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 who 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.
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About the Author
Zachary Mushkatel is a founding attorney of Mushkatel, Gobbato, & Kile, P.L.L.C., who has practiced law in Arizona since 2004. He also practices before the U.S. District Court for the District of Arizona and the U.S. Court of Appeals for the Ninth Circuit. A graduate of the University of Arizona and the University of Minnesota Law School, he started his career as a public defender and entered private practice in criminal defense. In 2008, Zachary co-founded a firm dedicated to civil law in addition to criminal defense, and he has since expanded his practice to personal injury, estate planning and litigation, guardianships, conservatorships, probate, corporate litigation, real estate, and various civil matters. He serves on the board and faculty of the Arizona College of Trial Advocacy, and he is a past president and current member of the West Maricopa County Bar Association.
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