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Trusts Offer Extensive Flexibility & Control. Find Out How We Can Help You Create a Trust.
A trust is a contract according to the terms of which a Trustee owns, manages and controls property on behalf of beneficiaries. In many cases the Trustee is the same person as the Trust-maker. There are a myriad of different trusts including, living trust, asset protection trusts, fire arm trusts, and charitable trust to name just a few. Trusts offer extensive flexibility and control over your property and your wishes should you become incapacitated or at your demise. Our experienced and compassionate Utah trust attorneys can discuss with you the different types of trusts and help you create a solid estate plan that meets your familial, financial, short-term, and long-term goals for your legacy.
Revocable vs. Irrevocable Trusts
Trusts can be created with a variety of terms. While a RLT described above is fully amendable and revocable, some trusts are irrevocable-meaning the Trust-maker cannot eliminate the Trust once it is created and property is transferred into the trust. Examples of irrevocable trust include a Utah Asset Protection Trust, Life Insurance Trusts, and charitable trusts. Irrevocable trusts are primarily used in high-net worth estates where extensive planning is necessary to avoid estate taxes.