Contact a Utah Trust Attorney for Your Estate Planning Needs
A trust is a legal relationship in which property is transferred from one party, the trustor, to a trust which is managed by a trustee. The trustee holds the property for the beneficiaries of the trust. The beneficiaries ultimately reap the benefit from the creation of the trust.
Trusts are excellent estate planning tools because it allows you to see the benefits that your property are providing to others (the beneficiaries) while you are alive. You can establish a trust for your children, a school, a church or any other individual, charity, or other entity. By doing so you will be able to help others financially, educationally, or in any other way that you may wish. Salcido Law Firm can help you prepare the trust so that you are able to govern how your property is used for the most benefit possible.
Generally speaking there are two kinds of trusts:
- Testamentary Trusts are incorporated directly into a will and are subject to probate.
- Living Trusts take effect while the trustor is still alive. Living trusts are not bound by probate, giving them a distinct advantage over testamentary trusts.
Revocable Living Trust: Revocable living trusts are popular choices in estate planning because they are highly flexible. The trustor has the right to change, amend, or terminate the trust at any time during his or her lifetime. A revocable living trust simplifies the transfer of assets allowing many of our clients to achieve their estate planning goals while avoiding the probate process.
A trust may be created for any valid purpose. Examples of a valid trust purpose include providing for the health, maintenance, support, and welfare of the trustor, his or her family, or friends. If you share these objectives and are looking for financial and family protection, call a Utah trust attorney today at at 801.413.1753 or toll free at 888.337.3235. Or contact us by email.