Everything you need to know about Trust Law | Best Trust Lawyers in Salt Lake City What is trust?

A trust is a legal relationship where someone trusts someone else to manage their estate or assets on behalf of someone else. Trust is like a will. The difference is that an inheritance will is functional after one becomes deceased, while a trust can take effect even when the person is alive.

A trust allows you to distribute assets and estates while still having some control over them. It is good to note that it is not a document. Although, a trust document is drafted to create a trust.

There are two types of trust, revocable and irrevocable. From the names, you can tell the difference. There is also a living trust that is used in managing your property while you are still alive. The other one is a testamentary trust that comes to life through a will and only becomes effective when one becomes deceased.

It is vital to hire an attorney to help you set up a trust. Their expertise and knowledge will save you and your beneficiaries from losing money. Contact our Professional Salt Lake City Estate Planning Lawyers. They will give you legal advice and guide you on the right way to set up a trust.

Reasons for having a trust 

• Trust has more flexibility than a will
• It protects assets for children who are not yet mature, keeping the assets safe till they are of age
• It saves one much money through evasion of the probate process
• With all the taxation that falls on an estate, having an irrevocable trust can protect you or your loved ones from hefty taxes. Even so, it is essential to consult with a tax lawyer or an estate planning lawyer
• A trust allows for privacy in the family because once the probate process starts, all the family business becomes public
• If the settlor is not in a position to manage assets, maybe because of a health issue, the trust allows for easy management

Circumstances That Will Require You to Hire a Trust Attorney

Setting up a trust can be pretty expensive and even complex to draft down. Hiring a conviction can cause a dent in one’s pocket. For this reason, some people choose to draw up the trust document themselves, use software to look into it and probably run it by an estate planning lawyer.

However, below are some circumstances that may force you to hire an attorney:

• You have a child with a unique condition
• You have a vast estate to run
• Your estate’s net worth is near tax exemption
• It would help if you had legal advice concerning the trust
• You have certain conditions to put in place before the beneficiaries receive their share

Contact the Best Estate Planning Lawyers

Are you in Utah and are looking to set up a trust? Trust us with being your legal advisors. We pride ourselves as the best Salt Lake City estate planning lawyers. Our references are evidence of the excellent work.

You can call us any day and get free consultation services.