Q: In Arizona, if you have a trust, is it necessary to put vehicles, boats, trailers into the name of a revocable trust?
The vehicles, boat, and trailer are paid off and no known liens exist. There are 3 houses with no mortgages which are in the name of the trust.
A: The answer to your question depends largely on a couple of things: 1) what are your estate planning goals? and 2) how much are those assets worth? Goals: if your goal is to avoid probate, the short answer is to transfer these assets into the trust. But, as with most legal questions, there are usually exceptions. Asset value: One exception might be, if your vehicles, boat, and trailer are not worth much, than it might not be necessary to put them into the name of the trust. Currently, in Arizona, if a person dies with personal property in the probate estate worth $75,000 or less, that property is probably transferable using a small estate affidavit without having to go through the typical probate process. While this might give you some things to think about, this question really should be explored more thoroughly with an estate planning attorney.
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