No one knows what the future may hold. Even if you feel as though it is premature to create a will or trust, this may be the best time to think about your future and plan your estate. No matter what age you are or what walk of life you are in, estate planning could be a wise step for you. You will most likely have many questions regarding this issue, so please continue reading so that you can be well-informed in making your decision.
First of all, an Estate is a broad term that includes all of your bank accounts, stocks, securities, life insurance, investments, cars, real estate, inheritances, and other substantial assets such as jewelry, artwork, and electronics. As you can see, every adult has an estate, not just the very wealthy. Although it is definitely recommended that those with vast, complex estates have a plan for the future, everyone should do so. It does not matter how young or old you are or how many assets you own.
Why Is Estate Planning Important?
First, it allows you to provide for friends and family members after you are gone. Rather than allowing the courts to divide up your estate how they see fit, you will be able to decide now how you would like to be included in your will and exactly how it will be divided up. Not only that, but if you have children or dependents in your care, you will be able to stipulate who will become their guardian should you pass away.
Not only will you be able to take care of your family financially, but you will be cutting down on the possible stress and conflict that could arise by not having a clear will.
An estate plan can also protect you during your life. For example, if you become ill and are unable to make decisions regarding your healthcare, the directions left in your estate plan will be followed. Not only that, but by not planning ahead, your estate could be subject to crippling estate taxes that could take up to 50% of your assets. An estate plan will also help you avoid probate. When an individual dies without a will or trust or other legal document stating their wishes, the estate could go into probate. It will have to go through probate court in order to determine who is entitled to what, a process which can be time-consuming and very expensive. If you have more questions regarding probate, estate planning, wills, or trusts, you should contact a legal representative as soon as possible. They could examine your unique case and help you walk through this process.
Estate Planning Law Firms To Take Care Of Your Assets
You have two choices regarding how your assets will be distributed to your heirs in the event of your death.
First, the can be distributed according to the express wishes contained in the estate plan you drew up with the help of an estate planning law firm; or second, they can be distributed according to the laws of inheritance established by your state legislature because you o never found the time to make a will.
If you have an estate to leave to future generations and you reach your retirement years, it is only natural that your family will be curious as to who gets what. If you don’t even understand yourself, it’s time you started thinking about planning your estate. Get out a pen a paper to organize your thoughts and figure out all of the assets you have including property, investments, annuities, and other items like jewelry, cars and antiques. Once your thoughts are organized, call to make an appointment with an estate planning law firm in Fruit Heights Utah. They will come up with a plan to distribute and manage your assets while reducing taxes and probate fees.
If you have a large estate to distribute, don’t rely on your family lawyer or accountant to execute your final wishes and settle your affairs. When you are ready start making your final arrangements, you need to talk to an estate law planning firm. One of the things they will talk to you about is the expensive and unexpected costs that will come up upon your passing. They will also help you plan so that these costs can be paid quickly, so they don’t hold up the distribution of assets to your heirs. There is a lot to learn about passing on a large estate to the rightful heirs, so talking to someone with this expertise is invaluable.
Any one you owe money to at the time of your death has to be paid before any of the family can have anything. This is why it is important to have liquid assets available in order to clear up any bills that are outstanding, so that the family can start getting paid. An estate planning law firm can set this up for you.
There are many ways to make your estate look meager and non-taxable to the court in order to keep your estate intact and pass the bulk of it on to your family. The idea is to separate your estate from your assets and keep them out of the probate process. For this you will need help. An estate planning law firm can develop gifting strategies and living trusts that can be arranged to be available at a specified later date.
Finally, estate planning law firms can give you guidance in deciding on your final health care directive, or living will. A living will is designed to let your caregivers know what sort of health measures you want or do not want during your final illness, should you become incapacitated. And a power of attorney for will let you choose the person to be in charge of your health care if you are unable to express your wishes.
It’s a simple reality that having a layman’s understanding of inheritance laws is simply not and adequate foundation for ensuring that your final wishes regarding your estate will be honored. You need the professional advice available from estate planning law firms, with their knowledge both of the law and of financial planning. Making sure that their final affairs are in order is the best way for most people to enjoy retirement, their family and their life. Talking to an estate planning law firm is the first step to stop worrying and start relaxing.
