When should you make a living trust?

Good question. I’d say when the following three situations (or similar ones) have happened:

You have minor children: If you have any minor children, or if you expect to have them in the near future, you should definitely set up a living trust. Your children can't handle the responsibility of handling your affairs until they're much older (and legally capable of doing so). A living trust can help ensure that your children will be taken care of by someone in the event that something happens to you—for example, if you were in an accident or became ill and couldn't make decisions for yourself anymore.

living trust attorney cost

You have substantial assets: While the exact amount will vary depending on where you live, if you have substantial assets to divide after your death, a living trust can help protect those assets from being reduced by inheritance taxes. It will also ensure that those assets go to the people they're intended to go to. If these assets include business interests or property that's not easily divisible (like land or a family heirloom), a living trust can also ensure that these things are distributed as intended.

You have complex holdings: If you have business interests, real estate holdings, investments outside of your home, or other complex financial interests.

When you need legal help setting up a living trust, call this law firm for a free consultation:

Parklin Law LLC

5772 West 8030 South, Unit N206

West Jordan, UT 84081

(801) 618-0699

https://posts.gle/UxAZ4j

https://parklinlaw.com/settling-up-a-trust-in-utah/ 


Location: Alpine, UT 84004, USA

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