Is the value of the estate the only criteria for you in consideration of whether or not to get a trust?
There are many factors, including how the assets are titled. If they're titled jointly and ownership cedes to another party on death, that asset wouldn't need to go through Probate, regardless of value.
If one of you has an IRA, and a beneficiary is selected, that IRA cedes to the beneficiary on death. You don't need a trust for that.
What about the house? Stocks? Other assets? How are they titled?
One thing to remember is that the 2017 law changed tax rates for trusts, and especially for stocks. The higher rate that would be paid on some assets in trust would seriously mitigate against the value of a trust, especially if the assets are titled jointly.
I don't think many people consider the tax rates on trusts, and this is critical. Just my opinion, but joint ownership is to me the best way to avoid Probate, but that also extends to the secondary ownership, i.e., assuming you have children, after either of you passes, the survivor can amend his/her assets to include joint ownership with children, to avoid Probate.
That is correct for AZ. Assets less then 75k do not require probate.
One thing that you can do to avoid family disputes and a potential for probate to be needed to resolve issues is to get all of your assets assigned to a beneficiary or payable on death or transfer on death. This action removes those assets from your estate.
I live in AZ, if you want to private message me for more details I will be happy to share what I have learned.
Trusts are not always a solution for asset distribution.
There are many factors, including how the assets are titled. If they're titled jointly and ownership cedes to another party on death, that asset wouldn't need to go through Probate, regardless of value.
If one of you has an IRA, and a beneficiary is selected, that IRA cedes to the beneficiary on death. You don't need a trust for that.
What about the house? Stocks? Other assets? How are they titled?
One thing to remember is that the 2017 law changed tax rates for trusts, and especially for stocks. The higher rate that would be paid on some assets in trust would seriously mitigate against the value of a trust, especially if the assets are titled jointly.
I don't think many people consider the tax rates on trusts, and this is critical. Just my opinion, but joint ownership is to me the best way to avoid Probate, but that also extends to the secondary ownership, i.e., assuming you have children, after either of you passes, the survivor can amend his/her assets to include joint ownership with children, to avoid Probate.
One thing that you can do to avoid family disputes and a potential for probate to be needed to resolve issues is to get all of your assets assigned to a beneficiary or payable on death or transfer on death. This action removes those assets from your estate.
I live in AZ, if you want to private message me for more details I will be happy to share what I have learned.
Trusts are not always a solution for asset distribution.