Trusts come in all different varieties and help:
Trusts help avoid probate and by keeping property out of your probate estate you may be able to avoid the hassle, and costs regarding probate (how your estate is processed after you die, i.e., paying debts, estate distribution)
Trusts may help avoid estate tax liability by sheltering assets that otherwise would be included as assets in your probate estate.
Trusts can add guidelines and conditions as to when and under what circumstances you want to distribute income to a beneficiary. For example, one might provide guidelines to make a set monthly distribution, and a lump sum when the child obtains a certain age.
Trusts can also be used to provide incentives for children to obtain higher education or another objective such as serving a mission or getting married. For example, a trust might allocate a certain amount per month while the child is in school, and can be contingent on the child obtaining certain grades or majoring in a specified degree.
Family Trusts are another name for a revocable living trust in which property is transferred to during one's lifetime even though they still get the benefit of the asset, i.e., a bank account, home, etc. and distributed as directed in the trust.
Charitable Trusts can be used for charitable giving and have the flexibility to make distributions for a certain period, for a certain sum, and with remainders going to different individuals or organizations.
Special needs trusts can be set up to supplement government benefits, and trusts can protect individuals with disabilities by protecting their assets while continuing their eligibility for governmental benefits.
Like wills, there are several do it yourself living trust kits, software and online vendors. These one size fits none documents do not cover all the scenarios and estate planning possibilities that an estate planning attorney discusses, explains, drafts, and reviews with his or her clients. You've worked hard to acquire the assets you have and deserve the peace of mind that comes with knowing you have all your estate planning forms, documents, checklist and accounts are accurate, properly funded, rechecked and explained by a Utah will and trust attorney.
Utah Revocable and Irrevocable Living Trusts are arrangements where a person called a trustee holds legal title to certain property for another person or group of person called beneficiaries. In simplest form, a trust is a legal way for one’s property to be managed by another. Trustees manage, invest, and administer the trust assets and income for the beneficiaries. Trusts can be during life (intervivos), living trusts or after life (testamentary) and can be taken back (revocable) or permanent (irrevocable).
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