Planning for the future today means you can be assured of a comfortable retirement, secure wealth and the safe transfer of your estate when the time comes.
As a local trust leader, Bank of Utah provides a number of trusts to meet your specific needs. We'll help you choose the right trust for your assets and the legacy you want to leave.
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Our Trust Services
A revocable trust may be altered or terminated during the grantor's lifetime. Since the trust may be altered at any time until the grantor's death, it is considered part of the grantor's estate and is subject to taxation. The property is passed on to the beneficiaries only after the grantor's death, and the revocable trust then becomes irrevocable.
An irrevocable trust cannot be changed or canceled without the consent of the beneficiary. Contributions cannot be taken out of the trust by the grantor.
Irrevocable trusts offer tax advantages that revocable trusts don't, such as enabling a person to give money and assets to beneficiaries before he or she dies.
We also offer administration of the following fiduciary accounts:
- Life Insurance Trusts
- Custody Accounts
- Charitable Trusts
- Probate Accounts
- Asset Protection Accounts