Five Things to Know About Living Trusts
Living trusts are one of many estate planning tools. Whether or not a living trust is right for you depends on several factors, including the assets in your estate and what instructions you wish to leave in your estate.
An experienced Arizona estate planning attorney at Mushkatel, Gobbato, & Kile, P.L.L.C., can help you determine whether a living trust is an appropriate choice.
Here are five things to know about living trusts:
- A living trust is typically a written agreement putting your property in someone else’s care upon your demise. During your life, you may be responsible for your own living trust. The responsibilities associated with management of the assets in the trust then passes to another individual or entity after your death.
- A living trust typically involves three parties: the creator, the trustee(s) in charge of the trust, and the beneficiaries. During your life, you may designate yourself as a trustee and name another party as a beneficiary to receive the contents of the trust when you pass.
- A living trust can be more complicated than a will, but it can also offer certain benefits. For instance, trusts typically do not involve formally probating your estate.
- A trust may resolve some potential issues with beneficiaries, but not others. For instance, if you cut a beneficiary out of a trust, he or she may challenge the trust in court just as he or she might challenge a will.
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About the Author
Zachary Mushkatel discovered his affinity for the law by chance. As a political science major at the University of Arizona, he first aspired to become a professor. But an unexpected invitation to participate on a mock trial team at the university encouraged him to turn his competitive spirit and drive…
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