People often choose to set up a trust as part of their estate plan because it better protects and preserves wealth and minimizes tax liability. Depending on your circumstances, you may or may not want a trust as part of your estate planning.
At Canyons Law Group we work closely with you to identify your goals and intentions and offer our years of experience to guide and counsel you as you plan your estate.
Trusts Offer Potential Wealth Protection
Setting up a trust is particularly valuable because it can lessen the high tax burdens associated with large estates. This maximizes the total value that can be passed to family, loved ones, and other beneficiaries.
More commonly, trusts are designed specifically for the purpose of avoiding the need to go to probate court. If a person dies with only a will and no trust, Utah law requires that the will must go through probate court before the assets of the will can be distributed. Going through probate court usually means that the assets are frozen for several months or even several years. This process is often costly, which eats away at the overall value of your estate, leaving less behind for those people who really matter.
Setting up a trust means that your assets will not be frozen and your trustee will have continuous access and control over the assets as you have directed. It further ensures that the assets in your estate will pass to your beneficiaries quickly and directly.
Unique Trusts for Unique Needs
Depending on your circumstances, you might have specific needs for which a specific trust can be set up to meet those unique needs. For example, you may need to set up special protections for a disabled child to ensure proper care without disqualifying them from government benefits.
At Canyons Law Group, we work closely with you to assess and meet your unique needs, whatever they might be. We offer experience with all varieties of trusts, such as, revocable living trusts, family trusts, supplemental needs trusts, spendthrift trusts, life insurance trusts, charitable trusts, pet trusts, and irrevocable trusts.
Please contact us today to schedule a free consultation where we will help to guide you through the various options that might benefit you. Although we’re drafting complex legal documents, the attorneys at Canyons Law Group make the whole process easy for you to understand. After you understand the options that are available to you, we are happy to work closely with you to make the process go smoothly and ensure that your loved ones are free from needless stress down the road.
Trust Guidance and Creation
At Canyons Law Group, we strive to work closely with our clients and in helping them to understand their various legal options and offering our soundest legal advice . We have offices in Salt Lake City and Layton and are available for virtual meetings. Please contact one of our dedicated trusts attorney to schedule a consultation today.