Ivins, UT Trust Lawyers

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Trusts are an essential part of estate planning if you want to make sure that you take care of your assets, minimize estate taxes, avoid probate court, and maintain control of how your estate is divided among your beneficiaries. Trusts provide both flexibility and discretion and allow you to determine the exact timing and manner in which beneficiaries should receive your assets.

If you’re working to protect your family’s financial future or leave a legacy behind for future generations, trusts are the key to giving you the protection and security you’re looking for. If creating a trust is something you’re interested in learning more about, our Ivins trust lawyers can help walk you through and get you the answers you’re looking for in a free consultation. Give us a call today.

Ivins Trust Lawyers

What Is A Trust?

A trust is a contract where the grantor transfers property or other assets to a third party (called a trustee) who holds the property for the benefit of one or more beneficiaries. A trust is an arrangement involving three parties: a grantor, who establishes the trust and conveys personal or real property to a third party (the trustee), who holds the property. A third party, the beneficiary, is the one receiving the benefits of the trust.

Once the trust is established and the grantor transfers the property to the trustee, the trustee is required to manage the property until the grantor’s death. The trustee disburses the property to the beneficiary or beneficiaries as instructed by the grantor in their trust agreement.

Different Kinds Of Trusts

There are many kinds of trusts. All of them can be divided into two major categories: revocable and irrevocable.

With a revocable trust, the grantor can revoke or modify the terms of the trust at any time, as long as the grantor is still living. The grantor may revoke the trust in its entirety but may also modify it by changing the beneficiaries, modifying the purpose of the trust, replacing the trustee, removing assets from the trust, adding assets to it, or terminating it altogether. The main benefit of a revocable trust is that the grantor can control all aspects of the trust and adapt it to his or her current needs or changes in his or her family circumstances.

An irrevocable trust is one that its grantor cannot change. The grantor loses the ability to make changes to the trust or remove assets once they have become irrevocable. The trustee then has the sole authority to distribute the trust’s assets to the beneficiaries. Because an irrevocable trust cannot be changed and the assets are no longer under the control of the grantor, they are not considered part of the grantor’s estate for estate tax purposes. This is the main advantage of an irrevocable trust.

The Upsides Of Having A Trust

Trusts provide numerous advantages for trust owners and beneficiaries that are not available with other estate planning methods. Some of these notable benefits include:

  1. The assets held in a trust can be smoothly transferred to beneficiaries without going through the probate process. Instead of spending months working with a probate judge to settle the terms of a will, beneficiaries can be promptly notified of their entitlement to the assets upon the grantor’s passing.
  1. A last will and testament is typically made public, but trusts are private. This is one of the many benefits of trusts over wills, which can vary depending on a number of factors.
  1. With a trust, you can also have much more control over the how, when, and why of transferring your assets to loved ones. You can state exactly how you want a beneficiary to receive their inheritance and when and under what circumstances.
  1. Assets held in trust are typically shielded from the original owner’s creditors or lawsuits, so you can help protect your assets even when your beneficiaries or creditors are involved in a legal battle.
  1. Additionally, if you are looking to minimize your estate tax liability and leave more available assets for your loved ones, a trust may offer tax benefits.

Of course, the advantages of any particular trust will depend on the type of trust you set up and the terms of the trust. To maximize the benefits of your trust, seek the guidance of our Ivins trust lawyers.

Trust ProvenLaw For Your Estate Planning Needs

Contact the ProvenLaw offices and get quality legal services that respect your family and goals, while setting you up with the one-on-one care you deserve. With our Ivins trust lawyers, you can create a personalized trust that caters to your needs and goals, allowing you to manage your estate and secure your family’s future. At ProvenLaw, our entire team is dedicated to your success in estate planning and bringing peace of mind to your life. Call now for a free consultation and more information about how we can achieve your estate planning goals.

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Ivins, UT Practice Areas

Tom and his staff were very helpful and patient in explaining everything to me because I had no idea what I was needing or doing. Very timely and extremely helpful. I have already recommended them to friends who knew I was going through the process.

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Tom and his staff were very helpful and patient in explaining everything to me because I had no idea what I was needing or doing. Very timely and extremely helpful. I have already recommended them to friends who knew I was going through the process.

Shawn J.

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