Why Valid Wills Are Important.

Your Last Will and Testament (“Will”) determines how your property is divided when you die and who gets what. Having a Will is one of the most important things you can do to protect your estate and your loved ones.

Having a Will is important for many reasons. The most critical one is that a Will helps your estate avoid probate. If you die without a Will, your estate will have to be probated and your property will pass through your state’s intestacy laws. Probate is a long and often expensive process.

Although a person’s Will also goes through probate, the process is a whole different animal. It is faster, cheaper and far less complicated because the probate judge has the Will to tell him/her what your wishes are and who gets what. Without a Will, the probate judge must make his or her own determinations.

The Formalities of a Valid Will.

But what exactly makes a Will valid?

In part, what makes a will valid depends on the laws of the state in which you live. Each state has its own legal requirements for what makes a valid will which is why you should consult with counsel in the state in which you live. However, most states have the same or similar requirements and most will accept a Will that was made in another state.

In addition to other formalities for making a Will (see below) you must be at least 18 years old and you must be “of sound mind.” Basically, that means that you must know the extent of your property, know that in making a Will you are giving instructions for disposing of that property, and you must know who would naturally benefit from your death (i.e., close family members).

Generally speaking, to be valid a Will must:

• Be a written document (meaning typed or printed);
• Be signed by the person making the Will (the “testator” or “testatrix”); and,
• It must be signed by two witnesses. The two witnesses must have been present when the maker of the will (the testator or testatrix) signed it and must have witnessed the Will, and they must also have witnessed each other sign the document.

While not all states recognize holographic (handwritten) wills, Arizona does. This does not mean, however, that holographic wills are a good idea. They are not. Because they are not drafted by trusts and estates counsel, handwritten wills almost always contain costly mistakes and errors and can often be rejected by the probate court which means it is the same as having no Will at all.

A Will that meets all the formalities ensures that your wishes will be carried out.

Your Most Important Document.

The importance of having a valid and enforceable will cannot be overemphasized. Your Will does not just pass on your property. It is how you leave a legacy to those you love the most. The best way to be certain that your estate plan documents will be correct, up-to-date, complete, and enforceable, is to meet with competent and experienced estate planning counsel.

A Trusts and Estates Lawyer Can Ensure That Your Will is Valid.

When you entrust your estate planning needs to competent counsel, you decide how you want your estate to be distributed and to whom. We Are Estate Planning Attorneys in Arizona. We have offices in Sedona and we serve Verde Valley as well as all of Arizona. We offer free consultations and we can help you with your estate planning needs. Contact us to set up your free appointment.

Are there things that you should not put in your Will?

Yes.

Here are 3 of them.

1. Certain Types of Property.

Your Will (“last will and testament”) is a legal document that states your final wishes and gives instructions about how to divide up your property when you die.

But there are certain types of property that you cannot dispose of in your Will.

For example, you cannot arrange to leave money that is in a “payable on death” bank account to someone in your Will. This type of account requires you to name a beneficiary and it is that person who will get the money in the bank account when you die.

You also cannot will property to someone that has been place into a living trust. Property that is in a living trust is managed by the appointed trustee and it automatically goes to the named beneficiaries.

These are merely two examples. There are other types of property that you cannot dispose of in your will. To find out what they are, consult experienced and knowledgeable estate planning counsel.

2. Arrangements for Special Needs Persons.

Another thing not to put in your Will is arrangements that attempt to take care of persons or family members with special needs (whether disabled physically or mentally, or incapacitated or persons with addiction problems).

Rather than trying to use a will for this (which is not recommended because it can cause the disabled person to become ineligible for certain government assistance programs, like Social Security Income, subsidized housing, or Medicaid) you should use a “Special Needs Trust” instead.

When you create a Special Needs Trust, money is placed into a trust that is administered by a trustee of your choosing for the benefit of your loved one. A Special Needs Trust is a flexible tool that can be used to provide for your loved one who needs care. It is important that you speak to an experienced trusts and estates attorney to ensure that your Special Needs Trust is well-drafted.

