Wills and Trusts Q&A

Living Wills Preparation & Trusts Planning
Randy M. Lish, Attorney At Law
Local: 801-717-9341 • Toll Free: 866-741-9075 • E-mail
Avoid Probate • Living Wills • Asset Distribution • Disability Planning

I'm Randy M. Lish, Attorney at Law, and I have over 20 years of experience helping my clients draft the wills and trusts necessary to plan their estates, protect their assets, and pass their legacy on to the next generation. If you need a trust planning lawyer to help plan your estate, contact my office today for a free initial consultation, or read on below to find answers to questions you may have about wills and trusts.

What’s the difference between a will and a trust?

When you draft a will, you specify who will receive what parts of your estate. Upon your passing away, your personal representative (the executor of your estate) will ensure that those assets are delivered to the beneficiaries you've designated within the will. A trust is similar to a will in that it allows you to specify who will receive your assets, but it also affords you greater control over how those assets will be distributed.

For instance, it may not be in your 14-year-old son's best interest to simply receive a large lump sum of money with no strings attached, because 14-year-olds are not always inclined to make the most responsible financial decisions. A trust allows you to specify a time frame in which your assets will be distributed in increments, or when the beneficiary reaches the age of 18 or 21. Also, if your beneficiary has special needs, a special needs trust will help them receive their inheritance without sacrificing government benefits.

How do I avoid probate?

Many people have the misconception that a will helps you avoid probate. This is not the case. The will specifies who will receive what assets, and probate of the process through which those assets are distributed. Trusts, in contrast, do help you avoid probate, because they allow you to specify where, when, and how, your assets will be distributed.

What is a Living Will?

A living will, known in Utah as "Directive to Physicians and Providers of Medical Services," lets you specify whether or not you want to be kept alive artificially in the unfortunate event that you become incapacitated or enter a persistent vegetative state. Similar documents, such as the Advance Medical Directive, allow you to specify who will make such medical decisions for you in the even that you become incapacitated.

What Are the Different Kinds of Trusts?

There are many different types of trusts, and our office is well equipped to help you draft any of them. We routinely help our clients draft standard trusts, special needs trusts, insurance trusts, revocable trusts, irrevocable trusts, charitable trusts, spend thrift trusts, A/B trusts, and more. Each different trust is suited for different situations. If you'd like more information, contact our offices today, and we'll set up a free initial consultation where you can determine what's best for your situation.