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Making Sure Your Assets are in Good Hands

What are the Benefits of a Trust?

Individual estates are administered by the courts through a process called probate. Even if you have a last will and testament, your estate will go through this process.

A trust allows a trusted third party, or trustee, to manage assets for the benefit of your beneficiaries. Trusts can be set up in many different ways to meet your specific needs. A revocable trust can be altered or revoked. An irrevocable living trust cannot be changed once created. A living trust allows you to avoid probate for all of your trust assets.

While probate is on public record, trusts can often avoid probate and keep your assets private. Moreover, they detail your exact instructions as to when and how assets will be passed to beneficiaries.

Are There Downsides to a Trust?

Trusts are much more involved than simple wills and can incur a greater cost to create. They also need to be administered: once you create a trust, your assets need to be transferred to the trust to be protected from probate action. If they aren’t transferred before your death, they will go through regular probate and become public.

Let Us Begin Helping You Today

Call 801-854-1200 or simply contact us online to discuss with one of our experienced estate plan attorneys which trust is best for you.