3. Don’t Leave Gifts to Your Pets in Your Will.

Finally, gifts of money to your pet should not be included in your Will.

Pets do not have the legal capacity to hold property. Much as we love them, under the law, pets are themselves considered to be property. So leaving a gift to your pet in your Will simply won’t work.

Instead, consider leaving your pet to someone who you know will take good care of it, and use your Will to leave that person money that they can use for the pet’s care.

Or, depending on which state you live in, you may be able to create a “pet trust” and care for your pet in that way. To find out if pet trusts are available in your state, consult with counsel.

Let Us Help You.

When it comes to drafting a valid will, there is a lot to know. Which is why we so often tell people not to try to do their own wills and not to use “canned” wills that can be downloaded online. When it comes to drafting your will or trust, save yourself money and time and save your family grief by engaging experienced trusts and estates attorneys to help you. We offer free consultations, and we serve all of Arizona. Our offices are located in beautiful Sedona and we serve Verde Valley as well. We can help you provide and plan for your loved ones. Call us at 928-282-1483 or contact us here.

One of the most important decisions you must make when making your estate plan is who will handle things for you when you die.

The Importance of a Personal Representative or Trustee.

In Arizona, a “Personal Representative” administers your estate and remains in charge until your estate is legally closed. Depending on the complexity of your estate, that can take years. If you have a will before you die, you will decide who is going to act as your Personal Representative.

The duties of your Personal Representative are critical to the proper administration of your estate. Who you choose to be your Personal Representative can mean the difference between an efficiently administered estate and one that is a legal and financial nightmare.

If you have a Living Trust, and you manage the trust property yourself as trustee during your lifetime, after your death (or incapacitation), the successor trustee (who you have named in your trust documents) will manage the trust fund.

It is the trustee’s duty to follow the instructions in the trust documents and to make sure that the assets in the trust (money, property, stocks etc.) are safeguarded, invested appropriately, and are used for the beneficiaries. .

How To Choose a Personal Representative or Trustee.

As you can see, who you choose to be your Personal Representative or Trustee is critical to the efficient handling of your estate and to your heirs and beneficiaries.

There are no hard-and-fast rules on how to choose a Trustee or Personal Representative, but here are 4 qualities that you should look for in any person you may be considering for these important roles:

1. Honesty and Integrity.

First and foremost, a Personal Representative or Trustee is your “fiduciary.”

That means that they will act in your (or your estate’s or that of your beneficiaries’/heirs’) best interests (and that they can be sued if they do not). So, the first quality you want to look for in any fiduciary is that of honesty and integrity.

2. Impartiality.

When it comes to inheritances, it is not uncommon for there to be bickering or jealousy among the heirs or beneficiaries. Oftentimes, people believe they are being treated unfairly or that a sibling is being given preferential treatment (more money; something you promised to them; the “best car” etc.). Due to these issues,, it is important that you choose a Personal Representative or Trustee who will be seen as impartial and fair to all concerned. This quality can go a long way towards preventing your heirs and estate from becoming embroiled in expensive time-consuming legal battles.

3. Competence.

Finally,  you need  a Personal Representative who has the ability to get things done. There is a lot of paperwork, deadlines, and legal procedures to be followed, and detail associated with administering an estate or a trust. So you need to choose someone who can handle the duties assigned to him or her and who will do so in a timely fashion. Otherwise, you risk delays or unnecessary expenses.

Although we may not like to think about death and dying, when we prepare for our own death in advance, we can make the necessary decisions that will ensure our wishes and desires are fulfilled and our family members taken care of.

If you know someone who meets all three requirements, as listed above, but lives far away, then have no fear to list them as your trustee ore Personal Representative. The reason being is because we are always happy to help your trustee or Personal Representative with any concerns or distances issues they may have.

