Life Insurance agents report that one of their greatest challenges is getting people to confront their own mortality. Whether young or old, whether they have children or not, many people do not savor the idea that they are not going to live forever and are reluctant to make preparations for that eventuality.
It should go without saying, but the death of a loved one, a parent, a spouse, or even a business partner brings with it dramatic changes of every variety. How is the surviving spouse going to meet expenses? What will happen to the house? Who will take care of the children? What happens to your bank account? What about the rest of your assets? What kind of taxes are involved? What about your pets?
In the business world, the concerns are just as numerous. What will happen to your business? Who will run things? What happens to your stock? Did we mention taxes?
Utah probate law deals with the issues pertaining the administration of one’s estate after that person’s death. There are many Utah estate planning attorneys in Utah who are skilled at estate planning and help their clients find answers to all of these questions before they become an emergency. Whether you need help creating a will and testament or a living trust, many people have received the estate planning they need at one of Utah’s legal firms.
Some of the most common estate planning tools in Utah are the will and testament and the living trust. A will and testament is a document, which must be signed and witnessed, that identifies the person who will administer an estate and identifies which individuals or organizations will receive property from the estate. While a will can legally be drafted by anyone of sound mind over the age of 18, a skilled attorney can help their clients avoid pitfalls, guarantee that all legal requirements are met, and ensure that the testator’s wishes are actually reflected in the will. The more complex your estate, the more you will benefit from the assistance of one of Utah’s expert estate planners in drafting your will. While you probably won’t ever see the effects of inadequate drafting, a poorly written will can create confusion, frustration, and bitter disputes after your death.
Another common tool used by Utah’s estate planners is the living trust. A living trust is created while the property owner is alive and can be advantageous in reducing tax liability, managing financial privacy, and controlling the use and disposition of property both during and after the owner’s life. Assets in a living trust avoid the process of probate. Therefore, with the help of an attorney, one can create a living trust while alive that will determine the use, the beneficiaries, and the trustee of his or her property all while limiting tax liability of his or her estate at death.
Many Utah legal firms specialize in Utah will and trust estate planning and handle estates of all sizes and complexity.