What a Proper Estate Plan Includes
Estate planning should be given the same importance that of estate investments. Surveys show that almost two-thirds of the population dies intestate; that is, most people in Fruit Heights fail to prepare a will that can be executed at the time of death. This is a shocking statistic and shows that too many put off this all-important step until too late. Although inheritance laws generally govern how estates would be distributed, it does not reflect how an individual would want his assets to be distributed. As such, in order to avoid any legal issues in the future, it is important to seek help from attorneys specializing in the field of estate planning. And it’s not just important to specialize. Look specifically for lawyers who are Board Certified in Estate Planning and Probate Law. Of course, having experience and being professional when it comes to guiding clients through the important decision-making process involved in the preparation of one’s will always helps.
A lot of people fail to prepare a will simply because they are avoidant when it comes to death as a subject matter. However, you could view this as a way to prepare the future for your relatives or children. In preparing a will, do not simply determine how your assets would be divided among your significant others. This very act also paves the way for how your significant others would live in the future. Careful estate planning through the help of a professional attorney is one of the best legacies you could leave your loved ones.
Moreover, estate planning lawyers can also aid the family even after the will has been executed. Through the help of these professionals, minor disputes and legal issues surrounding the execution of the will can be sorted out in a civil manner. Aside from the preparation of wills, other legal documents pertaining to estate planning are also prepared. Trusts, Powers of Attorney and most importantly Physician’s Directives are drafted in advance. Physician’s or Medical Directives are important especially if the client is currently experiencing medical conditions that can lead to the inevitable. More than the size of one’s estates, it is the careful planning and preparation of future actions that are emphasized in Estate Planning. Death, which is inevitable, can certainly bring confusion and disarray among loved ones. However, through a well thought out Will drafted through the help of an Estate Planning attorney, everything will go on smoothly. It also lessens the load for loved ones and gives them the proper time to grieve over losing the deceased while celebrating their life.
The Real Deal With Estate Plan Trusts
Estate planning is a way of preparing properties and other items for a specific person and the people that are special to them. This involves organization of properties and possessions into a will. A real estate plan would significantly lessen the taxes of the properties that are included in the will. Also, planning a real estate would include preparations that would ensure that everything I the will would be granted. A good plan would be able to coordinate home, investments, benefits, business and insurance matters for the future. This should be ensured that even if the person passes away or becomes ill. The plan would also be able to set the direction about the health care one would accept especially if they become disabled.
If you plan to go into planning your estate, you have to know first which items fall into the category. An estate comprises all of the properties and possessions that a person owns. It does not matter whether the estate is owned solely or with a partner. You can include real estate properties, cash, stocks, establishments, buildings, collections, jewelry and businesses. You can even include your retirement benefits.
Who Should Get A Real Estate Plan Trust?
Generally, parents who have children who are still minors or those who have large properties should get an estate plan. Also, if you are doubtful about your health and want to ensure that your properties would go to the right people, then you would get a lot of advantages when you ensure your properties through an estate plan. If you are planning on getting an estate plan trust, then it is best to start looking at your options.
You can ask your family and friends for recommendations, especially about the lawyers that would help you go through the whole process. There would be a contract that you would have to sign. It is best to study it well before you sign it.
Complicacies of Trust
Making a living trust involves important paper works. Sometimes it could be new deed and at others special languages that is acceptable by the court of law. Addressing complicacies of document setting and addressing its tediousness is the challenge before the estate planning attorney. Despite the multiplication in numerical numbers of the estate panning attorney today everyone is not equally appreciated in the client circle or in the industry. Reasons for such situation is that many of the attorneys are not as conversant with the problems as well as the goals and objectives set up by their clients. Ignorance of the end objective often leads them into drafting something that is not commensurate to the desire of their client.
Holding property in a trust is often considered as complex proposition by many including the probate attorney whose basic aim would be to dispense with the necessity of probate of the will. Laws vary from state to state and accordingly the requirements of the clients seeking planning of their estate management process shall also vary widely. Necessities very often are signing a new deed so that it could be established that the owner now holds the house as trustee of the living trust he or she has formed. Legal requirements in some of the states could be special language use in the document that would serve to escape income tax imposition under the law of the land.
Despite the earnestness and dedication of the trust planning attorney the paper works could be tedious and tiresome. Good news for most of the people is that hassles are fewer in comparison these days since most of the living trusts have common features. Avoiding probate is one of the basic objectives of all living trust. Process of such avoidance would depend on the particular law of the land.
Free Initial Consultation with Lawyer
It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506