Make an Estate Plan
Many people in Utah do not like to make plans for their death because it is an uncomfortable dilemma everyone is faced with and not everyone wants to accept the reality of it. As such, there are many people in Ogden, Salt Lake, Provo, St. George, and the rest of Utah who have not adequately prepared for death by having a Utah estate planning lawyer make an estate plan to protect their assets and their families from a tough probate process. A will is one way to adequately put an estate plan into order but a better way to distribute assets after death is through a Utah revocable trust.
The Benefit of a Revocable Trust
A revocable trust is a trust which gives great flexibility in the administration of it. One of the great things about a revocable trust is the fact that it is revocable. A person may establish a revocable trust and if he does not like it he can simply revoke it. Unfortunately, because a revocable trust is revocable, it does not protect assets from creditors and law suits. An irrevocable trust would better suit someone who is looking to protect assets from being threaten by third parties. For an irrevocable trust contact a Utah estate planning lawyer.
The main benefit for a person making a revocable trust is to bypass the probate process after one passes away. Any time a person dies with a will or without any type of estate plan whatsoever, the person’s property is subject to the probate process. The will process can be burdensome, time consuming, and expensive. When a person places all of his or her property into a revocable trust, however, that property does not pass through the probate court before it is distributed to beneficiaries. The new trustee of the revocable trust distributes the property according to the terms of the trust drafted by a Utah estate planning lawyer.
Contact Salcido Law Firm for Your Estate Plan
If you want to get your estate planning in order and would like to make a revocable trust to hold your assets, contact a Utah estate planning lawyer from Salcido Law Firm. Our estate planning attorneys will help you make an estate plan that protects your assets from passing through the probate process and ensures your property goes to whom you want it to after you pass away. To speak with a Utah estate planning lawyer today, call 801.413.1753.