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Living Trust for Individual Who is Single, Divorced or Widow (or Widower) with Children - Utah

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The document is a Revocable Living Trust Agreement created in Utah, outlining the establishment of a trust by the Trustor for the management and distribution of assets during their lifetime and after death. It details the roles of the Trustor, Trustee, and beneficiaries, including provisions for asset management, trustee powers, distributions to beneficiaries, and conditions under which the trust can be amended or revoked. The agreement emphasizes the fiduciary responsibilities of the Trustee and includes specific instructions for handling assets, debts, taxes, and distributions upon the Trustor's death.

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How does a living trust work when one spouse dies?

Under typical circumstances, the surviving spouse would become the sole trustee after the death of one spouse. The surviving spouse would control the shared property, and the personal property of the deceased spouse would be distributed to the beneficiaries.

What is the major disadvantage of a trust?

Lack of Court Supervision Bypassing probate is a key advantage of trusts, but it comes with the downside of limited court supervision. In probate, the court ensures that assets are distributed ing to the will, providing oversight. With a trust, there is no automatic judicial review.

What are the rules for trusts in Utah?

(1) A trust is created only if: (a) the settlor has capacity to create a trust, which standard of capacity shall be the same as for a person to create a will; (b) the settlor indicates an intention to create the trust or a statute, judgment, or decree authorizes the creation of a trust; (c) the trust has a definite

What is the biggest mistake parents make when setting up a trust fund?

The ability of a beneficiary to withdraw money from a trust depends on the trusts specific terms. Some trusts allow beneficiaries to receive regular distributions or access funds under certain conditions, such as reaching a specific age or achieving a milestone.

What is the difference between a marital trust and a survivors trust?

The major difference between the two is that a marital trust is irrevocable while a survivors trust is revocable. The marital trust is designed with the idea of taking advantage of the unlimited marital deduction by ensuring that only the surviving spouse is able to receive distributions from the trust.

What is a widows trust?

The Widows Trust is essentially a Testamentary Trust that is created by a very specific Trust clause in the Will, through which the Testator bequeaths assets to the Trust for the sole income benefit of their Spouse.

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