Estate planning is a sensitive but vital part of your arrangement process and can work on your behalf to ensure that your beneficiaries are cared for in the event of your passing. Understanding your different future arrangement options can help you to define your needs confidently and help you to seek legal assistance to be sure these requests are honored.
One of the most common forms of future arrangements is a living trust. There are many benefits to choosing a living trust option, which can be made legally binding by confirming your choice of arrangements with your estate planning lawyer. In this article, we’ll be covering what a living trust is, the benefits that you can enjoy by choosing a living trust as your future arrangement option and the types of assets you can insert into a living trust arrangement.
What is a living trust?
A living trust is a form of future arrangement that acts as its own legal entity. You can begin putting assets into the living trust while you are still alive and designate each asset to a specific beneficiary in the event of your death. It is a form of estate planning that allows you to maximize your control over your assets during your life and can also maximize the number of benefits your beneficiaries can receive when it comes time to distribute your assets. A living trust is considerably different from an irrevocable trust, which is a trust that cannot be changed easily without explicit consent or under extenuating circumstances. Many people enjoy the additional flexibility and benefits that a living trust provides.
What benefits can you gain by choosing a living trust during your estate planning process?
While there is no single “perfect” option for estate planning, living trusts are the right choice for many due to their vast financial benefits and other advantages that come with them. Some of the most notable benefits of a living trust include:
- Avoiding probate court. This is one of the most important benefits, as it can keep your beneficiaries and family members from a lengthy and draining court process as they grieve your passing. If everything is planned ahead for in your living trust, you can trust that the chosen trustee of your living trust will be able to distribute all of the assets fairly and in accordance with your wishes.
- Reduce tax liabilities. In certain cases, choosing a living trust means you’ll be able to avoid or reduce federal income taxes on your estate. This benefit depends on your unique situation and can be confirmed for you if you seek legal assistance in planning your future arrangements. This is recommended anyway to help ensure that your requests are legally protected and enforceable.
- Enjoy privacy. A living trust is considered to be a private legal document, and it will not be a part of the public record. This can be advantageous if you want to maintain a certain level of privacy over your affairs (even in the event of your passing) or if you have considerable social status or assets in your wake.
There are additional benefits to living trusts, such as advanced protections and financial gain. Speaking with an estate planning attorney can help you to determine exactly what benefits would apply in your case.
What assets can you put in a living trust?
There are many different types of assets that you can put in a living trust, which is why it’s one of the most comprehensive and popular advance planning options available. For example, you can consider adding:
- Stocks and bonds: So long as these are held in certificate form, you can normally add these to your living trust. Your lawyer can assist you in creating a securities assignment document to aid in the transfer of any stocks or bonds that you want held in the living trust.
- Investment accounts: Your investment accounts can be added to the living trust, which can save you the hassle of naming different beneficiaries for your accounts. You can outline the terms of dispersal within the living trust, who will remain the “owner” of your accounts until the time of your passing. At that time, the accounts and their contents can be handed off to whatever listed beneficiaries you have.
- Personal property: Although the trust is considered a separate legal entity, you can still put personal property in a trust. Common examples of tangible personal property include cars, investment properties and other such assets.
- Cash accounts: You can choose to put certain checking or savings accounts in these types of trusts and ask that they be relinquished to certain beneficiaries in the event of your death.
When assembling your list of assets for your living trust, consider contacting an attorney to ensure that everything is legally enforceable and properly arranged.
Call Ascent Law for estate planning in Utah
Are you considering going through the estate planning process? Consider reaching out to the experts at Ascent Law. With years of experience and hundreds of successful clients, we’re able to confidently navigate even the most complex future arrangements and are ready to help you protect your assets. For more information, please visit our website. We look forward to speaking with you soon!
Salt Lake City
Salt Lake City, Utah
|City of Salt Lake City|
“The Crossroads of the West”
|Named for||Great Salt Lake|
|• Type||Strong Mayor–council|
|• Mayor||Erin Mendenhall (D)|
|• City||110.81 sq mi (286.99 km2)|
|• Land||110.34 sq mi (285.77 km2)|
|• Water||0.47 sq mi (1.22 km2)|
||4,327 ft (1,288 m)|
|• Rank||122nd in the United States
1st in Utah
|• Density||1,797.52/sq mi (701.84/km2)|
| • Urban
||1,021,243 (US: 42nd)|
| • Metro
||1,257,936 (US: 47th)|
| • CSA
||2,606,548 (US: 22nd)|
|Time zone||UTC−7 (Mountain)|
|• Summer (DST)||UTC−6|
|Area codes||801, 385|
|GNIS feature ID||1454997|
|Major airport||Salt Lake City International Airport|
|Website||Salt Lake City Government|
Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 199,723 in 2020, the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates), making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin (the other being Reno, Nevada).
