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DISADVANTAGES OF A TRUST Most importantly, a trust will cost more than a last will at the initial stage of planning and you have to provide more information up front.

Finally, a key difference between a Will and Trust is that the will is designed to be used exclusively after someone has passed away. A will grants no authority over a person's estate while they are still alive. In contrast, a Trust is designed to protect an estate even when the trustmaker is still alive.

A living trust can avoid probate and help maintain privacy while preserving your assets by avoiding unnecessary fees. A trust gives you control, even after you pass away. A will gives you control of who you leave your assets to, but not how or when they get those assets.

The main advantage of using a living trust is avoiding probate court, which means your beneficiaries can access the assets as soon as you die. Helpful hint: The assets in a trust account can still gain value, such as rental income from properties or capital gains from money market investment accounts.

To create a living trust in Utah, prepare a written trust document and sign it in front of a notary. The trust is not functional until you transfer assets into it. A living trust can widen your options and allow you to maintain control of your assets now and in the future.

Complexity and Cost Establishing and maintaining a trust can be complex and expensive. Trusts require legal expertise to draft, and ongoing management by a trustee may involve administrative fees. Additionally, some trusts require regular tax filings, adding to the overall cost.