If I have a living trust in Utah, do I still need to execute a will?
A trust is used to refer to an arrangement between two people. The first person, also known as the trustee, owns a legal property and wishes to transfer or share the property with a second party known as the beneficiary. Hence, when you make a trust while you’re alive, it is known as a living trust. The opposite is the one made with your will when you die. It is pertinent to note that a living trust can be modified before the trustee’s death. It can’t replace a will but can be an effective estate planning arrangement. In some instances, the type of trust is known as a family type. You can get in touch with estate planning lawyers in Farmington for seamless and efficient trust processing.
Typically, you need a living trust in the state as it helps your loved one avoid the costs and time-consuming effects of probate court settings when you die. But the need for trust in Utah is debatable, especially when you have small properties. This is because the state uses a general probate rule that eases the whole process. Hence, having trust might be more trouble than you expect. The probate process’s worry will be lessened if your property’s worth is less than a hundred thousand dollars.
Usually, having a trust does not imply being free from writing a will. Writing one is best as it will serve as a second plan for properties that do not fall under the trust. For instance, if you buy a new car that didn’t make it into your trust before you die, the car won’t be transferred based on the trust’s terms. Hence, a will can save you if you name a person to get the properties that don’t exist in your trust. In the absence of a will, your closest family member will be given any property that doesn’t exist in the trust or any other method.
The state’s succession rulings supersede if you do not have a will despite owning a living trust. Hence, the property might end up with who you never intended. It is pertinent to note that putting all your properties under the trust is not advisable despite having the probability of saving your loved ones the cost of probate proceedings. This is because minor properties like gadgets and tools are not usually included in a living trust. Hence, the will is their place. You can write a will at a person’s death time to include certain properties in some situations.
If you have kids below eighteen years, you must have a will. This is because you can appoint a preferred guardian for them. Most trusts might only appoint someone to manage some properties for your minor. This person is not allowed to make some decisions on behalf of the children, such as their health and education. Hence, you need to have a will with the guardian’s name spelled out. Lastly, you might prefer someone to be your assistant when you die and be in charge of your affairs. You can put this in your will and be guaranteed peace of mind.