What Are the Benefits of Having a Living Trust?
Having a living trust can provide many benefits to you and your family. These documents can help you plan for future circumstances and can protect your assets from certain individuals. They also allow you to decide who receives your estate after you die. If you have a child or other loved one with special needs, you may want to set up a living trust to ensure they get the care they need when you are gone.
Choosing a successor trustee
A living trust can give you peace of mind while you are alive. You will be able to choose a successor trustee, who will be responsible for managing your affairs without the court’s intervention. A successor trustee can also transfer property to the trust’s beneficiaries. This can avoid the need for probate. This can be helpful if you own property in another state. However, there are some costs to consider when you move a property into a living trust. You will need to transfer the title to the property, which includes filing fees.
Assets
A living trust can also help you protect your assets from creditors. If you have a child who is disabled, you can designate a special needs provision in your living trust. This will direct funds that are allocated to the disabled individual to a separate sub-trust. This can prevent your child from losing important government benefits. If you have a child who is mentally disabled, you can also use a living trust to ensure that they receive the benefits they are entitled to.
The assets that are held in a living trust are not subject to the tax implications of a will. You may have to pay taxes on income generated by the assets. If you put your 401(k) or IRA into a living trust, you may be viewed by the IRS as having withdrawn these assets early.
In addition, a living trust can keep information about your assets private. It can be useful if you want to leave your assets to a distant relative. It can also provide a sense of security to your children. It can even be a valuable way to ensure you get the money you’re owed.
Setting up a living trust
The process of setting up a living trust is not difficult. You can find forms online that will guide you through the process. You can also have an estate attorney help you with this process. If you have questions about a living trust, contact the attorneys at Amity Law Group. They will provide you with a free consultation.
A living trust can be more complex than a will, but there are benefits to having one. You can save money by avoiding probate and you can ensure that your assets are transferred to the people you want them to go to. You can also provide comfort and security to your loved ones now and in the future.
A living trust can also be used for your own mental incapacity. You can specify in your living trust that you are not mentally capable of handling your finances. If you are incompetent, you can appoint a successor trustee to manage your trust for you.
If you have questions, you can get a free consultation with the Best Estate Planning Lawyers.
Parklin Law – Estate Planning Lawyer
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
Parklin Law Official Website
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
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Parklin Law
Cleveland, Utah
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Cleveland, Utah
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Cleveland as seen from the south
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Location in Emery County and the state of Utah
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Location of Utah in the United States
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| Coordinates: 39°20′53″N 110°51′19″WCoordinates: 39°20′53″N 110°51′19″W | |
| Country | United States |
| State | Utah |
| County | Emery |
| Settled | 1885 |
| Named for | Grover Cleveland |
| Area | |
| • Total | 0.86 sq mi (2.24 km2) |
| • Land | 0.86 sq mi (2.24 km2) |
| • Water | 0.00 sq mi (0.00 km2) |
| Elevation
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5,722 ft (1,744 m) |
| Population
(2010)
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| • Total | 464 |
| • Estimate
(2019)[2]
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440 |
| • Density | 508.67/sq mi (196.39/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84518
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| Area code | 435 |
| FIPS code | 49-14070[3] |
| GNIS feature ID | 1426712[4] |
Cleveland is a town in Emery County, Utah, United States. As of the 2010 census, the town population was 464,[5] down from 508 at the 2000 census.
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