Form 17.2 Trust Agreement - Utah

What Is Form 17.2?

This is a legal form that was released by the Utah Department of Environmental Quality - a government authority operating within Utah. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is a Form 17.2 Trust Agreement?A: A Form 17.2 Trust Agreement is a legal document that establishes a trust in the state of Utah.

Q: What is the purpose of a Trust Agreement?A: The purpose of a Trust Agreement is to outline how assets are to be managed and distributed for the benefit of designated beneficiaries.

Q: Who creates a Trust Agreement?A: A Trust Agreement is typically created by the person referred to as the Settlor or Grantor, who is the individual transferring assets into the trust.

Q: Do I need an attorney to create a Trust Agreement?A: While it is not required to have an attorney, it is recommended to consult with one to ensure the trust is properly established and meets all legal requirements.

Q: What assets can be included in a trust?A: Various types of assets, such as real estate, bank accounts, investments, and personal property, can be included in a trust.

Q: What is a trustee?A: A trustee is the person or entity responsible for managing the trust assets and carrying out the terms of the Trust Agreement.

Q: Who can be a trustee?A: A trustee can be an individual, such as a family member or friend, or a professional entity, such as a bank or trust company.

Q: Can a trustee also be a beneficiary of the trust?A: Yes, it is possible for a trustee to also be a beneficiary of the trust, although it is important to have clear guidelines to avoid conflicts of interest.

Q: How is a trust different from a will?A: A trust takes effect during the lifetime of the person creating it, while a will goes into effect after the person's death.

Q: Can a trust be revoked or amended?A: In many cases, a trust can be revoked or amended by the Settlor as long as they are mentally competent to do so.