Revocable Living Trust requirements in Utah
- You must be at least 18 years old and mentally competent.
- The trust document must name a trustee and at least one beneficiary.
- You must sign the trust document in front of a notary public.
- For real estate, you must record a deed transferring property into the trust with the county recorder.
- You need to fund the trust by retitling assets like bank accounts, investments, and vehicles.
- Consider naming a successor trustee to take over if you become incapacitated or pass away.
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Create your revocable living trustHow to create a Revocable Living Trust in Utah, step by step
- List all your major assets: real estate, bank accounts, investments, and personal property.
- Draft a trust document. Use a Utah-specific living trust template or hire an estate planning attorney.
- Sign the document in front of a notary. Utah law requires notarization for the trust to be valid.
- Transfer ownership of assets into the trust. For real estate, record a new deed with the county recorder.
- Update beneficiary designations on life insurance and retirement accounts if you want them to go to the trust.
- Store the trust document safely and inform your successor trustee where to find it.
Cost considerations
DIY living trust templates cost $50 to $200. Hiring a Utah estate planning attorney typically ranges from $1,500 to $3,000, depending on complexity. Filing fees for recording a deed are usually around $30 per document.
Before You Begin: Utah Revocable Living Trust
Creating a revocable living trust in Utah requires careful preparation. Use this checklist to gather essential items and understand key requirements before drafting your trust document.
- Identify your assets: List real estate, bank accounts, investments, personal property, and life insurance policies (if any) you plan to fund into the trust.
- Decide on your trustee and successor trustee: Choose someone you trust (often yourself) to manage assets during your lifetime and a successor to take over upon your death or incapacity.
- Gather beneficiary information: Collect full legal names, dates of birth, and addresses for each beneficiary, and have alternate beneficiaries in mind.
- Understand Utah notarization rules: Your signature on the trust document must be notarized. While witnesses are not required for a trust, notarization is essential to ensure validity.
- Plan to fund the trust: Remember that creating the trust is only the first step; you must transfer ownership of your assets into the trust (e.g., via deeds or account retitling) to avoid probate.
- Review for common pitfalls: Avoid naming minor children as direct beneficiaries without a trust or guardianship plan, and ensure you don't leave out assets that could trigger probate.
Common questions
What is a revocable living trust in Utah?
It's a legal document that owns your assets during your life. You remain trustee and control everything. You can change or revoke it anytime. The main benefit is avoiding probate at death.
Does a revocable living trust avoid probate in Utah?
Yes. Assets in the trust pass directly to your beneficiaries without going through Utah probate court. However, probate is only avoided for assets actually titled in the trust's name.
What is the difference between a living trust and a will in Utah?
A will goes through probate and becomes public record. A revocable living trust avoids probate and stays private. A trust also manages assets if you become incapacitated. A will only takes effect at death.
Do I need to notarize my living trust in Utah?
Yes. Utah law requires the trust document to be signed in front of a notary public. The notary will also acknowledge your signature. This is essential for the trust to be valid and for transferring real estate.