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