A trust is a legal agreement that holds property in the name of a trustee on behalf of the beneficiaries. The trust can contain myriad of terms and conditions that control how the trust property is maintained and distributed. Trusts may be revokable, which allows you to change or revoke the trust which you are alive and competent, or they may be irrevocable, with cannot be be changed or revoked. Our Utah Trust Attorneys can help struct a trusts to provide a number of benefits:
Avoid probate – Because the property held in trust is controlled by contract, those assets will completely avoid Probate, which is often expensive, time consuming, and public. Assets that are transferred into the trust, are not probated. Instead, the assets are controlled by the trustee or successor trustee according to the terms and conditions of the trust.
Avoid or reduce estate taxes – A trust that is drafted and funded correctly can literally save hundreds of thousands or millions of dollars in estate taxes.
Superior Control – Trusts offer superior control of wealth preservation and distribution over Wills. Wills simply designate what property will be distributed to whom. Trusts on the other hand can hold the property indefinitely and distribution portions to its beneficiaries over time based upon about any triggering event imaginable.
Asset Protection – Trusts can provide significant asset protection if drafted correctly. Some common scenarios we
Life Planning/Disability Planning – Utah living trusts can avoid Guardianship proceedings by designating in advance who will take control of the trust assets in the event of a mental disability, thereby avoiding litigation and court intervention.
Not all Utah trusts are equal. Despite the possibilities, many trust that we review will not meet the expectations of the trustmaker. We have seen the following common weaknesses with many trusts:
outdated because either the law or your circumstances have changed
does not adequately address mental disability
is not fully funded (assets not transferred correctly)
does not address remarriage issues
does not adequately address creditor restrictions
does not adequately address predator restrictions
does not promote family values or life lessons
We can help you develop a comprehensive estate plan that meets your goals. For a free initial consultation to help you develop your estate plan, contact us today.
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Why Are We The Leading Estate Planning Firm in Utah?
Experienced& Compassionate Utah Attorneys
Our attorneys have extensive practicum and experience in dealing with the intricacies of estate planning and asset protection.
Innovative& Affordable Payment Options
Many of our peer law firms have criticized us for offering flexible and unconventional payment options to our clients. We determined, however, that we would first find a solution that works for our clients and then find a way to make it work for our business.
Out individual attention to each client and each case has helped us grow our firm to one of the leading firms in Utah. Simply put: our process and case handling provides greater care than our competition; that’s why we’re successful. We put our clients first.
Thorough& Easy Process
Our commitment to individual attention and convenient process quickly made us the leader of top bankruptcy firms in Provo & Orem. We believe that a good Orem bankruptcy lawyer is one who understands all the available options and then candidly counsels his clients to solutions that best meet the client’s individual circumstances and then makes the process easy for the client.
Proudly Serving Utah
Our locations are conveniently located for easy access from I-15.
207 East 860 South, Orem, Utah 84058
8823 South Redwood Rd., Ste. C, West Jordan, Utah 84088
Areas We Serve
Salt Lake City, Sandy, Draper, West Valley, Logan, South Jordan, West Jordan, Taylorsville, Herriman, Magna, Logan, Bluffdale, Riverton, Magna, Midvale, Cottonwood Heights, Provo, Orem, Eagle Mountain, American Fork, Saratoga Springs, Payson, Springville, Lehi, Alpine, Pleasant Grove, Springville, Spanish Fork, Payson, Bountiful, Layton, Ogden, Centerville, Clearfield, Heber, Park City, Vernal, & Price
Utah County Office
207 East 860 South
Orem, Utah 84058
Salt Lake Office
8823 South Redwood Rd.
West Jordan, Utah 84088
6901 West Emerald St.
Boise, Idaho 83703