Salt Lake City was founded July 24, 1847, by early pioneer settlers, led by Brigham Young, who were seeking to escape persecution they had experienced while living farther east. The Mormon pioneers, as they would come to be known, entered a semi-arid valley and immediately began planning and building an extensive irrigation network which could feed the population and foster future growth. Salt Lake City’s street grid system is based on a standard compass grid plan, with the southeast corner of Temple Square (the area containing the Salt Lake Temple in downtown Salt Lake City) serving as the origin of the Salt Lake meridian. Owing to its proximity to the Great Salt Lake, the city was originally named Great Salt Lake City. In 1868, the word “Great” was dropped from the city’s name.
Immigration of international members of The Church of Jesus Christ of Latter-day Saints, mining booms, and the construction of the first transcontinental railroad initially brought economic growth, and the city was nicknamed “The Crossroads of the West”. It was traversed by the Lincoln Highway, the first transcontinental highway, in 1913. Two major cross-country freeways, I-15 and I-80, now intersect in the city. The city also has a belt route, I-215.
Salt Lake City has developed a strong tourist industry based primarily on skiing and outdoor recreation. It hosted the 2002 Winter Olympics. It is known for its politically progressive and diverse culture, which stands at contrast with the rest of the state’s conservative leanings. It is home to a significant LGBT community and hosts the annual Utah Pride Festival. It is the industrial banking center of the United States. Salt Lake City and the surrounding area are also the location of several institutions of higher education including the state’s flagship research school, the University of Utah. Sustained drought in Utah has more recently strained Salt Lake City’s water security and caused the Great Salt Lake level drop to record low levels, and impacting the state’s economy, of which the Wasatch Front area anchored by Salt Lake City constitutes 80%.
About Salt Lake City, Utah
Neighborhoods in Salt Lake City, Utah
Poplar Grove, The Avenues, Ballpark, Lower Avenues, Downtown, Woodbury, Central City, Neighborhood House, Salt Lake City Community Development, Rio Grande, The Neighborhood Hive, Neighborhood Services, University Neighborhood Partners, Salt Lake City, Neighborhood Auto Service, Sunnyside Park, Building at Rear, 537 West 200 South, Washington Square Park, Area 51, Brigham Young Historic Park
Things To Do in Salt Lake City, Utah
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Reviews for Ascent Law LLC Salt Lake City, Utah
We've gotten divorce and child custody work from Ascent Law since the beginning because of my ex. We love this divorce firm! Staff is gentle, friendly and skilled. Tanya knows her stuff. Nicole is good and Ryan is fun. Really, all the staff here are careful, kind and flexible. They always answer all my questions, explain what they're doing and provide great legal services. I personally think they are the best for divorce in Utah.
I have had an excellent experience with Ascent Law, Michael Reed is an absolutely incredible attorney. He is 100% honest and straight forward through the entire legal process of things, he also has a wonderful approach to helping better understand certain agreements, rights, and legal standing of matters, to where it was easy to know whats going on the entire process. I appreciate the competency, genuine effort put forth, and assistance I received from Ascent and attorney Michael Reed, and I will be calling these guys if ever I have the need again for their legal assistance! 5star review Wonderful attorneys!
This review is well deserved for Ryan and Josh. New clients should know they are worth the 5 star rating we give them. We needed 2 sessions from them because of the complexity of the matter, but they are both very passionate about his helping others in need. My sister needed bankruptcy and I needed divorce. Sometimes they go hand in hand but a large shout out to this team - also Nicole is one of the sweetest people you ever did meet - she offered me warm cookies!
Mike Anderson and his colleagues & staff are knowledgeable, attentive and caring. In a difficult and complex case that eventually went to trial, Mike was the voice of reason and the confidence I needed. His courtroom abilities are amazing and I felt his defense of me was incredible. His quick thinking and expertise allowed for a positive result when I felt the World was crumbling. His compassion, after the case, has helped me return to a good life. I trust Mike and his staff. They are friendly and very good at what they do.
I worked with Attorney Alex and Paralegal Ami in my divorce case. I got to know the team very well over the course of two years. I cannot think of a better team to have worked with. Ami and Alex are not only exceptional law professions who are very knowledgeable and thorough, they are also the best human beings who empathize with the emotions I was experiencing. Alex was conscious of my budget and worked efficiently to try to reduce unnecessary legal expenses. My case also involved some dealings with a foreign country that Alex and his team had previously dealt with. They did an amazing job addressing cultural barriers in a very respectful manner and did not fall short in quality of work or in standards when dealing with some of these new challenges. Ami deserves a medal for being extremely professional, calming, and compassionate when it is needed most. When you need family law attorneys, call this firm. I now feel I can move forward with grace and dignity.