A lot can be done via faxes and emails, so when it comes to the items that require a physical appearance, we can act on behalf of your trustee or Personal Representative if they grant us the authority to do so. So do not hold back on choosing the most fitting person just because they live far way.

We Can Help.

As experienced trusts and estates attorneys we can help you. We offer free consultations. Our offices are located in beautiful Sedona and we serve Verde Valley, and all of Arizona as well. We can help you provide and plan for your loved ones. Call us at 928-282-1483 or contact us here.

Everybody loves a bargain. On the other hand, as the old saying goes, “you get what you pay for.” But when it comes to something as important as your estate planning, you don’t want to be “penny wise and dollar foolish.”

Let’s take a look at a couple of reasons why using online document services (or other cheap services) to prepare your estate planning documents is a bad idea.

1. There Are No “Do-Overs” With Estate Planning.

First, it is important to keep in mind that you do not get to fix mistakes made in your estate plan once it goes into effect. In other words, when you die, it is too late to make changes or fix mistakes in your plan.

That means that if the documents the online service or other cheap, non-attorney source you used to do your will or trust are incorrect or do not comply with your state’s laws or are outdated or fail to follow all the required legal formalities, or have not covered all the contingencies in your situation— your wishes will not be followed, and your family is out of luck.

There will be no one to help your family and no way to change your inadequate/erroneous documents.

Your assets will not go to the people you wanted them to go to, or, worse yet, your entire estate will be subjected to the time-consuming and expensive probate system. Ultimately, your estate will end up spending more time and money than you would have spent if you had consulted with knowledgeable estate planning counsel.  

2. Online and Non-Attorney Document Providers Are Not Lawyers.

There is a reason why most lawyers who practice in this area do only trusts and estates law.

Can you guess what it is?

It is that estate planning is a complex area of law. It takes years to develop an expertise in estate planning. As an American Bar Association article on the issue of whether it is advisable to do your own estate planning puts it, “An estate planning lawyer provides more than technical expertise in drafting complicated documents.  Most have extensive experience in counseling clients in these most intimate decisions.”

Online document services and non-attorney estate planning services do not have this level of expertise or experience counselling clients.

How could they? They are not attorneys. They merely fill out forms.

Yet the impression most online document services try to create in the minds of consumers is that they are attorneys and that their documents are similar to those of an attorney. They stress how their documents are cheaper than what it would cost you to hire an attorney. Well, there is a reason why attorneys charge more. Attorneys get paid for what they know.

Online document services only know how to fill out forms. They are not lawyers. They are not law firms. They do not know what a trusts and estates attorney knows and they cannot give you legal advice. If your family has special needs or if you are about to make a huge mistake, these services cannot advise you or warn you. Indeed, it would be a crime (practicing law without a license) if they did so.

So do not be fooled by the marketing attempts they make to look like legal counsel. All online document services or other non-attorney services can do is what any well-trained monkey could do: fill out a form.

3. Generic Online Forms Are…Well, Generic.

Finally, because the online document providers are not attorneys, they have to make sure that their documents are pretty much “fool proof.” That way it is difficult for individuals who buy their documents to make mistakes when filling them out.

What that means, however, is that the documents online services and other non-attorney services provide are generic documents that apply to everyone and anyone. They are not customized. They are simply one-size-fits-all generic documents.

Online or do-it-yourself estate planning tools do not take into account your particular circumstances and they are not intended for your unique  situation. For example, certain situations— such as the needs of blended families, protecting an estate from Medi-Cal recovery, disinheritance, or protecting inheritances for beneficiaries that require ongoing trusts (Special Needs Trusts, asset protection trusts, support trusts)—require careful thought and preparation and are best handled by experienced counsel.

Sure, there might be occasions when saving money or doing things yourself makes sense. But creating a solid estate plan is definitely not one of them.

We Are Here for You.

