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Utah Living Trust Form (Revocable)

A Utah living trust is a legal document into which a person (the grantor) transfers their assets to be distributed to their beneficiaries upon their death. The grantor appoints a trustee to manage these assets, and a key benefit of a living trust is that the grantor may act as their own trustee. The grantor may also amend or revoke a living trust at any time.
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Requirements (5)

  1. Competent: The grantor must have the capacity to establish a trust.
  2. Definite Beneficiary: Unless it is a charitable trust or a trust for the care of an animal, the trust must have a definite beneficiary.
  3. Intent: The grantor must indicate an intention to create a trust.
  4. Trustee’s Duties: The trustee must have duties to perform.
  5. Sole Trustee Cannot be the Sole Beneficiary: The same person cannot be both the sole trustee and the sole beneficiary of the trust.[1]

Registration

There is no statutory requirement to register a living trust in Utah.

Laws

Amending/Revoking – The grantor may amend or revoke the trust, as long as the terms of the trust do not explicitly state that it is irrevocable.[2]

Bond Requirement – The trustee is only required to put forward a bond if they have been ordered to do so by the court or if this is a requirement under the terms of the trust.[3]

Certification of Trust – In lieu of a copy of the trust instrument, the trustee may furnish a person other than a beneficiary with a certification of trust, containing information regarding the trust’s execution, the identity of the grantor, and other relevant details.[4]

Co-Trustees – Co-trustees may act by majority decision if they are unable to reach a unanimous decision.[5]

Contesting a Trust – A person must commence a judicial proceeding contesting the validity of a trust within 90 days of having received notice from the trustee of the trust’s existence or within three years of the death of the grantor, whichever is earlier.[6]

Costs Related to the Trust – The trustee may only incur administration costs that are reasonable in relation to the trust property, the trust purposes, and their own skills.[7]

Jurisdiction – A trust created in another jurisdiction is valid in Utah if its creation complied with the laws of the jurisdiction in which the trust instrument was executed.[8]

Oral Trusts – The creation of an oral trust and its terms may only be established by clear and convincing evidence.[9]

Pet Trusts – A trust may be validly created to provide for the care of a pet or animal.[10]

Signing Requirements – Utah law does not require that a trust be signed.

Spendthrift Provision – A spendthrift provision must restrain both the voluntary and involuntary transfer of a beneficiary’s interest in order to be valid.[11]

Trustee’s Compensation – If the terms of a trust do not specify the amount of the trustee’s compensation, the trustee is otherwise entitled to reasonable compensation.[12]

Trustee’s Duties – The trustee must prudently and expeditiously administer the trust in good faith, in the interest of the beneficiaries, and in accordance with its terms and purposes.[13]

Trustee’s Powers – In addition to those powers conferred upon them by the trust instrument, the trustee is empowered to collect, acquire, sell, exchange, partition, or otherwise change the character of trust property.[14]