The revocable trust, discounting the will, is by far the most common estate planning tool. Almost every individual who is looking for an estate planning attorney in South Jordan wants to make a revocable trust. You might be surprised to know that the added expense and trouble might not be worth the value added.
A revocable trust is used instead of a will to avoid probate. People spending time on google have come to dread probate. Many believe it is something that should be avoided at all costs. First, probate in Utah is not as bad as you might think. We have an informal probate option which streamlines the whole process. You will need to make two separate court appearances (assuming everything is uncontested). You will appear first to be appointed as the personal representative. The Court will authorize you to take action on behalf of the decedent’s estate. Once everything is done, you appear a second time to close the estate administration. Each court appearance will likely last less than five minutes. For that reason, it is rarely a good idea to use a revocable trust just to avoid probate.
There is generally no tax benefit to a revocable trusts and it is not shielded from your creditors. But there are some other benefits to a revocable trust.
Incapacitation. If you become incapacitated, your revocable trust should provide instructions for the appointment of a new trustee who you have previously chosen. This person will manage you assets and take care of your financial needs while you are still alive but unable to do so yourself.
Privacy. If your estate passes through probate, technically all of your asset information becomes part of a public record that is relatively easy to access. If you have a revocable trust then your estate will not pass through probate so there will be no public record.
Short of these to benefits, a revocable trust is not worth the trouble most of the time. Come in and speak with an estate planning attorney in South Jordan who can help you plan ahead and protect those you love even when you are no longer here.