Washington, Utah Trust Lawyers

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When you are making your estate plan, there are several different ways that you can transfer your property to your beneficiaries upon your death. These include having a will written, which indicates who those beneficiaries will be and what to do with your assets, and a trust, which gives you a somewhat different ability to transfer property to those beneficiaries. While a will is an important part of your estate plan, it is not the only part, and it is certainly not the best option for every person.

A trust, in contrast, can offer you many additional benefits that you may be interested in. If you are thinking about including a trust in your estate plan, it is a good idea to speak to our Washington trust lawyers in Utah, who can provide you with information about the benefits of having a trust and help you devise a plan that will meet your needs and the needs of your family members. Call our office today to schedule a free consultation to learn more.

Washington Trust Lawyers

What Is A Trust?

A trust is a legal mechanism that allows you to transfer property into the hands of a third party, called a trustee, that will hold that property for the benefit of the beneficiary or beneficiaries.

Generally, there are three parties to a trust: the grantor (the person or entity who creates the trust and puts property into it); the trustee (the person or entity who holds the property); and the beneficiary or beneficiaries (the persons or persons receiving the benefit of the property coming out of the trust).

When the trust is created, the grantor transfers property into the trustee’s hands. The trustee holds the property (manages the trust) until the grantor’s death, and then, distributes the property to the beneficiaries according to the terms of the trust.

Types Of Trusts

All trusts fall into either one of two categories: a revocable trust or an irrevocable trust.

A revocable trust is one in which the grantor has the ability to modify the terms of the trust at any time, or revoke the trust itself, as long as he or she is competent to do so.  The individual has the ability to modify various aspects of a revocable trust, including the beneficiary, the trust’s purposes, the trustee in charge of managing the trust, the assets held within the trust, or even the decision to terminate the trust.

An irrevocable trust, on the other hand, is a trust in which the grantor gives up his rights to change the terms of the trust. Once the grantor transfers property to the trust, the grantor cannot remove that property from the trust. The trustee of an irrevocable trust is the only person who has the power to distribute the trust’s assets to its beneficiaries.

You may ask why anyone would establish an irrevocable trust when a revocable trust is also an option. Irrevocable trusts are irrevocable because that is the whole reason for setting them up – the assets within the trust cannot be pulled out or revoked, and in effect, they are not part of the grantor’s estate and are therefore not subject to estate taxes.

On the other hand, revocable trusts are very flexible and grant a good deal of control and power to the grantor, but since the assets can be pulled out at any time, they are subject to estate taxes. To help you better understand your options, it is a good idea to speak with our Washington trust lawyers in Utah.

Trust Advantages

Trusts have a number of advantages over a will and benefits for you and your loved ones, including:

  • Asset protection
  • Privacy and confidentiality
  • Tax benefits
  • Flexibility and control
  • Bypassing probate
  • Business succession planning
  • More efficient transfer of assets to beneficiaries
  • Charitable giving benefits
  • And more!

Reasons Why You Should Hire A Trust Lawyer

Estate plans concern your life savings and assets, as well as the financial futures of your children and heirs. If you find yourself faced with creating an estate plan, or updating one, you want to know that you are doing it correctly. Some things in life are too crucial to be left to chance or entrusted to the wrong individual. Understanding the intricacies of trust and estate law can be quite complex, especially when attempting to navigate without the guidance of experienced professionals.

Our Washington trust lawyers can both assist you in crafting a trust that carries out your wishes and minimizes your risk, and moreover, give you peace of mind in knowing that you’ve done the best thing possible to protect the people you love. Call ProvenLaw today to schedule a free consultation with a member of our team!

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