We are experienced trusts and estates attorneys. We offer free consultations, and we serve all of Arizona. Our offices are located in Sedona and we serve Verde Valley as well. We can help you provide and plan for your loved ones. Call us at 928-282-1483 or contact us here.

The New Year is the perfect time to resolve to change your life for the better. That is why most of us make New Year’s resolutions to get to the gym and get in shape. But as we all know, buying the new outfit is the best part of that resolution. Our resolve to get in shape rarely lasts long. A few weeks of jumping around in tight spandex pants and living on lettuce and air sandwiches and most of us throw in the towel. That is why this year, we have got a New Year’s resolution for you that we Trust you Will keep. This is one New Year’s resolution that will last you a lifetime—and beyond.

Make An Estate Plan

Our resolution for you this year: make a Legacy Estate Plan.

In a Legacy Estate Plan developed by Esser, Bradley and Khalsa, you direct who gets what from your estate. As you know, everyone has an estate—things they own, like a car a home, bank accounts, jewelry, furniture, life insurance, etc. It is important that you make sure that when you die, those you love (e.g. your spouse, your children, etc.) get the money and property  you want them to have so that they are taken care of. A Legacy Estate Plan is the way to do that. And, if needed, a Legacy Estate Plan can include your more immediate goals — like providing for the current and future needs of any disabled family members you may be taking care of now. Your Legacy Estate Plan can include a Special Needs Trust designed specifically for that person. That is why, if you do not already have an estate plan, 2018 is the perfect year to get one in place.

A critical component of a Legacy Estate Plan is a Lifetime Estate Plan. A Lifetime Estate Plan anticipates your healthcare desires and potential end-of-life needs. It includes the preparation and execution of a certain Powers of Attorney and directives that allow you to nominate someone to make financial and medical decisions on your behalf if you become incapacitated. Moreover, those documents allow you to specify how you wish to be taken care of on the off-chance that you become incapacitated.

Thinking about, planning for, and putting into place a Legacy Estate Plan that will provide for your loved ones and make sure your wishes are carried out when you die is every bit as important—if not more important — than getting into shape, trying to earn more money this year, making time for meditation, or any of the other hundreds of New Year’s resolutions we all make. So this year, make the one New Year’s Resolution that is easily doable and will benefit you and your loved ones now and in the years to come: make a Legacy Estate Plan.

We Make Taking Care of Your Estate and Your Family Easy

We are experienced trusts and estates attorneys. We offer free consultations, we serve all of Arizona, and we can help you provide and plan for your loved ones. Call us at 928-282-1483 or contact us here.

You may have heard of a Power of Attorney, but you may not really know what it is or why it is such a valuable estate planning tool.

So let’s look at the power behind a Power of Attorney.

What is a Power of Attorney?

A power of attorney is a legal document that gives one or more persons the legal authority to act on your behalf as your agent. The power can be limited to a particular activity (selling your house) or it can be general in its application (handling all your affairs).

All states accept a power of attorney, but the rules and requirements for proper execution differ from state to state. That is why you should consult with experienced counsel.

There are different kinds of powers of attorney. A power of attorney is a flexible tool that can give your agent either temporary or permanent authority to act on your behalf. It can take effect immediately, or only upon the occurrence of some event, like your incapacity. A power of attorney can be revoked, but most states require that you notify the agent named in the power of attorney upon revocation.

Why is a Power of Attorney Important?

In estate planning, we see the value of a power of attorney almost every day. People who have all of their necessary powers of attorney in place when/if they reach that stage where they can no longer handle their own affairs, have a tool that allows their financial and personal affairs to continue smoothly.

Those without a power of attorney when they reach the point where they cannot handle their own financial or personal affairs cause family chaos, run into court interference,  incur unnecessary cost, and oftentimes experience disastrous results. If you do not have a power of attorney and you become unable to handle your financial and personal affairs or make health care decisions for yourself, the court may appoint an agent for you. Court appointed agents are called “conservators” or “guardians,”  depending on whether they are making decisions about you or your estate. If the court has to intervene to appoint an agent for you (guardian, conservator ) two things are very likely to happen. Someone you would have otherwise not chosen will be appointed as your agent to handle your personal affairs and make your decisions for you, and it will cost you a good amount of money in attorney’s fees, court costs, and delay.

