Why Do I Need a Trust?

Salt Lake City, Utah, Trust and Disability Planning Attorney

At my law firm of Randy M. Lish, Attorney at Law, in Provo, Utah, I pass that knowledge on in answering the most common question posed to me, “Why do I need a trust?” Based on my extensive estate planning and asset protection experience, I recognize the need for trusts to help my clients manage and protect their assets.

Advantages and Management Features of Trusts

The advantages of a trust over a will are twofold. First, it provides for disability planning. Second, you are allowed to attach certain conditions or “strings” to the trust, where your beneficiaries have to meet certain requirements.

Those management features of a trust are very attractive in giving you control and ensuring protection of your assets. You select the trustee who will follow through on your wishes and manage assets accordingly. You provide that trustee with detailed instructions and guidelines that he or she must abide by based on the law.

Maintaining Control over Your Assets

Your control also includes how much money is provided to a young beneficiary based on various conditions that do not go against public policy. Specifically, you cannot deny money from a trust if the beneficiary gets married or divorced. Funds can be received over a certain amount of time to help with living expenses, college costs or other postsecondary educational opportunities.

Medical and Durable Powers of Attorney

At my firm, Randy M. Lish, Attorney at Law, I can also draft durable powers of attorney and medical powers of attorney as parts of your trust. You are entitled to the peace of mind that your wishes will be respected as to the course of treatment should you be incapacitated.

Contact a Seasoned Trust Attorney Today

For more information or to schedule an appointment with an experienced estate planning lawyer regarding retirement planning, please contact me.