All About a Living Trust - Utah
Drawing up a living trust is an excellent way to guarantee that your assets are distributed according to your wishes. Having a trust can also be useful when it comes to avoiding probate and protecting the privacy of your estate planning.
If you live in the state of Utah this article will help answer all your living trust questions. Whether you need help choosing a type of trust or finding out if estate taxes could affect your living trust, keep on reading to discover everything you need to know.
Understanding Utah’s Uniform Probate Code
- The Uniform Probate Code is a set of laws that have been adopted by 16 states. The code is meant to be implemented once a person passes away and the process of probate begins. Utah is part of these sixteen states.
- If you want to leave your family members or loved ones a particular asset, these laws can make things a little more complicated and interfere with things such as your will.
- Creating a trust is a more secure way to skip Utah's Uniform Probate Code so that you can guarantee that all of your assets will be handled and distributed according to your instructions.
Revocable and Irrevocable Trusts in Utah
Before choosing to create a living trust in Utah, it’s very important to know the kind of trust which would best suit your needs. There are two main kinds of living trusts no matter which state you live in, revocable and irrevocable.
Here is a table explaining the key differences between them:
|Irrevocable Living Trust||Revocable Living Trust|
|Making Changes To Your Trust||
|Ownership of the assets within the living trust||
Could Estate Taxes Hurt My Living Trust if I Live in Utah?
Luckily, there is no need to worry about estate taxes when it comes to your living trust! Here’s why:
- Estate tax usually comes in the form of a state-imposed inheritance tax, this is a tax which is calculated on a person’s assets after they pass away. However, the state of Utah does not impose an inheritance tax on its residents.
- The only other type of estate tax which exists is the federal kind, and the federal estate tax was cut in 2001 so as to only include estates valued at $11.7 million or higher- so most people don’t actually have to worry about their living trust assets being taxed.
DoNotPay Can Help You Create A Revocable Living Trust
With the help of DoNotPay you can now create a revocable living trust faster than ever before. Instead of resorting to an expensive lawyer or cheap online templates, use DoNotPay! All you’ll need is your phone or computer, and a couple minutes of your time. Follow these easy steps when you’re ready:
- Sign-in to your DoNotPay account
- Start a Revocable Living Trust task
- Provide information about your trustees, beneficiaries, and properties
- Tell us where you’re getting the document notarized
And you’re done! You’ll get a detailed and fool-proof living trust ready for download. Just take it to the notary to make it official!
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