Standard
The default law in Arizona leaves inheritance outright and free of trust. However, if the beneficiary is incapacitated or under age 21, the Personal Representative or Trustee, as the case may be, will have discretion to distribute inheritance by any one or more of the following methods:
Option #1 Hold in temporary inheritance trust for beneficiary with all remaining assets distributed outright when beneficiary attains [25] years of age. Option #2 Hold in temporary inheritance trust for beneficiary with assets distributed in stages by age. For example, 1/3 of trust assets at age [21], 1/2 of remaining assets at age [25], and all remaining assets at age [30]. Option #3 Hold in temporary inheritance trust for beneficiary with assets distributed in stages by time. For example, 1/3 of trust assets immediately, 1/2 of remaining assets [3] years later, and all remaining assets [5] years later. Option #4 Hold in permanent inheritance trust for beneficiary with assets managed by an independent or professional trustee. For example, a trust for mentally-disabled adult beneficiary or beneficiary with substance abuse problems. Option #5 Hold in permanent inheritance trust for beneficiary, but permit beneficiary to serve as trustee at any time after attaining age [30] or to name an independent trustee of the beneficiary’s choice. For more information about inheritance protection trusts, check out this article. Comments are closed.
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AuthorThomas J. Bouman Archives
January 2023
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