Utah Estate Planning & Family Trust Plan

Morgan & Associates
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Utah Estate Planning & Family Trust Plan

Every Family Needs Utah Estate Planning Help 


A common misconception is that Utah Estate Planning is only necessary for the very wealthy or the elderly.  Utah Estate planning will benefit a person with few assets just as much or more as a person with substantial holdings. For example, a family plan allows parents of minor children, or guardians of adults with special needs, to nominate a successor guardian should they become unable to provide care. Additionally the family plan will allow property and wealth to pass to descendants or other beneficiaries outside of court.

Protect Your Young Children with a Utah Trust Plan

Parents with young children have unique needs when it comes to creating a Utah Estate Plan. At Morgan & Associates, we work with parents to craft exactly the kind of plan that will serve their children if they were suddenly unable to care for them. A basic will designates a guardian for minor children, that said the will does not provide for how that money is to be spent or managed. A trust allows parents to instruct a finance manager called their trustee on how to spend money on the minor children. Every family is different; for example, some families want their children to remain in the family home for as long as possible while others may want children to have travel or other educational opportunities. Typically a trust for young families keeps the money in a collective pot until the youngest child turns 18, at which time the trust fund is divided into separate shares for all of the children. Children can be given distributions outright or after reaching certain milestones like reaching a specific age or completing an education. While the money is not under the direct control of the children, the trustee continues to serve as the mature steward to make sure the children do not waste the funds.

The biggest advantage of a trust plan for parents with young children is that the trustee and the guardian are separate individuals. This means that one person manages the money and another manages care. Separating responsibilities makes it much more likely the funds you leave behind will not be wasted and your children will have enough to live comfortably until adulthood.

Protect Your Assets with Utah Estate Planning 

Without a trust plan, the probate court oversees the distribution of a deceased person’s estate. This can be expensive, especially if family members disagree with how the plan is administered.  Furthermore, probate court records are freely searchable, meaning that creditors or other unwanted strangers can see what property a person has at death.

A family trust plan keeps the assets out of court and out of prying eyes. Unlike a will a family trust plan is easy to change, revoke or edit.  Assets inside the trust can be removed at any time until the death of its creator. Additionally, a Utah trust can be structured to include stipulations on inheritance such as using the money for specific purposes such as education or retirement.  A trust can even be designed to pay out an inheritance only when a person reaches a certain age of maturity.

Learn More About Utah Estate Planning Today:  Call Today | 801-874-5644


                                                                                                                                                                                                                                                                     

 

 

 


Veterans Benefit Planning Utah Law Firm Morgan & Associates
Sami Draper
Sami Draper
04:17 18 Mar 19
Answers the phone on the weekend and is so willing to help you on their days off. Extremely helpful and friendly.read more
lynn lindstrom
lynn lindstrom
22:45 15 Mar 19
They were kind and helpful explaining every thing helped me with other things I needed done would use them again no problem excellentread more
Charlotte Stock
Charlotte Stock
17:23 01 Feb 19
Christopher Morgan listens closely and is very knowledgeable about Utah law concerning estate planning, health care directives, and wills. I was amazed at his ability to give me the help and advice I needed to be completely satisfied and at peace with every document he made for me. He certainly has my vote of confidence. I highly recommend him to everyone. Charlotte Stockread more
Janelle Wakley
Janelle Wakley
22:23 25 Jan 19
Chris was very helpful when my husband and I had questions about our Medicaid application. He is friendly and professional.read more
Wolfiere Labs
Wolfiere Labs
20:38 25 Jan 19
JoAnna Hall
JoAnna Hall
17:14 21 Dec 18
If you're looking to get your estate planning, trust in order, Chris is the guy!! He is so thorough and explained everything in terms we understand and knows what he is doing! Very pleasant experience and we HIGHLY recommend him! Thanks Chris!read more
Joe Clements
Joe Clements
19:25 05 Dec 18
We needed help with making a Will and Trust. Chris got us in quickly and produced our documents at a super affordable cost! Highly recommend!!read more
Ben Tyler
Ben Tyler
05:57 02 Nov 18
My wife and I hired Chris Morgan to help us with our Estate Planning documents and could not have been more pleased! Chris was responsive to our every need, flexible in his scheduling, patient and clear in educating, sensitive to our interests, and produced a product which far exceeded expectations. But this really didn't surprise me, considering the raving reviews he's received from his clients. With binder of completed documents in hand, my head will rest more comfortably on my pillow tonight. Thank you, Chris, for making our most important priorities your own. We look forward to receiving our first Christmas card :).read more
Bonnie Hill
Bonnie Hill
21:32 31 Jul 18
Chris was really great to work with! On our first meeting he was very knowledgeable and funny and easy to talk to! He explained things and addressed all our concerns and questions. He made things fun and eased any tensions. He seems honest and fair. The best part is that he was willing to come to our home for the meeting. He was easy to work with schedule wise as well. I would definitely recommend Chrisread more