What is a Trust:
Your Secure Magical Vault

Just like a spell can be undone or is permanent. What is a trust - there are two main types of trusts you need to know about:

The Revocable Trust: The Flexible Spell

A revocable trust is a living trust that you can change, modify, or even dissolve at any time during your lifetime.
Think of it like a flexible spell. You can add assets to it or take them out whenever you want. You can change your beneficiaries, your trustee, or any other terms of the trust with a simple update.
Why use it? A revocable trust's main superpower is helping your assets avoid the public and often time-consuming process of probate when you pass away. In Utah, placing assets into a living trust can save your loved ones time, money, and hassle by keeping your affairs out of court.
The Catch? While flexible, a revocable trust doesn't offer protection from creditors or reduce your estate taxes because you still maintain control over the assets.

The Irrevocable Trust: The Unbreakable Vow

An irrevocable trust is permanent. Once you transfer assets into it, you generally cannot change or revoke the trust without the consent of the beneficiaries or a court order. You give up ownership and control of those assets forever.
Think of it as an unbreakable vow. Once an asset goes in, it’s no longer considered yours. This is a very serious step!
Why use it? This lack of control is actually its superpower. Because the assets are no longer legally yours, an irrevocable trust can offer powerful benefits:
Asset Protection:  It can shield your assets from certain creditors and lawsuits, providing a layer of protection that a revocable trust can’t.
Tax Advantages:  It can help reduce or even eliminate estate taxes, especially for those with larger estates, by removing assets from your taxable estate.

Don't let these common myths stop you from building a solid plan:
Myth #1: Trusts are only for the wealthy. This is simply not true. While trusts are vital for large estates, anyone who wants to avoid probate and maintain privacy for their family's assets can benefit from a trust, regardless of their net worth.
Myth #2: A trust replaces a will. You still need a will! A will acts as a backup plan, often a "pour-over will," which ensures any assets you forget to put into the trust are transferred into it after your death. It's also the document where you can nominate a guardian for any minor children.
Myth #3: Once you set up a trust, you're done. This is a critical mistake. A trust is just a piece of paper until it is funded. You must formally transfer the titles of your assets (like real estate, bank accounts, and investments) into the name of the trust. If you don't, those assets will still have to go through probate.
Myth #4: It’s too complicated to set up. While it requires legal expertise, working with a specialist makes the process straightforward. You don't have to figure it all out alone.