Important Considerations When Establishing a Trust
Establishing a trust is one of the best ways to ensure your property is protected and will be transferred to your loved ones after you pass away in a smooth and efficient manner. Even so, if you are considering drafting a trust, there are important considerations to know before you move forward. Below, our Utah estate planning attorney explains what these are. Below, our Utah estate planning attorneys explain what these are.
Identify Your Goals
Before drafting a trust, it is important to identify the goals you have for it. Maybe you want to protect your assets during your lifetime. Or, maybe you want to outline certain conditions for beneficiaries, such as receiving portions of the property at designated intervals to prevent irresponsible spending. Perhaps you have a child with special needs for whom you want to establish a trust, but you do not want to infringe on the government benefits they receive. Knowing your goals before drafting a trust is essential so the terms of the document help you achieve them.
Choosing the Right Trustee
Within your trust you will name a successor trustee who will take over administration of the trust after you pass away. The successor trustee you designate must be someone you trust implicitly and who can make important legal and financial decisions. Many people designate a friend or family member as their successor trustee. While this is practical in many situations, there are other options, as well. For example, you may choose to name a professional trustee such as a trust company, bank, or attorney.
Know the Costs
Establishing a trust is more expensive than drafting a will. It is always recommended that you work with a Utah estate planning attorney who can ensure your trust is executed properly. When working with an attorney, establishing a trust can range from $1,000 to $4,000 or more, depending on the complexity of your case and a number of other factors. Still, the long-term benefits of establishing a trust far outweigh the cost.
Draft a Comprehensive Estate Plan
Trusts are an important part of any estate plan, but they are still only one component. There are other estate planning tools that complement trusts and that have different purposes. For example, a will can allow you to name a guardian for your minor children. Additionally, an advance directive can stipulate the medical care you want to receive, and name another person to manage your finances if you ever become incapacitated or pass away.
Our Estate Planning Attorney in Utah Can Draft Your Trust
Trusts can provide a great deal of protection for you, your property, and your family. However, these benefits can only be realized if they are properly executed. At AGS Law, our Utah estate planning attorney can draft your trust and ensure it is executed properly so it provides the protection you need. Call us today at 801-477-6144 or contact us online to schedule a consultation with our experienced attorney and to get the sound legal advice you need.
Source:
le.utah.gov/xcode/Title75/Chapter7/C75-7-P6_1800010118000101.pdf
