Utah Trusts

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

Utah Wills, Trusts and Estate Planning - orange line

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.

WHAT DO YOU NEED?
*

 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