    • Contact Us
    • Discounts

Arizona Trust Code Law Change

October 24, 2011 by Morris Hall, PLLC Leave a Comment

Arizona trust code isn’t something you have to decipher on your own. Below, we talk about the intricacies that deal with the trust code law change and what you need to know to make informed decisions.

If you have a Trust in the state of Arizona, you should be aware of the Arizona Trust Code (ATC) law change that was implemented in 2009. Although this law has been in effect for some time, we find that many individuals still have not updated their documents, and some are not yet aware of the need. While there are several changes created by the ATC, below you will find the changes that have the strongest effect upon your documents.

Unless your documents are updated, your existing Certificate of Trust will not provide you the privacy that is now available with the new Certification of Trust. Without the required changes, financial institutions, title companies and lenders can demand a complete copy of your trust, with all your personal information contained therein. They can also refuse to title assets to your trust. This can trigger the necessity, expense, delays and exposure of probate, conservatorship and guardianship.

In addition to the issue of the new Certification of Trust requirements, the ATC requires that an annual reporting be made to beneficiaries when your trust, or any portion of it, becomes irrevocable. Upon the death of a spouse, his or her share becomes irrevocable; upon the death of a single person or the surviving spouse, the entire trust becomes irrevocable. This new requirement will affect all survivors and the trustees, and it can also affect your beneficiaries and trustees if you become incapacitated. However, you can amend your trust to opt out of the reporting mandate.

The above-referenced reporting is a very detailed annual report that must include a listing of the trust property, liabilities, receipts and disbursements, including the source and amount of the trustee’s compensation, a listing of the trust assets and their respective market values. The report must be given to all the qualified beneficiaries, and if a beneficiary is a charity, it must be given to the Attorney General as well. Almost all of the clients with whom we have met do not wish to regularly disclose this information, and see this strict requirement as an invasion of their privacy.

Finally, for the positive news, the ATC allows you to add decanting provisions to your trust. This provides for much greater protection and flexibility for you and your beneficiaries when any portion of your trust becomes irrevocable. Incorporating the new provisions will allow amendments to your trust to comply with changes in the law or significant changes in circumstances even after any part of your trust becomes irrevocable.

We strongly recommend that you call 888.222.1328 to schedule an appointment to discuss the significant impact of the Arizona Trust Code on your estate plan.

  • Author
  • Recent Posts
Morris Hall, PLLC
Morris Hall, PLLC
Company at Morris Hall, PLLC
For more than five decades, Morris Hall has been providing quality estate planning legal services for its clients seeking opportunities to preserve wealth and assets through estate preservation plans.

In fact, estate planning, asset preservation and probate law have been our only areas of practice. We are proud to have helped thousands of individuals of all levels of wealth and assets, people concerned about protecting their families from the devastating legal and financial effects of disability and death.
Morris Hall, PLLC
Latest posts by Morris Hall, PLLC (see all)
  • Why Do I Need an Estate Plan? - March 31, 2023
  • Protecting Your Assets from Marriage and Divorce - March 30, 2023
  • Getting Ready for Retirement: Top 10 Tips - March 29, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

MH logo

Main Office

7600 N 16th St, Ste 105

Phoenix, AZ 85020

Phone: 602-249-1328

Fax: 602-248-2887

Subscribe to Our Newsletter

For a sample Click Here

Offices

Our law firm proudly serves many areas in Arizona. See all of our locations here.

Our law firm proudly serves the state of Arizona.  See all of our locations here.

Toll Free: 888-222-1328

Mon-Thur: 8:00am – 5:00pm
Fri: 8:00am – 4:00pm

  • Linkedin
  • Twitter
  • Facebook
  • Youtube
  • Instagram

Need an Estate Planning Lawyer in Arizona?

Looking for an estate planning attorney near you? We have office locations in Phoenix, Mesa, Chandler, Scottsdale, West Valley, Carefree, Prescott, Sedona, Flagstaff, Tucson, and Oro Valley in Arizona so please visit us at the location that is closest to you.

  • © 2023 American Academy of Estate Planning Attorneys, Inc All rights reserved.
  • Disclaimer