Legal Question in Wills and Trusts in Arizona
Trust vs Will
My parents have a will drawn up in New Mexico. They have been told a trust is better for the beneficiaries and the taxes? Is it necessary to have a trust to eliminate probate, and taxes upon death? And is their will ok in NM if they now live in Arizona?
2 Answers from Attorneys
Re: Trust vs Will
A Living Trust is attractive to some for avoiding probate and passing the greatest percent of the estate to the beneficiaries of the trust, and there can be other/greater benefits for wealthier tax payers.
Wills legal in one state are legal in another, but if your parents are going to reside in AZ permanently it is desireable for them to have a will prepared there.
Re: Trust vs Will
A living trust is often a useful tool for avoiding probate and minimizing taxes, but it is not appropriate in every situation.
A will properly executed in one state is valid in all states, though there may be a provision in the will that in the event of a dispute, the laws of the state of execution will control. In order to avoid that possibility, your parents may want to have their will re-drawn and executed in Arizona.
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