How many do I need?

There are at least three major Powers of attorney that we recommend for a thorough and fully-executed Legacy Estate Plan. Please see The Essential Documents of Will-Based Estate Planning for more details on this.

We Can Help You Prepare.

As experienced trusts and estate attorneys we devise a Legacy Estate Plan for you that encompasses both your will/trust as well as ALL of your necessary Powers of Attorney.. We offer free consultations, and we serve all of Arizona. Our offices are located in beautiful Sedona and we serve Verde Valley as well. We can help you provide and plan for your loved ones. Call us at 928-282-1483 or contact us here.

Maybe you can install your own adobe tile floors, make your own Mata Ortiz pots, teach yourself a foreign language, and improve your golf game on your own. But when it comes to preparing your estate planning documents, this is no do-it-yourself project.

Save Yourself Money and Headaches: Hire Competent Estate Planning Counsel.

The problem with trying to draft wills, trusts, financial powers of attorney, health care directives and health care powers of attorney on your own is this: regardless of how good the form or the non-attorney filling out the form is, you do not have the ability to amend your documents. The main issue with online formats is that they do not allow for you to make adjustments to specific provisions, like an experienced estate planning attorney can.  Even if you were to attempt to make those amendments, if they are not done properly, you could create issues that invalidate your documents altogether; leading to spending thousands to correct the issues. For these reasons, it is wiser to make the one-time, up-front investment into a properly and competently drafted Legacy Estate Plan than to risk future issues and higher expenditures.

The problem with online, legal self-help websites is that can only give you general information. They do not give you all the information and answers you need for your specific circumstances, goals, and needs. They cannot sit down with you and analyze your situation and find out what you need. Nor can they plan for unexpected contingencies. Moreover, no website will be able to explain you each individual’s circumstances.

Estate Planning requires the advice of experienced counsel. An attorney will ask you the right questions and will elicit the information needed to truly understand your individual needs, your family dynamics, and your objectives. An attorney can also provide you with options to accomplish your unique goals. Your documents will be prepared correctly and legally. We personally prepare all our clients’ documents from scratch and we make sure that the documents we draft have all the latest, up-to-date information. We do not use another person’s documents as a basis for drafting yours. For each individual person we draft documents for, we start from a blank slate. We provide you with the best and most reliable estate planning documents available and ensure that appropriate assets are funded into your plan.

A final reason why you should not prepare your estate planning documents yourself is for your own peace of mind. Consider whether you know what you are doing and whether your family’s needs will be adequately met by a plan you prepare yourself, and whether they will actually follow-through with it. Having the peace of mind that comes with an attorney-prepared estate plan can be of immense value.

Doctors don’t operate on themselves. And you should not “operate” on your assets, by trying to  prepare your own estate plan.

Talk To an Estate Planning Attorney!

As experienced trusts and estates attorneys we can help you. We offer free consultations, and we serve all of Arizona. Our offices are located in beautiful Sedona and we serve Verde Valley as well. We can help you provide and plan for your loved ones. Call us at 928-282-1483 or contact us here.

We’ve all heard the saying, “you get what you pay for.”  That is so true when it comes to estate planning documents.

More Than Just Forms.

Estate planning requires a lot more than just filling out a form. Don’t get us wrong, the forms are important, but putting together a comprehensive plan requires careful thought, planning, and preparation. Estate planning attorneys do far more than just prepare documents that will keep your estate out of the expensive and time-consuming probate. They think about and analyze your needs. A good estate planning attorney will be extremely thorough in drafting every possible document to best assist your family, while also preparing for every possible unexpected circumstance that could possibly arise.

