September 26th, 2018
Arizona Law Update for Living Trusts
The Arizona law permitting use of a Certification of Trust when dealing with financial institutions was amended effective August 3. Now A.R.S. 14-11013(E) says a third party may not demand a copy of the entire trust document (including the dispositive provisions) without first providing a verified statement stating a good faith reason for the demand.
Also, A.R.S. 14-11013(H) makes the third party liable for damages, costs, expenses, and attorney fees if a court determines the request was not made in good faith or did not comply with subsection E.
The public policy behind the law (enacted in 2008) is to allow for privacy of personal financial information. Bouman Law Firm provides an up-to-date certification of trust to every client establishing a revocable living trust.
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Thomas J. Bouman