Davis County Trusts Attorney

Offering Legal Services to Help You Plan Your Estate

As you think about your family’s future with an estate plan, you might be considering ways to protect your property. A trust is a popular way to do this, as it offers asset protection and other benefits during and after your lifetime. If you want to learn whether a trust is right for you, it’s time to talk to trusts attorneys in Davis County, UT.

At Able & Strong Law, Inc., we’ve spent years offering estate planning guidance to clients across Davis County, from Bountiful to Kaysville. We also provide legal advice to residents of Weber County, Salt Lake County, and nearby counties, so if you live in Ogden, Salt Lake City, South Jordan, or surrounding cities, we’d be happy to plan your estate. Contact our Davis County, UT law firm to talk to skilled lawyers about trusts, wills, and other estate planning tools.

What Is a Trust?

Trusts are popular among people looking for ways to safeguard valuable assets. This is because when you create a trust and transfer your assets to it, estate law treats it as an entity separate from you. Depending on the type of trust you establish, you can choose to maintain control of your trust during your lifetime, though you’ll need to appoint a trustee to take over this estate planning tool when you’re no longer here.

When you pass away, your trustee will be in charge of ensuring the assets in the trust are distributed to your heirs according to your instructions. The main benefit of having your assets in a trust is avoiding the lengthy probate process. This means your family will have access to the assets you leave them sooner than they would without a trust. In addition, they will have more privacy since probate is public, while trust administration is private.

Trusts also allow you to create instructions regarding asset distribution, as you can specify that your children will only get their inheritance once they finish school, turn a certain age, or reach other milestones. Some types of trusts offer tax benefits and protection from creditors, as well. A Davis County, UT lawyer can further explain the benefits of trusts to you, so contact our Utah law firm for a consultation.

What Are Revocable and Irrevocable Trusts?

As you prepare to meet with Davis County lawyers for estate planning guidance, you should get to know the differences between certain types of trusts, including revocable and irrevocable trusts. After all, you’ll have to choose which type is suitable before you set it up with help from a Utah lawyer.

Most people opt for a revocable trust, which lets you name yourself as the trustee so you’re in control of it during your life. This means you can change your trust anytime, transferring assets in and out or eliminating the trust entirely. The main benefits of a revocable trust include avoiding probate and making it easy to distribute your assets upon your death, while still maintaining control of your property during your lifetime.

By contrast, you cannot change or terminate an irrevocable trust. In fact, you can’t name yourself the trustee of this type of trust. When you create one, you no longer have control or ownership of your property, but you can enjoy unique benefits. Not only will the assets in your trust avoid probate, but they’ll also be protected from creditors coming after you personally since the trust is now the owner. This strategy can reduce your taxes, as well, as your property isn’t part of your taxable estate once it’s in an irrevocable trust. A skilled attorney can determine if you’d benefit from a revocable or irrevocable trust, so call our Davis County law firm to learn more.

Should You Establish a Trust As Part of Your Estate Plan?

If you’re unsure if you should make a trust, the answer is likely yes, as most people benefit from this tool. This is especially the case if you have children to provide for and more than $100,000 in assets, since you will want the opportunity to bypass probate and provide detailed guidelines on how to distribute your assets. Additionally, if you want to reduce your taxes and protect your property from creditors, certain types of trusts can provide these benefits.

In fact, there are unique types of trusts meant to help with specific situations. For example, a special needs trust lets you put away money for a dependent without jeopardizing their disability benefits by increasing their income or assets. A generation-skipping trust enables you to transfer assets to your grandchildren while saving money on taxes. If you want to learn more about the benefits of certain types of trusts in Davis County, contact an attorney at our estate planning law firm.

Why Should You Hire a Trust Attorney In Davis County?

At Able & Strong Law, Inc., we take pride in helping clients plan for their future. For years, we’ve provided legal guidance throughout Davis County, Weber County, and nearby counties in Utah, so whether you live in Kaysville, Salt Lake City, or surrounding cities, we can resolve your legal matter. We understand how confusing trusts, wills, and other estate planning options are, so we’d be happy to provide answers to your questions.

Our goal is to ensure you have the legal advice you need to make the right decision for your estate plan. If you’re looking for ways to financially protect your spouse, children, or business, we can assist you. Whether you’re in Davis County near our Bountiful, Utah law firm or in Salt Lake City, Ogden, or other nearby cities, our knowledgeable attorney can help. Call our law office at 385-438-8801 to schedule a consultation with a skilled Davis County, UT lawyer.