Documents That are Properly Prepared Will Avoid Probate and Will Carry Out Your Wishes.

The problem with do-it-yourself or cheap form estate planning documents is that they may ultimately cost you more in the long run. Even seemingly minor mistakes can be very expensive and time consuming to fix—if, indeed they can be fixed at all. Using outdated documents, or forms that do not comply with your state’s particular requirements will cost you more in the end because they can result in your estate having to go through probate, or can cause expensive will contests.

Oversights or mistakes made in preparing the estate planning documents are also costly because they can result in a completely ineffective plan. For example, many people do not understand how to properly name primary and alternative death beneficiaries to retirement accounts. Getting the death beneficiary wrong could result in someone other than the person you want, getting some or all of the proceeds. When a large retirement fund is at stake, you would certainly not want to take this risk.

Cheap  estate planning tools are for basic probate and conservatorship avoidance. They do not take into account your particular circumstances and they are not intended to accurately protect you for each one of those unexpected circumstances, as referenced above. For example, certain situations, such as the needs of blended families, protecting an estate from Medi-Cal recovery, disinheritance, or protecting inheritances for beneficiaries that require on-going trusts (Special Needs Trusts, asset protection trusts, support trusts) require careful thought and preparation and are best handled by experienced counsel. You may pay more for these documents, but the value of having your estate planning documents properly prepared is critical.

Premiere Estate Planning.

At Esser, Bradley and Khalsa, we have had 100% success with our estate planning documents. Our clients have never had to worry about probate issues as a result of documents we drafted. A Legacy Estate Plan is a plan that is customized by Esser, Bradley and Khalsa, in Sedona, Arizona to fit your estate planning needs. Our estate planning attorneys will work with you during a FREE consultation to discuss the specifics of your estate and your desired manner of distribution. Based on our conversation, our estate planning lawyers will draft a specific Legacy Estate Plan for your needs that will include both your lifetime estate plan as well as your long-term after life estate plan. Don’t wait! Your future and your family’s future is at stake! Contact us today to set up your free appointment.

We are frequently asked what the difference is between a will and a trust. Both are important estate planning tools but they serve different purposes. A will and a trust can work together to create a complete estate plan. To find out how wills and trusts can work for your estate planning needs, consult with competent counsel.

What is a Will?

Usually just referred to as a “will,” your Last Will and Testament as it is officially called, is a legal document that states your final wishes and gives instructions about how to divide up your property when you die. We have all heard of someone disinheriting their children because of some family drama, and we’ve all seen those Agatha Christie mysteries where the rich old relative changed his will right before he died so mysteriously… That is exactly what a will does. It specifies who you want to get your money and property in the end—and who gets completely skunked.

One big difference between a will and a trust, however, is that a will goes into effect only after you die, whereas a trust is effective as soon as you create it. The other major difference is that a will gives outright distributions while a trust can protect assets and distribute them over time.

What is a Trust?

Generally, a trust is form of ownership that holds assets for your benefit. A trust usually involves two or more people: the Settlor, who creates the trust and is also known as the grantor or donor; the Trustee, who holds and manages the property for the benefit of the Settlor and Beneficiaries; and the beneficiary or beneficiaries who benefit from the trust. Typically, we recommend that you name yourself as a trustee while you are currently present to manage and enjoy your assets. In some limited circumstances, depending on the capacity and desires of the Settlor, we recommend having a fiduciary serve as a current trustee. You will also need to appoint a two successor trustees, one in succession of the other, to take care of the assets and manage them for your beneficiaries after your passing.

What are the benefits of a trust vs. a will?

