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Trustees should act jointly (unless the trust document specifies that they can act by majority). Trustees are jointly liable for mistakes and should therefore act together. Trustees should not normally delegate functions to each other. Legal advice should be obtained before attempting to delegate trustee functions.

In Arizona, informal probate cases generally take 6-8 months to settle. Cases that qualify for the small estate exemption may be able to cut that timeline in half. When a will, trust, or estate is contested, the probate process may take 1-2 years.

Filing the affidavit is a two step process. First, the affidavit is filed in the probate court in the county where the property is located, along with a certified copy of the death certificate, and the original will if there is one. Second, a certified copy of the affidavit must be recorded in the same county.

The living trust document should say whether you and any co-trustees can make decisions alone or must agree on decisions, either unanimously or by majority rule. If no instruction is given, Arizona law allows decisions by majority rule.

According to Arizona law (ARS14-3108), the executor of an estate has two years from the date of death to file probate. This timeframe can be extended under certain circumstances, such as if the deceased left behind minor children.

Distributing Assets Most trusts can be distributed to beneficiaries in as little as one year and rarely will a trustee need to extend this timeframe to more than two years. In some instances, a beneficiary may be able to acquire a preliminary distribution.

To act unanimously - Trustees must act unanimously unless the trust deed says otherwise. To act carefully and distribute assets correctly ? Trustees must provide income for the beneficiaries but still preserve the value of the capital.

2. Within sixty days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee's name, address and telephone number. 3.

Under Section 663(b) of the Internal Revenue Code, any distribution by an estate or trust within the first 65 days of the tax year can be treated as having been made on the last day of the preceding tax year.

Arizona statutes offer an alternative to avoiding probate by using an Affidavit of Succession to Real Property in cases in which the real property value does not exceed a certain value. The estate value must be less than $100,000 minus all the liens and any other encumbrances when the decedent passed away.

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The purpose of the Successor Trustee Handbook is to help you carry out your fiduciary duties in the administration of a trust in Arizona. Successor Trustees According to Arizona Law.What is a Living Trust? Executor, Trustee: What's the Difference? 2900 E. Broadway Blvd. Friday, August 23, 2013 73-4343 to place your ad today.

Tucson Arizona Affidavit Evidencing Successor Trustee

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Do trustees have to act together?

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