What is a living trust and how does it work?

A living trust is a legal document that allows you to control your property and assets while you are still alive. It is often used as part of an estate plan to achieve certain financial and legal goals. In Utah, a living trust allows the creator of the trust (the grantor) to transfer ownership of their assets to the trust. The trust is overseen by a trustee, who is legally responsible for managing the trust and making sure the grantor’s wishes are followed. Once the assets are transferred to the trust, the grantor no longer has control over them. Instead, the trustee manages the assets according to the grantor’s wishes, which can be outlined in the trust document. The trustee can invest the assets, pay bills, and distribute assets to the beneficiaries upon the grantor’s death. The trust can also be used to avoid probate, which is the process of transferring a deceased person’s assets to their heirs. The grantor can also appoint a successor trustee to take over the trust after they die. This allows the trust to be managed by someone the grantor trusts. The trust document outlines the rules for the trust, such as how the assets are to be handled and distributed. A living trust is an important part of estate planning in Utah. It helps the grantor maintain control of their assets and allows them to ensure that they will be distributed according to their wishes.

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