Utah Trusts

Articles related to Utah Wills, Trusts & Estate Planning:  ■ Fundamentals of a good estate plan in Utah Utah Trusts.

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FAQS about Utah Trusts

What is a Trust?

A trust is an agreement by one person to accept property and hold it for another person. For example, Bob asks Sam to hold a painting and to give it to Bob’s wife after Bob dies. If Sam agrees, Bob has created a trust with Sam as the trustee. Bob’s wife is the beneficiary.

Who are the parties to a trust?bigstock-Formal-Senior-Couple-web sized-46937017

Utah law applies these terms to the parties to a trust (see Utah Code section 75-7-103:

    Settlor – a person who transfers property (also called a “Trustor”  or “Grantor”)

    Trustee – a person who agrees to hold the property

    Beneficiary – a person for whom the property is held

Why are trusts used in estate planning?

Trusts are powerful tools for estate planners. They are ideal for:                            

    • preserving assets for the surviving spouse

    • creating detailed instructions for transfer of assets to the next Generation

    • providing safe management of assets which preserves the inheritance of irresponsible children, grandchildren and others

    • giving protection and help if a Settlor (creator of the Trust) or a beneficiary becomes incompetent (unable to manage his or her own affairs)

    • allowing privacy in the management of personal assets

    • avoiding probate

What is a revocable Trust?

A revocable trust is one that can be undone (revoked) by the person who created it. A revocable trust (also called a “living trust”) can be amended to meet changing circumstances or desires. The ability to change the trust is a big advantage. 

What is an irrevocable Trust?  

An irrevocable trust is one which which cannot be undone or amended. Irrevocable trusts have advantages in useful in tax planning, making charitable donations and asset protection.

What is a special needs Trust?

A special needs trust is a useful irrevocable trust for leaving inheritances to a beneficiary who recieves public benefits such as social security disabilty payments or medicaid benefits.

What is an asset protection trust?

Any of the above trusts when written for the purpose of protecting the trust assets against future creditors and taxes can be asset potection trusts.


 Attorneys at Helgesen, Houtz & Jones have written hundreds of estate plans. We are happy to meet with you in a FREE INITIAL CONSULTATION to discuss your estate planning needs. 

Please call us today.

Helgesen, Houtz & Jones $$(801) 544-5306