The only way to be sure if a living trust should be included in your estate plan is to speak with a qualified estate planning attorney. Amicus Law Firm is dedicated to providing you with every option available so you can confidently decide what’s best for you and your family. We are proud to serve individuals all across Utah and are dedicated to finding what options work best for you and your family.
What is a Living Trust?
A living trust is a way to manage your assets during your lifetime. A living trust is a legal document created while you, the “grantor,” are still alive. The trust establishes a trustee, who is deemed responsible for managing the grantor’s assets. Those assets are eventually transferred to a designated beneficiary when the grantor has passed away. Assets can include real estate, vehicles, investments, and other valuable personal property. The trustee is your chosen representative for managing and supervising the living trust.
Essentially, any asset that holds value can be placed into a living trust and managed by the trustee. Checking and savings accounts, real estate property, vehicles, and even jewelry or art can be placed into a living trust. If you are unsure if an item of value is appropriate to be placed in a trust, it’s best to discuss every factor with a qualified legal representative.
Is a Living Trust Right for Me and My Family?
The main benefit of a living trust is that it provides an opportunity for actively managing wealth and assets during your lifetime, as well as after your death. After you, the grantor, has passed away, your designated trustee decides how your assets will be distributed to your chosen beneficiaries. This creates a proactive approach to managing your estate, which can save your loved one’s time, effort, and money after you’ve passed away.
When you opt to use a living trust, your assets are distributed to your chosen beneficiaries earlier than they would be if you did not have a living trust.
When you opt to use a living trust, the fine details of your estate and finances are managed by you and your trustee only. Privacy is an important factor for many individuals and their families.
In some situations, a living trust can have federal estate tax advantages. Every family and every estate have different circumstances that can affect your tax breaks advantages, so it’s crucial to speak with qualified legal help to discuss what’s best for you. At Amicus Law Firm, we have proven experience with estate planning and living trusts for individuals of all backgrounds.
Amicus Law Firm is dedicated to its transparency of operations and providing your family with every option available. We promise to deliver the highest standard of legal counsel and to take your specific needs and requests into the utmost consideration. We work with Utah families and their professional advisors to create a customized, tailored approach to meeting your needs and goals. If you would like to learn more about the benefits of a living trust, contact the Amicus Law Firm today for a no-obligation consultation.