Trusts are arrangements where a person called a trustee holds legal title to certain property for another person or group of person called beneficiaries. In simplest form, a trust is a legal way for one’s property to be managed by another. Trustees manage, invest, and administer the trust assets and income for the beneficiaries. Trusts can be during life (intervivos) or after life (testamentary) and can be taken back (revocable) or permanent (irrevocable).
Trusts come in all different varieties and help:
Estate Tax Liability Avoidance
Long-Term Protection and Property Management, i.e., Incentives, Education, Charity, Special Needs, Disability
Trusts help avoid probate by keeping property out of your probate estate you may be able to avoid the hassle, and costs regarding probate (how your estate is processed after you die, i.e., paying debts, estate distribution)
Trusts help avoid estate tax liability by sheltering assets that otherwise would be included as assets in your probate estate.
Trusts can add guidelines and conditions as to when and under what circumstances you want to distribute income to a beneficiary. For example, one might provide guidelines to make a set monthly distribution, and a lump sum when the child obtains a certain age.
Trusts can also be used to incentivize children to obtain higher education or another objective such as serving a mission or getting married. For example, a trust might allocate a certain amount per month while the child is in school, and can be contingent on the child obtaining certain grades or majoring in a specified degree.
Charitable Trusts can be used for charitable giving and have the flexibility to make distributions for a certain period, for a certain sum, and with remainders going to different individuals or organizations.
Special needs trusts can be set up to supplement government benefits, and trusts can protect individuals with disabilities by protecting their assets while continuing their eligibility for governmental benefits.
Integrity Law's dedicated probate and estate planning website is Utah Estate Planning Attorney at law Although this website provides precursory information for more in depth answers to probate and estate planning questions one should redirect to the website link above.
Whether a probate avoidance trust or NFA Firearm Gun Trust is needed, as a member of the Salt Lake Estate Planning Council, Bryan Cowley is passionate about Estate Planning. Integrity Law, PC offers a range of services regarding trusts and estates, including advisement, preparation, and execution of wills, trusts, and advance directives.
Estate planning is necessary for all stages in life, including young adults, young couples, young couples with children, established individuals, established families with and without children, and individuals and families entering retirement. We believe that all individuals, regardless of their stage in life can benefit from proper estate planning.
You work hard and deserve to grow and preserve the wealth you have created and provide for guardianship of your children in case of an unforeseen event. If you are wondering whether you could benefit from an attorney's perspective on a will, trust or probate court issue, we offer a free initial consultation where we see what we can do to help you secure your future in light of the unforeseen. You may also contact us online by emailing email@example.com
Integrity Law, PC offers a flat fee for estate plans, including wills, trusts, or advance directives. Depending on your situation, the plan may consist of the following documents discussed below:
Utah Medical power of attorney (POA) or health care power of attorney is a legal document that allows an individual to make health care decisions in case you are not able to do so. Utah Health Care Directives do not always cover every situation, and if your wishes are different from those of certain family members, a Utah Medical power of attorney is a good idea and can include someone different from a family member with whom you discuss several possibilities. Further, a medical care power of attorney is different from a financial power of attorney where an individual is authorized to make financial transactions on your behalf.
Formerly known as living wills, Utah Advance Health Care Directives are ore comprehensive than living wills yet are essentially written legal documents that describe the type of medical treatment and life-sustaining measures you want or do not want such as mechanical respiration, and resuscitation. If one becomes mentally incapacitated or cannot communicate, having a Utah Health Care Directive is essential.
Wills direct the disposition of property, and assets upon death. Wills also express who should be a child’s guardian in case parents die. A will is revocable and amendable during one’s lifetime and only takes effect upon death. There are several non-standard types of wills, i.e., joint wills (irrevocable contract upon death – bad), holographic wills (hand-written), and nuncupative (spoken), among others that should be avoided unless there is an extraordinary circumstance.
Establishing a will is an important step in putting your final matters in order, which helps ones family through a difficult time during a stage of life that many seek to avoid. Having a will provides invaluable peace of mind as one knows their wishes and desires will be known after they have passed. No one should die intestate (without a will), which can be remedied by the creation of a will.
As your Utah Estate Planning Firm, Integrity Law, PC is committed to helping you avoid intestacy by drafting your will and any subsequent codicil (additions) revisions.