A irrevocable trust is an estate planning solution that cannot be changed or canceled without the consent of the beneficiary.
Give us a call to schedule a free estate plan review at 801-409-5022 or toll free at 877-268-9327. If you can't come to one of our branches, we'll come to you.
Irrevocable Trusts provide similar benefits to those of a will, with a few differences. 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. However, an irrevocable trust cannot be changed or canceled without the consent of the beneficiary - the grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust.
A grantor can also create a revocable trust, which may be altered or terminated during the grantor's lifetime, however, does not produce tax benefits.
We invite you to come in for a free estate planning consultation at Bank of Utah. We believe serving as your trustee is about more than simply keeping records and managing investments. A good trust administrator must blend objectivity, experience and compassion to act in the best interest of the trust.
Already have an estate plan? We'll help you review it.
Don't have one? We'll help you establish one that accomplishes your goals.
To schedule a free estate plan review, give us a call at 801-409-5022 or toll free at 877-268-9327. If you can't come to one of our branches, we'll come to you.