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How does a family trust work in Utah?

You live in your house and use your assets as you normally would without restriction. After your death, all the assets are already in the trust and the successor trustee steps in and continues managing them. The trustee then distributes the assets to your beneficiaries according to your instructions.

How much does it cost to set up a trust in Utah?

Lawyers often use hourly fee schedules, and the price associated with creating a living trust is generally at least $1,000. Again, more complex estates may pay even more than that. In particular, make sure youre using an estate planning lawyer that has a specialty in trusts.

How do I set up a living trust in Utah?

To make a living trust in Utah, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trusts beneficiariesthat is, who will get the trust property. Create the trust document.

Can husband and wife have the same trust?

Joint Trust: Because all assets are inside one trust, sometimes Joint Trusts can make things simpler. While both spouses are living, each has equal control regarding the management of joint assets held in the Joint Trust.

Why would you set up a family trust?

Family trusts can be beneficial for protecting vulnerable beneficiaries who may make unwise spending decisions if they controlled assets in their own name. A spendthrift child, or a child with a gambling addiction can have access to income but no access to a large capital sum that could be quickly spent.

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