Protecting your assets

Have you heard others talk about the importance of having a trust? Have you heard that only the “rich” need a trust? Have you ever been confused about the difference between a will and a trust? You are not alone.

In the State of Utah, if your estate totals more than $100,000 or if you own real estate at your passing, your estate will need to go through the public probate process. Having a properly created and funded trust can avoid the publicity of probate while creating an efficient path to distributing your estate to your intended beneficiaries.

A Living Trust, or Revocable Trust, is a document that sets forth your wishes about how your assets are to be distributed after your death. It must conform to all requirements of the law. It must be executed with all the formality required by law. The requirements of law in each state are different. It is important that you have a competent lawyer prepare your Trust. It is extremely important that it is done correctly.

Your Trust can be your legacy to your family, friends and loved ones. It can tell them how you feel about them and what you want to leave for them. It can be an expression of your love and care. It offers to the opportunity to continue to teach your loved ones the importance of being responsible with your assets long-term. You should be sure it is exactly what you want and is legally sufficient.

If you have minors or adult beneficiaries that need their shares to be protected your Trust can provide the necessary safeguards for their shares. You do not need to be a millionaire to have a trust. Any person with someone to protect, like minor children, elderly relatives or disabled beneficiaries, can make very good use of a trust.

Here at Ellis Law we want to make sure that your wishes and desires come first. We want to make sure that our clients remember that this is their estate plan, not ours. We take the time to listen to your wishes and design an estate plan specific to your wishes.