For many estate plans, a revocable trust, rather than a simple will, is usually recommended if you own property or significant assets. A will may be satisfactory for smaller estates. But a properly drafted revocable trust can accomplish many estate goals.It avoids the court probate process.
When a person dies without a revocable trust, they must go through the probate process, which can be personally intrusive, costly and inconvenient. With a revocable trust, if you named and transferred all your assets into the trust, you will avoid this court probate process and the assets will be distributed as directed by the trust, all without court intervention.If you become incapacitated, you can avoid court supervised conservatorship.
If the unthinkable happens and you become unable to take care of yourself alone, without a trust, you will be subjected to decisions involving your welfare being made by of the Utah courts under the laws of conservatorship.
You may very well not like the choices and decisions the court makes on your behalf. With a revocable trust, you make the decisions in advance to protect your interests in the event of incapacity.Other factors to consider when choosing between a will or a revocable trust.
Depending on your personal and financial circumstances, there may be other important factors to consider when making important will and estate plan choices.A revocable living trust is usually preferred for larger estates due to the following:
A will, when it becomes probated, becomes a matter of public record, but a revocable trust will remain private. Even though probate is not as difficult in Utah as it is in some other states, it is still something that should be avoided due to the inconvenience, cost, and public scrutiny. If you own property in any other states, a revocable trust avoids the need to have to go through the probate process in multiple states. If you choose to move to a different state, a revocable trust avoids the need to go through probate in a state that may have much more difficult probate processes than Utah. Your chosen trustee, not the court system, will manage your trust and distribute your assets per your own directions.
A will may be all that is needed for smaller estates if you do not own property, and if your estate will be less than $100,000, because you will not have to go through probate. Your estate will be distributed by presenting affidavits to the banks and investment firms who hold the property.
Since estate planning can be complicated and confusing, an attorney can help you decide what your best choice may be and get you started with a plan that suits your needs. Call the experienced attorneys at Spencer & Collier, LLC at 801-566-1884 for a consultation.