Legal Question in Wills and Trusts in Utah
I have some cash in the back and would like to know when, or at what amount, should I consider creating a trust, adding a bank account into the trust, and moving the cash into it? If I did, and were sued for some reason, would this protect this money from being captured in a lawsuit? Thanks.
I don't have any reason for this other than I would like to protect the money in case someone found out that I have this money.
1 Answer from Attorneys
You can create certain types of trusts that offer protection from creditors. However, the most common types of trusts created in estate plans are for people to avoid probate and give control and direction over the distribution of assets after death. If you are interested in a trust that offers a creditor protection then there are other factors to consider--such a the cost of a trustee, control over investments, jurisdiction, your own future need for access to the funds being put into to trust, etc. There are ways to protect assets with out using a trust also. Let me know if you would like further assistance with this.Regards,
-Paul Jones
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