Whether you need a trust in addition to a will depends on what you are trying to accomplish with your estate planning. A trust and a will are two separate estate planning tools that serve different purposes.
A will serves as a kind of blueprint regarding the distribution of your assets to your heirs. A trust is useful for supplementing a will or playing a major support role. While a will only becomes active after one’s death, a trust becomes actives when it is created, and can be used during any time in your life where you may become incapacitated. There are several types of trusts, and how you implement a trust with regards to your estate is dependent upon several factors. A good Utah trusts attorney will help you determine the best trust for your needs.
One primary benefit of implementing a trust in conjunction with a will is the potential avoidance of probate. Probate is the court-supervised transfer of assets of your estate, which can sometimes become a lengthy process. If you desire a quick transfer of your estate’s assets, consider adding a trust. A trust is also beneficial if you are older and may pass away soon or if you have a terminal illness. A Utah wills attorney can help you add a trust that works with your will.
If you have minor children or grandchildren you wish to provide for after your demise, a trust is a useful planning tool in addition to your will. When a minor child is named as a recipient in a will, the legal guardian is entrusted with the care of assets until the child reaches adulthood.
While this may be fine in some cases, there may be instances where you wish to place stipulations regarding the receipt of assets until the child has reached an age greater than 21. In this instance, you would need to create a trust. If you anticipate the minor child needing funds more immediately, a living trust may be a better option. A living trust helps avoid court delays and filings often accompany a will’s probate.
Though a will is a great estate planning tool, it is only effective after one’s death. But what if you suddenly become incapacitated – instances such as accidents or illness. In these instances, a trust manages the assets of the incapacitated. Thus, any trustee of the trust can manage assets if you are ever unable. There is no need for court supervision. A wills and trusts attorney at Mountain View can help you select and set up an appropriate trust.
Including wills and trusts as part of your estate planning can be tricky territory for the uninitiated. The Mountain View Law Group includes established Utah will and trust attorneys. If you need help or have questions regarding wills and trusts, the attorneys at Mountain View Law Group can help you navigate. They will help you create a custom will and/or trust that will serve you throughout your lifetime.
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