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Utah Estate Planning Glossary - Living Trust

Living Trust:  a Utah living trust is a trust that is established during the lifetime of the grantor or trustor.  A testamentary trust is a trust that is created by a person's will, and that only comes into existence on the person's death.  Living trusts are estate planning tools that are often used in combination with a will, with the goal of avoiding probate.  Sometimes referred to as an "inter vivos" trust, under Utah law a living trust can be either revocable or irrevocable.  There are advantages and disadvantages to both revocable and irrevocable living trusts.  You should consult with an attorney to determine which is most appropriate for your circumstances.  See also, testamentary trust.

Contact us to learn more about wills, trusts, and other Utah estate planning tools.

Return to our estate planning glossary for more terms and definitions.

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