Legal Question in Wills and Trusts in Utah

Re: Trusts and Wills

Trusts and wills are a result of statutes. Each state has laws which provide for and regulate, more or less, trusts and wills. They are creatures of contract law, which allow two individuals the right to enter into an agreement. A trust is and agreement between the trustor (or settlor) - the party creating the trust, and the trustee - the party responsible for administering the trust, to perform certain acts under certain conditions in regards to the assets (corpus) of the trust. The state allows such transactions by its laws. It is similar for a will.

In order to have a valid will or trust, the party creating the will or trust, is required to go through certain steps to 'prove' the trust is signed and executed propertly. This usually entails the use of a notary public and/or witnesses who watch the trustor or grantor (for a will) sign the documents, then they sign and attest that it was done voluntarily.

Some states allow for wills which are written by hand and signed by the grantor, which are called holographic wills. This is a very risky way to deal with one's property. Some states will also allow verbal trusts, again very risky. The right way to create a will and/or trust is to use an attorney. If you have a very small estate you can use some of the do-it-yourself materials, but be extremely careful. There is no way to fix a faulty will or trust after you are dead other than go to court - very expensive. Avoid using trusts or wills provided by estate and financial planners. These are usually expensive and in many cases illegal.