Is a Will good enough, or does he need a Trust?

[Mark2365]

What is the name of your state?
In Arizona, Mary is 85, a widow, with no kids.
Bob (a long-time platonic friend) now lives with Mary, and he helps Mary.
In her Will, Mary left her house to Bob, when she passes.
Will that need to go thru a lengthy Probate?
Or will the house transfer to Bob fairly quickly and easily?
Maybe... should the house be in a Trust, with Mary as the current Trustee,
and Bob being a successor Trustee after Mary dies?
Would that Trust thus negate the need for Probate?
Thanks, people.
Mark2365

 

[AlmostThere]

Mary would be better served to log in for herself, because we are going to need more information that she needs to provide.

 

[TrustUser]

yes, a trust eliminates the need for probate.

just to be clear, the trustee is a person who manages the trust. the beneficiary is the person who has beneficial ownership.

bob can be named as the successor trustee. but he also needs to be named the beneficiary, when mary passes.

personally, i always think a trust is preferable to a will. no involvement with probate and the govt is best !!

especially when there is real estate involved

 

[adjusterjack]

What is the name of your state?
In Arizona, Mary is 85, a widow, with no kids.
Bob (a long-time platonic friend) now lives with Mary, and he helps Mary.
In her Will, Mary left her house to Bob, when she passes.
Will that need to go thru a lengthy Probate?
Or will the house transfer to Bob fairly quickly and easily?
Maybe... should the house be in a Trust, with Mary as the current Trustee,
and Bob being a successor Trustee after Mary dies?
Would that Trust thus negate the need for Probate?
Thanks, people.
Mark2365

Several years ago Arizona simplified the process with the advent of beneficiary (transfer on death) deeds.

https://duckduckgo.com/?origin=funnel_home_website&t=h_&q=arizona+beneficiary+deed&ia=web

Which is not to say that a trust and/or will would not be needed. Depends on the circumstances. Mary should consult an estate planning attorney.

 

[TrustUser]

california came out with those, i think at least 5 years ago. the only drawback is they dont have any contingency planning, like a trust would have (as far as i am aware).

 

[quincy]

… Mary should consult an estate planning attorney.

I agree that Mary should make an appointment with an estate planning attorney who can help her decide which option best meets her needs and wants.

Here, for more information on one option mentioned by adjusterjack, is a link to Arizona Revised Statute §33-405, Beneficiary Deeds:

https://www.azleg.gov/ars/33/00405.htm

 

[Mark2365]

AlmostThere, I can answer Any questions about Mary.
Heck, for all we know, I am Mary. Or Bob. Or _?

TrustUser, OK, Great... a Trust needs no Probate.
I understand the roles of Trustee and Beneficiary.
I Seriously agree: minimal government involvement is optimal.

AdjusterJack: That Beneficiary Deed sounds Terrific.
Could be all that's needed for this. And much simpler.

TrustUser: What "contingency plan" are you wanting?
The deeds are revocable.

Quincy: Thanks for the clarification.

OK, we'll work on getting a Trust.

Thanks to All of these comments!

 

[TrustUser]

yes, you can always make a new deed.

but that is my point, you need to make a new deed to have any changes. with a well-written trust, there are always backup contingencies. if bob dies, then it goes to ted and alice, etc.

if one wants to make a document solid, ALWAYS get it notarized. it is the job of the notary to ascertain that the person is who they say they are, the signer was of solid mind, did not feel pressured, etc.

people can fall below the notary threshold, but still live a long time. during that time frame, a lot can happen. most notably the original beneficiary might die.

if this were to happen to mary, mary would not qualify to have a notarized document, and would therefore be unable to change that deed, at least in the typical way. if she had a trust, that would be taken care of. the trust would specify how to appoint a new trustee, when she was no longer able to be the trustee. the trust would also have beneficiary backups.

in this case, mary might want to give to bob's kids, etc. all this can be handled within a trust. not so with transfer deeds. i am not against the deeds. they are much simpler to obtain. and it is a helluva lot better than having nothing and then being forced to go through probate. but it is not as fail safe as a trust.

i just want you and mary to understand all the ramifications, so that you can decide which is best for you.

a trust is also not nearly as complicated as some people like to make them out to be. it is usually quoted as one of the reasons for choosing not to get a trust. whenever i see that, i immediately think of a probate attorney not wanting to lose some easy business !!

 

[Mark2365]

Now I understand, TrustUser:
We need Contingencies in case Mary becomes incapacitated, or many other possibilities.
Got it.

The plan now is to do the Beneficiary Deed (quick and easy), and then work on creating a Trust.

Thanks very much, people.