In the State of Utah, if your estate totals more than $100,000 or if you own real estate at your passing, your estate will need to go through the public probate process. Having a properly created and funded trust can avoid the publicity of probate while creating an efficient path to distributing your estate to your intended beneficiaries.
A Living Trust, or Revocable Trust, is a document that sets
forth your wishes about how your assets are to be distributed after your death.
It must conform to all requirements of the law.
It must be executed with all the formality required by law. The
requirements of law in each state are different. It is important that you have a competent
lawyer prepare your Trust. It is
extremely important that it is done correctly.
Your Trust can be your legacy to your family, friends and
loved ones. It can tell them how you
feel about them and what you want to leave for them. It can be an expression of
your love and care. It offers to the opportunity to continue to teach your
loved ones the importance of being responsible with your assets long-term. You should be sure it is exactly what you
want and is legally sufficient.
If you have minors or adult beneficiaries that need their
shares to be protected your Trust can provide the necessary safeguards for
their shares. You do not need to be a millionaire to have a trust. Any person
with someone to protect, like minor children, elderly relatives or disabled
beneficiaries, can make very good use of a trust.