A Living Trust is a Smart Choice in any Estate Planning
Living Trusts Give Flexibility and Security
Most people in Utah have probably heard of a trust before. It seems like a basic legal concept and there are even phrases like “trust-fund baby” that use the term trust in everyday language. Few people, however, probably even know what a trust is, let alone a living trust. A trust might sound impressive or ominous but with a Utah estate planning lawyer, a trust can be broken down into an understandable and useful legal tool that many people have as part of their overall estate planning package.
Benefits of a Living Trust
The types of living trusts are really not that complicated or beyond the reach of regular Utahans to understand. A trust is a legal, intangible entity. A trust can only be seen in name on a piece of paper. The first step in creating a living trust is to have a Utah estate planning lawyer prepare a document called a Declaration of Trust. Once that document has been signed, the trust exists but it needs a person to be in charge and administer the property of the trust in behalf of the beneficiary (the person for whom the trust was established). The person in charge of the trust is called a trustee. With a living trust, the person who created the trust for his benefit is the trustee and the beneficiary.
When a person makes a living trust, the trust beneficiaries named in the Declaration of Trust don’t have any rights to the trust property until after the trustee of the living trust dies. There are many advantages to having a living trust. They include avoiding probate court, reducing estate taxes, avoiding the need for a conservatorship, changing your mind easily concerning property, and a Utah estate planning lawyer is not needed to distribute the trust’s property.
Utah Estate Planning Lawyers Help Make Living Trusts
Living trusts can be a very valuable legal tool to protect property and provide for individuals’ needs. If you are considering making a living trust, call a Utah estate planning lawyer from Salcido Law Firm. A Salcido Law Firm attorney will help you make a durable living trust as part of your overall estate planning needs. Call 801.413.1753 to speak with a SLF lawyer to find out if a living trust is right for you. Your initial consultation is free and will set you on the path to greater financial security.