Arizona Estate Planning Lawyer & Attorney : Stephen Follett Law Firm : Probate Law and Trusts : Gilbert, Phoenix, Arizona

Arizona once attempted to adopt a reformed trust code, however, it was ultimatley rejected outright. 

This year, Arizona has overhauled its trust code.  It will be effective on January 1, 2009.  Here is a newspaper article from when it passed the legislature.  Here is a link to an article by Fleming & Curti, PLC, an elder law firm in Tucson, Arizona.

Older trusts will be grandfathered into the law.  While changes are likely not necessary, upon review of your trust, you may or may not want to enact changes based upon the new law.  This should be part of your regular review of your trust and estate plan.

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Estate planning doesn't begin or end in the estate planning attorney's office.  Your death will bring on significant change, besided implementation of your estate plan.  Will your young children know what to do when you are gone or what to do with their inheritance?

As a parent, I consider whether have I taught my daughter everything that she should know.  Has she learned what is age appropriate about money?  What has she learned about working, earning, saving, budgeting?  Those questions are important whether I die while she is young or whether I send her off to college and into the world. 

Via Professor Beyer, I found this article where rich kids are getting an education on protecting the legacies left by their parents.  While managing mega-wealth may never be on your list of priorities, consider that it takes specific effort to teach specific lessons.

You have your own legacies of money and values.  Consider whether you are taking the steps you can or should to pass those legacies on to your children.

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