Beaver, UT Trust Lawyers

When drafting a trust, consulting with our Beaver trust lawyers at ProvenLaw can guarantee that your unique circumstances are taken into account and that you receive comprehensive advice on which types of trusts are best suited to your estate planning objectives. Schedule a free initial consultation and discover how we can help you with your estate planning needs. 

Why Do I Need A Trust?

A trust is an important estate planning tool. It allows you to transfer assets to the trust so that they can bypass probate and reach your designated beneficiary quickly and without  any hassles. The trustee holds the assets for your beneficiaries, ensuring that they receive them in accordance with the terms of the trust. Trusts can be used to distribute assets to your loved ones while you are still alive or after your death. There are different types of trusts that are specialized for different needs, depending on the people in your life and the assets that you wish to pass down. 

For instance, if you wish to provide assets for your grandchildren or for someone who has struggled with managing money in the past, there are specialized trusts available for such situations. If you want to leave behind real estate, you would use a different trust than you would if you wanted to leave someone your stocks and bonds.

By working with ProvenLaw, you will be able to select the right trusts and gain unique knowledge about their financial and tax ramifications.

Types Of Trusts

Trusts come in a variety of forms that let you use different assets and achieve different objectives. Some of the types of trusts that you can establish with the help of our Beaver trust lawyers include: 

• Revocable trusts: These trusts allow you to allocate assets for your beneficiary, who can collect their inheritance once the terms of the trust have been fulfilled. These types of trusts can be altered at your will. 
• Irrevocable trusts: These trusts are very similar to revocable trusts, with the key difference being that they cannot be altered once they are established. 
• Charitable trusts: These trusts designate and distribute assets to charitable organizations of your choice. 
• Special needs trusts: These trusts allow you to secure assets for your family member with special needs and will allow you to distribute them in such a way that your assets do not alter their qualification for healthcare programs such as Medicaid, which only allows you to possess a finite amount of wealth.
• Spendthrift trusts: You have the authority to determine how the trust’s assets are allocated, preventing a loved one with poor money management skills from using them all at once. 
• Generation skipping trusts: This trust will allow you to designate funds for your grandchildren, which will not be taxed the same as they would if the funds were to become a part of the estate of their parents. 

There are numerous trusts available that cater to specific needs, allowing you to select the options that best suit you and your family. 

ProvenLaw’s Beaver Trust Lawyers Can Help You Create The Trust That Works For You

If you have decided to prepare or update an estate plan, you probably want to get it right. There are some things in life that simply shouldn’t be left to chance, or trusted to the wrong person. After all, estate plans deal with your lifetime of savings and assets, as well as the financial futures of your children and heirs. Trust and estate law is not something most people are equipped to handle on their own.

Our Beaver trust lawyers are dedicated to helping you design a trust that not only ensures your wishes are carried out, but also minimizes your exposure to risk. With their help, you can rest easy knowing that you have taken all the necessary steps to safeguard your loved ones. Contact ProvenLaw today to schedule a complimentary consultation with one of our experienced team members!