What Is a Trust?

A trust is simply a legal arrangement where you transfer ownership of your assets to a trustee, who manages them for the benefit of your chosen beneficiaries. Think of it as a protective container for your property that comes with clear instructions about how everything should be handled.

You remain in control during your lifetime. As the creator of your trust (called the “grantor” or “settlor”), you can serve as your own trustee and manage your assets just as you do now. The difference is that when something happens to you, your successor trustee steps in seamlessly to carry out your wishes—no court involvement required.

Why Do Families Choose Trusts?

Avoid Probate

One of the biggest reasons families create trusts is to avoid probate—the court process that happens after someone passes away. Probate can take months or even years, and during that time, your family may have limited access to assets they need. A properly funded trust bypasses this process entirely, allowing your loved ones to receive their inheritance quickly and privately.

Protect Your Privacy

Unlike a will, which becomes a public record when it goes through probate, a trust remains private. Your family’s financial matters stay within the family, and no one can look up what you owned or who received what.

Plan for Incapacity

A trust isn’t just about what happens after you’re gone. If you become unable to manage your own affairs due to illness or injury, your successor trustee can step in immediately to pay bills, manage investments, and handle financial matters—without the need for a court-appointed guardian or conservator.

Provide for Minor Children

If you have young children, a trust lets you set specific ages or conditions for when they receive their inheritance. Instead of your children receiving everything at 18, you can structure distributions at ages you choose—perhaps some at 25, more at 30, and the remainder at 35.

Protect Assets from Creditors or Divorce

Certain types of trusts can help protect assets you leave to your beneficiaries from their creditors, lawsuits, or even divorce proceedings. This can be especially important if you’re concerned about a beneficiary’s spending habits or an unstable marriage.

Common Types of Trusts

Revocable Living Trust

The most common type of trust for families. You maintain full control during your lifetime and can change or revoke it at any time. It becomes irrevocable upon your death, at which point your successor trustee distributes assets according to your instructions.

Irrevocable Trust

Once established, this trust generally cannot be changed. While you give up some control, irrevocable trusts offer potential tax benefits and stronger asset protection.

Special Needs Trust

If you have a loved one with a disability who receives government benefits, a special needs trust allows you to provide for their comfort and quality of life without jeopardizing their eligibility for programs like Medicaid or SSI.

How Does Creating a Trust Work?

Creating a trust involves several steps, but I guide you through each one:

1. Initial Consultation – We discuss your family situation, assets, and goals to determine if a trust is right for you and what type would work best.

2. Document Drafting – I prepare your trust document along with supporting documents like a pour-over will, powers of attorney, and healthcare directives.

3. Review and Signing – We meet to review everything, answer your questions, and properly execute the documents.

4. Trust Funding – This critical step involves transferring your assets into the trust. I provide detailed guidance on how to retitle accounts, real estate, and other property.

Is a Trust Right for Your Family?

Trusts aren’t just for the wealthy. Many Utah families benefit from having a trust, especially if you:

• Own real estate
• Want to avoid probate
• Have minor children
• Own a business
• Have privacy concerns
• Want to plan for potential incapacity

During our consultation, I’ll help you understand whether a trust makes sense for your specific situation or if other planning tools might better serve your needs.

Ready to Learn More?

Feel free to call me at 801-872-9889 or contact me online to schedule a consultation. I’ll take the time to understand your family’s unique situation and help you determine the best path forward for protecting what matters most.