Five Things to Know About Living Trusts
By Zachary Mushkatel on June 3, 2013
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, Robbins & Becker, PLLC, 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 trustee and name another party as 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.
Zachary Mushkatel is an Arizona native who earned his undergraduate degree from the University of Arizona in 2001 and his law degree from the University of Minnesota Law School in 2004. After serving as a public defender, he entered into private practice and, ultimately, joined forces with Mathis Becker to form the law firm known today as Mushkatel, Robbins & Becker, PLLC. In addition to criminal law, Mushkatel practices civil litigation, with a focus on estate litigation and personal injury cases. He also serves on the Board of Directors for the Surprise Regional Chamber of Commerce and Sun Valley Lodge, and he is an executive officer and member of the Board of Directors for the West Maricopa County Bar Association.