A family trust (also known as a Revocable Living Trust) is a legal document which dictate what happens to your estate after you die, or if you were incapacitated due to severe illness. If your family trust is set up properly, it will specify how, to whom, and when your money and goods will be divided.
When setting up the living trust, you should choose a trusted individual to be the Trustee. A trustee is a person or organization who is responsible for executing the conditions you specified in your trust. You can change the instructions in your trust, and you can change the person who you appoint as the trustee. In order for the family trust to be effective, you will also need to re-title your belongings (houses, cars, bank accounts etc) so it is owned by the trust. In essence:
1) you transfer ownership of your estate to the Trust;
2) you specify how the Trust is to be divided after your own death,
3) and you appoint a Trustee to carry out the instructions.
If you died or was incapacitated and did not have a will or a revocable living trust then your estate will go through Probate. Probate is a legal process where a deceased person’s property is appraised and divided according to the courts. Probate usually take a long time before the assets are released and distributed. Probate can be expensive because there are fees, and there may be disagreements among the heirs. And, probate proceedings are publicly available for the community to view.
Family Trust Document Preparation
Simple Legal Utah has a team of legal associates who can assist you in the preparation and filing of Family Trust documents. Our experienced attorneys have insights in the many aspects of wills and living trusts and can help you prepare your trust correctly. Having a well prepared family trust will give you peace of mind and ensure that your heirs and loved ones will access their inheritance without unnecessary bureaucracy. Please call us (801) 362 3786 or send email to make an appointment. We offer free, 30-minute consultation.