Do Beneficiaries Get a Copy of the Trust in Arizona?
A trust is a legal contract that provides specific instructions for managing assets after someone passes away. Although trusts are an essential part of estate planning, a lot of people find the many different types of trusts to be confusing.
In the most basic sense, trusts are created by trustors, who designate their assets to specific beneficiaries. If the trust is revocable, the trustor can change any terms of the trust at any time while they’re alive – even cancel it.
However, where does that leave the beneficiary? Do they have control over any property or assets? Do beneficiaries get a copy of the trust in Arizona?
If you’re asking yourself those kinds of questions, you’ve come to the right place. The legal team at Rilus Law is here to clear the air. As one of the leading estate planning and probate law firms, we have helped hundreds of people set up trusts to secure their assets and avoid the lengthy probate process.
So, if you’d like to know the answers to those questions, keep reading. We’re covering it all in today’s blog post.
The Role of a Trustee
The trustee is the person responsible for making decisions about a trust’s assets. In most cases, the trustor is also the trustee while they’re alive. This allows you to retain full control of all of your assets and finances held in the trust. After you pass, the successor trustee named in your trust would take over that role. In Arizona, the trustee makes sure that assets are properly delivered to beneficiaries. This consists of informing the beneficiaries of the items being distributed to them, as well as keeping them updated on the status and management of the assets.
Are you serving as the successor trustee for a loved one? Download our Free Trustee Toolkit to guide you every step of the way! It includes a checklist, successor trustee acceptance form, trust inventory spreadsheet, trust distribution schedule spreadsheet, and video walkthroughs with our guidance and support delivered right to your inbox.
What is the Trustee’s Report?
So, do beneficiaries get a copy of the trust in Arizona? Arizona law requires that all beneficiaries be notified when they’re included in a trust. Additionally, the beneficiary should receive a copy of the section of the trust pertaining to them and their appointed assets.
As a result, the trustee’s report includes an updated list of the beneficiary’s assets within the trust, any liability, and any record of receipts stemming from the cost of maintaining any assets. The report is delivered to the beneficiary annually.
What Does a Beneficiary See in a Trust?
Arizona law does not permit beneficiaries to see any portion of the trust that does not pertain to them. The only exception is if the creator of the trust (the trustor) explicitly says so. However, beneficiaries are made aware of their involvement in the trust, and they are frequently updated on their appointed assets or property.
Estate Planning Attorneys in Phoenix, AZ
Many people choose a trust over a will for their estate plan because of the additional privacy that a trust provides. If you’re wondering, “Do beneficiaries get a copy of the trust in Arizona?” We trust that this article addressed your concerns. While they aren’t entitled to know the entirety of the assets and property included in the trust, Arizona law requires beneficiaries to be informed of what they will receive. As a result, beneficiaries are legally entitled to updated reports of their assets. This is still far greater privacy than a will, as a will typically requires probate and becomes a public record. With a trust, you have full control over who you name as a beneficiary and ultimately who will receive information about your trust.
Alternatively, if you are a beneficiary of a trust and haven’t been informed of your appointed assets, contact the legal team at Rilus Law today. As some of Phoenix’s top estate planning attorneys, we also assist clients with probate and trust administration, including beneficiaries who are navigating the complex trust process.
Ready to get started? Contact our team to schedule a free consultation.