A revocable living trust Utah holds assets for the benefit of the owner of the trust while the person is alive. The trust’s creator names beneficiaries for the assets. A successor trustee has the duty of distributing the assets to those named as the beneficiaries. Because it is revocable, the trust’s creator can change it at any time or even cancel it.
Five Benefits of a Living Trust.
The five benefits of a living trust Utah include the following:
A Living Trust Takes the Worry Out of Life.
You can determine where all of your property will go after you pass away with a living trust. This allows you to keep your assets out of the hands of certain people. You can also provide for a child with special needs with a trust. Lastly, trusts made out ahead of time make it so that you aren’t disinheriting anyone.
It Is a Plan for when You become Incapacitated.
A living trust allows your successor trustee to manage your affairs if you become incapacitated. You don’t need a court-appointed conservator if you have a living trust.
Your Privacy Is Intact with a Living Trust.
Living trusts are private documents, so only the people involved in the trust will know about its contents.
Living Trusts Cost Less than Wills.
Like a will, a trust will require you to transfer property after death to loved ones. Unlike a will, a living trust passes property outside of probate court. There are no court or attorney fees after the trust is established. Your property can be passed immediately and directly to your named beneficiaries.
Living Trusts Avoid Probate!
Probate is when you go into court so that the court can take the responsibility of distributing your assets. It is something that people like to avoid because it can take so long and can be very expensive and the court decides how the money will be distributed.
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