Estate Lawyer Huntington Utah

estate planning lawyer Huntington Utah

What kind of assets do most people put in an irrevocable living trust?

When you set up an irrevocable living trust, you transfer all of your assets into a single legal entity that is controlled by a trustee who will manage them on your behalf. This can be done to ensure that those assets get transferred to the people you have named as beneficiaries once you die so that you don’t have to worry about it.

Pour-over provisions

But when you set up an irrevocable living trust, there are some things that most people add to it. These are called “pour-over” provisions, and they ensure that all of your assets will pass through the trust once you’re gone.

Outside of the state

You might be thinking, “Well, why wouldn’t I want my assets to go through my living trust?” The reason is that there are some things for which it’s better not to use a living trust. For example, if you own a house outside of the state in which you live—or even just own stock in a company located outside of the state—the laws of those states and their distance from yours may present complications that are best avoided.

Setting up an irrevocable trust

When people make the decision to set up an irrevocable trust, they often have a specific goal in mind. Whether it’s to avoid probate or pass on assets to their heirs, they want to make sure that the structure of their wealth is just right. But some people who have an irrevocable living trust set up their assets in one of the following ways:

-They don’t set up a trust at all; instead, they keep their assets in a will

-They set up a revocable living trust but create a will anyway as well

-They use an asset protection trust as well as an irrevocable trust

-They divide their assets between an irrevocable trust and life insurance

Dividing their assets

Many people who have set up an irrevocable living trust choose to divide their assets among different beneficiaries. It’s one of the easiest and most common ways to do it. You can also leave your assets to a specific group of people, like your children or your siblings. And you can leave assets to different groups of people as well, for example, your spouse and children.

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

When you need a Lawyer, contact this law firm:

Parklin Law

5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699

Huntington, Utah

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Huntington, Utah
Area of Outstanding Natural Beauty
Looking northward along Huntington's Main Street, March 2008

Looking northward along Huntington’s Main Street, March 2008
Location in Emery County and the State of Utah.

Location in Emery County and the State of Utah.
Location of Utah in the United States

Location of Utah in the United States
Coordinates: 39°19′45″N 110°57′57″WCoordinates39°19′45″N 110°57′57″W
Country United States
State Utah
County Emery
Founded 1875
Named for William Huntington

 • Total 2.26 sq mi (5.85 km2)
 • Land 2.26 sq mi (5.85 km2)
 • Water 0.00 sq mi (0.00 km2)

5,787 ft (1,764 m)

 • Total 2,129
 • Estimate 

 • Density 855.75/sq mi (330.46/km2)
Time zone UTC-7 (Mountain (MST))
 • Summer (DST) UTC-6 (MDT)
ZIP code
Area code 435
FIPS code 49-36950[3]
GNIS feature ID 1428946[4]
Website Official website

Huntington is a city in northwestern Emery CountyUtah, United States. The population was 2,129 at the 2010 census.[5] It is the largest town in Emery County.

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