1. Avoid Costly Probate/Tax Savings—one reason why people create trusts is to avoid the expense and delay of Additionally, in some circumstances there can be tax savings through the use of a trust.
2. Young Children/Poor Budgeters— when someone either has young children or family members that they want to ensure they can provide for over time. For instance, a brother may want to leave money in trust for his sister, whom he knows is bad with money and might spend it all very rapidly if she were to receive an outright distribution. The same concept naturally applies to parents with young children because we would not recommend that outright distributions be made to children or very young adults.
3. Creditor Protection—some individuals or couples want to leave money to family members and ensure that it will be there for them in case of a “rainy day.” If you choose to hold your assets in trust for one of your beneficiaries, even after your passing, then even if they had to undergo the unfortunate circumstance of bankruptcy, the trust assets would be isolated from the bankruptcy.

What is Right for You?

As mentioned above, wills and trusts can work together to complete a well-rounded estate plan. There are many different kinds of wills and there are many different kinds of trusts. What is right for you depends on your goals and particular circumstances. That is why it is important that you discuss your options with knowledgeable estate planning attorneys.

We Are Here for You.

We are experienced trusts and estates attorneys. We offer free consultations, and we serve all of Arizona. Our offices are located in Sedona and we serve Verde Valley as well. We can help you provide and plan for your loved ones. Call us at 928-282-1483 or contact us here.

Here in beautiful Sedona, we have stunning sunsets, plenty of heat, gorgeous Red Rocks and amazing views.

But in the land of estate planning, we’ve got wills and trusts. A will, as you know, is a legal document (“last will and testament”) that states your final wishes and gives instructions about how to divide up your property when you die.

A trust, on the other hand, is a  fiduciary arrangement that allows a third party, or trustee, to hold assets (money or property) on behalf of a beneficiary or beneficiaries (the person or persons for whose benefit the trust is made). Each state has its own laws governing the types of trusts permitted, how they are created and the laws that govern them. That is why it is important that you consult with knowledgeable counsel about how to draft your trust and who would be the best trustee for you. At Esser, Bradley and Khalsa, our premier estate planning attorneys work with the individual needs and circumstances of each client to tailor a Legacy Estate Plan that fits their family the way they see is best.

Who are the Players in a Trust?

There are 3 parties who are involved in any kind of trust:

• The Settlor: The person who establishes the trust fund.

• The Beneficiary: The person who benefits from the trust fund. This is the person for whom the trust property (money, stocks, real estate etc.) will be managed for and will be used to benefit, as laid out in the specific instructions given by the Settlor when he or she establishes the trust.
• The Trustee: The trustee is the person, persons, or institution (such as a bank), that oversees the trust fund. It is the trustee’s duty to make sure that the trust fund is maintained properly and that it fulfills the purpose for which it was created. The trustee has a fiduciary responsibility to the beneficiaries of the trust, which is why it is so critical to choose the right trustee for your trust.

How to Choose a Trustee.

So, how do you choose a trustee?

There is no easy answer, but here are a few general considerations that should help guide you.

• Choose Someone You Trust Who Has Common Sense and is Qualified to do the Job. First, your trustee, whether a personal friend, family member, or paid professional (CPA, attorney, bank) must not only be someone you can trust, but he or she must be qualified to be a trustee. Keep in mind that a trustee’s job generally means overseeing investments, tax issues, and administrative issues, like filing regular statements to the beneficiaries.
• Choose Someone Willing to do the Job. The person you choose should have the necessary experience and be willing to be your trustee. There are a lot of responsibilities that come with being a trustee, including liability for trust performance.
• Choose Someone Who Will Be Around For a Long Time. If you have a trust that will last a long while, or if you set up a Special Needs Trust for a loved one, you want to make sure you choose a trustee that can give you continuity. Think about whether the person will be around and will still be able to act as trustee when the time comes. One solution could be naming several successors. Another is to name a corporate trustee as a final back up or giving the successor trustee(s) or beneficiaries the authority to name a corporate trustee.

Need Help Deciding?

We Are Estate Planning Attorneys. We have offices in Sedona and we serve Verde Valley as well as all of Arizona. We offer free consultations and we can help you with your estate planning needs. Contact us to set up your free appointment.