Making a Trust

Maybe you’re thinking about how to better manage your property, or you want to make sure your family will be taken care of after you’re gone. If you’re having these thoughts, you might want to think about setting up a trust. A trust is basically a transfer of legal title from the owner (the grantor, trustor, or settlor) to an institution or person (a trustee). The trustee then administers the trust according to the trust terms for the benefit of a beneficiary. There are various factors to consider when setting up a trust. These factors include the size of the estate, the age, and marital status of the grantor.

In this section you can find helpful tips and information on how to amend an existing trust, how to choose a trustee, and how a trust ends. You can also find articles giving guidance on how to put money and other assets – such as stocks and property – into a living trust, and instances in which setting up a trust may not be necessary.

What is a Trust?

A trust is an estate planning tool that can be used while you’re alive or for the benefit of your heirs. Each state has it’s own laws governing trusts but several states have adopted the Uniform Trust Code, making their laws very similar. There are several types of trusts. Living trusts, AB trusts, charitable trusts are all just a few types of trusts available to people. The type of trust you’ll want to set up will depend on what you would like to achieve with the trust.

Is a Living Trust Necessary?

Living trusts have many benefits but they also have some drawbacks. For example, a living trust involves routine maintenance and is harder to change than a will. In addition, it’s best to use an attorney when setting up a living trust, which can be expensive. These drawbacks can be outweighed by the benefits of a living trust depending on certain factors – such as age, marital status, and estate size.

A person who is under the age of 55 and healthy, probably doesn’t need a living trust because of it takes a decent amount of time and energy to maintain a trust. Marriage can also be a factor when deciding whether or not to set up a living trust. If married couples plan on leaving their property to each other, there are mechanisms in place for an easy transfer of assets after the death of one spouse. Finally, the size of the estate is also a factor in whether it’s a good idea to set up a living trust. Smaller estates generally don’t have a problem going through the probate process, making a living trust unnecessary.

Hiring a Lawyer

A trust can be fairly easy to set up, so a lawyer is not always necessary. However, a person with a large or complex estate or a unique situation may want to consult with an estate planning attorney for help with setting up a trust. Regardless of the size of estate, it might be a good idea to talk to an estate planning attorney if you have questions or concerns about setting up a trust.

Free Consultation with a Trust Lawyer in Utah

If you are here, you probably need a trust. If so, call Ascent Law for your free trust consultation (801) 676-5506. We want to help you.

Michael Anderson

People who want a lot of Bull go to a Butcher. People who want results navigating a complex legal field go to a Lawyer that they can trust. That’s where I come in. I am Michael Anderson, an Attorney in the Salt Lake area focusing on the needs of the Average Joe wanting a better life for him and his family. I’m the Lawyer you can trust. I grew up in Utah and love it here. I am a Father to three, a Husband to one, and an Entrepreneur. I understand the feelings of joy each of those roles bring, and I understand the feeling of disappointment, fear, and regret when things go wrong. I attended the University of Utah where I received a B.A. degree in 2010 and a J.D. in 2014. I have focused my practice in Wills, Trusts, Real Estate, and Business Law. I love the thrill of helping clients secure their future, leaving a real legacy to their children. Unfortunately when problems arise with families. I also practice Family Law, with a focus on keeping relationships between the soon to be Ex’s civil for the benefit of their children and allowing both to walk away quickly with their heads held high. Before you worry too much about losing everything that you have worked for, before you permit yourself to be bullied by your soon to be ex, before you shed one more tear in silence, call me. I’m the Lawyer you can trust.

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