Estate planning means taking care of your family and everything you’ve worked so hard for. As professional estate planning attorneys, we at Felt Family Law & Mediation can help you develop the right protections for your assets and preserve everything you’ve worked so hard for. One document that you may not have considered for your estate plan is a family trust, also known in Utah as a revocable living trust.
Establishing a family trust has multiple benefits, and a skilled Ogden, UT, family trust lawyer can help you create the right one for your financial situation and goals. Contact us today to learn more.
What Does An Ogden Family Trust Lawyer Do?
Family trust attorneys are estate planning lawyers who help families like yours protect and preserve assets. A revocable living trust contains assets for the benefit of its owner, and the owner can benefit financially from these assets while they’re still alive. The trust has beneficiaries who will inherit the assets after the trust creator passes away, and it’s administered by a trustee. The successor trustee can distribute the assets to the beneficiaries and administer the trust on behalf of the asset’s owner.
This type of trust is revocable, which means that the creator can change it at any time or even disband it entirely. Your estate planning attorney creates the trust for you according to your financial goals and advises you of your legal options. At our firm, we can also act as a trustee on your behalf if you don’t wish the responsibility or if you don’t have anyone in your life who can take on that responsibility.
The Benefits Of A Family Trust
There are multiple benefits to establishing a family trust in Utah, such as:
- Remove Stress and Worry: With this type of trust, you can determine where all your assets will go after you pass away and protect certain assets from certain people. You can also provide for your children while still benefiting financially from the assets while you’re still alive.
- Planning Ahead: If you become incapacitated or unable to advocate for yourself, you can benefit from the trust. The successor trustee can manage your finances if something happens, like an illness or accident, and can ensure that your wishes are honored.
- Protect Your Privacy: Living trusts are private documents, so no one except those you choose to know will know about your financial situation and your assets.
- Avoid Probate: Probate is the legal process of transferring assets from the deceased to their heirs. A trust does not need to go through probate; depending on the terms of the trust, you can pass on assets directly to your heirs without going through probate.
Contact A Reputable Estate Planning Law Firm Today
If you think a revocable living trust is right for you and your family, contact Felt Family Law & Mediation. An experienced Ogden family trust lawyer can develop the right trust for your needs and advise you on any changes you may need to make to it. Call today to learn more.
