This document is a 53-page Declaration of Trust. It includes definitions of all relevant terms, as well as the constitution, capital accounts, valuations and prices, issue of units, register of unitholders, transmission, redemption of units, and every other necessary clause that constitutes a valid Declaration of Trust.
The Utah Declaration of Trust is a legally binding document that establishes a trust relationship between a granter (the person creating the trust) and a trustee (the person responsible for managing the trust assets). This declaration outlines the specific terms, conditions, and provisions of the trust and provides instructions on how the trust assets are to be managed, distributed, and protected. The Utah Declaration of Trust serves as the foundational document for various types of trusts available in the state. Some different types of Utah Declarations of Trust include: 1. Revocable Living Trust: This type of trust allows the granter to retain control over the trust assets during their lifetime while specifying how the assets will be managed and distributed upon their death. This trust can be modified or revoked by the granter as long as they are mentally competent. 2. Irrevocable Trust: Unlike a revocable trust, an irrevocable trust cannot be modified or revoked by the granter once it is created. This type of trust offers long-term asset protection, estate tax reduction benefits, or Medicaid eligibility advantages. The granter relinquishes control over the trust assets, and the trustee manages them based on the trust provisions. 3. Testamentary Trust: This type of trust is created through a will and comes into effect upon the granter's death. The Utah Declaration of Trust within the will designates how the assets will be distributed among beneficiaries, typically including minors or individuals with special needs. The executor of the will is responsible for initiating the trust and appointing a trustee. 4. Special Needs Trust: Also known as a supplemental needs trust, this declaration of trust is designed to benefit individuals with disabilities or special needs. The trust is created to ensure that the beneficiary can receive additional financial support without compromising their eligibility for government programs such as Medicaid or Supplemental Security Income (SSI). The trust assets are managed by a trustee appointed in the Utah Declaration of Trust. When drafting a Utah Declaration of Trust, it is crucial to include essential keywords such as trust, granter, trustee, assets, management, distribution, revocable, irrevocable, testamentary, special needs, and provisions. These keywords help differentiate between the various types of trusts and provide clarity regarding the purpose and conditions of the trust.
