What You Need to Know About Trusts in Arizona
What is a Trust?
A “trust” is an estate planning tool utilized by many Arizona residents. While various types of trusts are available, the trust typically used is a “living trust.”
During your lifetime, your living trust in Arizona holds all of the property you place into it permitting you to use, buy, or sell property in the trust just like you ordinarily would. When you die, the property in the trust goes to one or more people whom you name Those that inherit the property are known as “beneficiaries.” You can choose whether the trust should keep protecting and managing your property or whether the trust should dissolve and your beneficiaries receive the entirety of your trust estate upon your death.
Trusts offer several benefits for some estates. Popular reasons for using a trust include certain tax savings, the chance to avoid probate when it comes to the trust property, and the flexibility a trust provides if you become incapacitated and unable to manage your own affairs. A trust can also protect young beneficiaries, like minor children, in the event that you pass away before they reach adulthood.
An experienced Phoenix estate planning lawyer like the team at Mushkatel, Gobbato, & Kile, P.L.L.C., can help you decide if a trust is right for you. We can also help you create a will, trust, or other estate planning tools that will help ensure your loved ones are protected and your last wishes are carried out. To learn more, call us today at (480) 467-3434 for a confidential consultation.
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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