Thomas H. Richards Law Offices

REVOCABLE LIVING TRUST

A revocable living trust is a vital part of a complete estate plan. The revocable living trust serves three primary functions: 1) It helps your family avoid probate and allows them to convey, sell or distribute your assets free of a mandatory court filing; 2) In the event you become unable to care for yourself, your trust directs that your assets be used to care for you; and 3) You set the terms on who administers your estate and how your assets are conveyed. At the St. George Law Firm of THOMAS RICHARDS, I will assist you in developing an estate plan that includes a revocable living trust that performs all these functions. Every estate plan and every revocable living trust is unique to your overall desires and needs, and your estate plan is crafted accordingly.

Avoiding Probate

A revocable living trust is an important tool in helping to avoid probate. Probate is a process that is run through the courts in Utah wherein an administrator is assigned by the court to distribute or liquidate your assets. A probate is required in the event that someone passes away while holding title to certain types of assets; most notably, real estate. A revocable living trust bypasses the probate process because it places your assets in a trust. Initially when you establish the trust, you are the trustee of your own trust and you designate a successor trustee within your trust. The designated successor trustee has the authority to administer the assets of your trust and distribute the assets in the manner you outline in your trust. Because the successor trustee has this authority within your trust, your family can avoid the costly probate process.

Your Revocable Living Trust is Designed to First Care For You

It is important to note that when you establish a revocable living trust, you can retain complete control of your assets until the time of your death or incapacity. A common concern for some is that they are abandoning control of their own assets when they establish a revocable living trust. Your trust allows you to maintain your freedom to sell or convey any of your property to whomever you choose. In the event you reach a point where you no longer can care for yourself, your successor trustee can use your trust to take care of you and act on your behalf in relation to your assets.

You Set the Terms on Who Administers Your Estate and How it Is Distributed to Your Heirs

If you pass away without a will, Utah law directs that your assets be distributed to specific parties in specific shares. It is often impractical to administer your estate in this manner because it does not take into account your desires and the specific needs of your family. Your revocable living trust allows you to designate who administers your estate, who receives specific assets and what shares of your assets are conveyed to your different heirs. Additionally, even after you establish a revocable living trust, you still have the option to later change specific provisions of your trust. The most common changes made to the provisions are those dealing with the distribution of your estate.