Estate Planning Attorney Salt Lake City Utah

No matter what level of net worth you have, it is important to have a plan in place to ensure that your family and financial goals are secure once you have passed away. Such a plan may include estate planning, establishing a trust, drafting a will, preparing an assignment of power of attorney, or a living will or healthcare proxy (medical power of attorney). The attorneys in Salt lake City, Utah have experience in analyzing each of client’s particular circumstances and advising them on the type of legal instruments that will help achieve their individual goals. The main aim is to assist clients to prepare for the future so they can live their life with the peace of mind that a plan is in place to care for their loved ones.

The proper preparation and construction of your estate plan can bring you peace of mind knowing that your wishes for your family will be fulfilled. Estate planning also helps to protect you and your family from creditors and liabilities. There are attorneys in Salt Lake City, Utah and the surrounding area that may be able to assist you with your estate planning needs. It is never too early to begin planning your estate. With current world events changing family incomes and financial situations, now might be a good time to review your current will and trust, and determine whether your estate plan is up to date. If your loved one has recently passed away, you have our deepest condolences. Families often face immense stress as they navigate the probate process, but the inheritance lawyers will be able to help your family navigate your legal needs during this time. You don’t have to do it all alone. Estate planning can involve the writing of a will, the formation of a trust, and the creation of living wills that outline your wishes regarding end-of-life care. Properly performed, estate planning can help your beneficiaries reduce burdens on them, and in some cases, even allow certain assets to avoid the probate process. A will can make clear who you want to care for your children should you pass away and make clear your wishes for how you want your children to be raised. These are not small matters and many families find that they are helped with an estate planning lawyer who can carefully and cautiously create these documents.

Estate Planning Essentials in Salt Lake City, Utah

What are the essentials when it comes to estate planning in Salt Lake City, Utah? Most individuals will begin by drafting a will that takes inventory of major possessions and takes into account the needs of beneficiaries. Your will should also account for your savings and checking accounts, retirement accounts, stocks, bonds, health accounts, and other investments. Wills should include a list of beneficiaries and clearly state which property and assets go to whom. Once an inventory is made and a list of beneficiaries is drawn out, the estate attorney can help you find an estate plan that is right for you and your family. In some cases, a will alone will be sufficient, while in other cases, establishing a trust can have certain tax savings and other benefits. The attorney will discuss with you what assets will be governed by beneficiary contacts you have already created, and may wish to modify, and which will be governed by your Last Will and Testament.

A will may also include instructions regarding who will be a guardian for your minor children, and, just as important, who you do not want to be their guardian. When making end-of-life planning, individuals may also include a living will as part of their estate plan, which establishes your wishes regarding end-of-life medical care or decisions regarding health care should you become too ill to make those decisions yourself.

While many people are often tempted to draft a will themselves or use a template from the internet, it is important to keep in mind the law and understand that templates do not take into account your financial situation or family arrangements. If you have questions or concerns, aren’t sure whether you should have a will or use a trust, or have concerns that family members might dispute the will after you pass away, you may especially want to consult with an estate planning lawyer in Salt Lake City. If you already have a will in place, but would like to have it reviewed by a lawyer, the estate attorney in Salt Lake City, Utah may be able to help you.

The choices you make with your estate plan can impact your legacy. If a loved one has passed away and left behind a will, no will, or has left behind a trust and you have questions about your inheritance, the inheritance lawyer, can review the will, review the trust, and help you navigate the probate process. Because wills can sometimes be contested during the probate process, it is important to make these documents legally sound, and to periodically update them. The estate planning attorney in Salt Lake City, Utah may be able to help you with contesting a will or with updating a will if you have concerns that it may be contested in court.

The full-service dedicated estate planning law practice employs a full array of comprehensive estate planning legal instruments on behalf of the clients, including:
• Wills
• Trusts
• Guardianship/Conservatorship
• Utah Health Care Directive (medical power of attorney/living will)
• Generation Skipping Trusts (GST)
• Special Needs Trusts
• Dynasty Trusts
• QTIP Trusts
• Charitable Remainder Trusts
• Living Trusts
• Grantor Trusts
• Life Insurance Trusts
• Planning Your Legacy

In all estate planning matters, the attorneys understand the importance of spending time listening to the clients to assess their goals and help them establish their legacy. They will take into account a wide variety of factors, including an inventory of all assets, business valuation, clients’ needs while still living, and specific intentions with regard to individual family members, including special circumstances such as:
• Step-children and sons- or daughters-in-law
• Children who have drug addictions or disabilities
• Children who have already received a large part of what will or would be their future inheritance
• Charity and gift planning

What is Probate?

Probate is the process by which a writing that is a last will is validated by the court. Typically, a last will is filed with the court for probate where a person who dies owns assets or property in his or her name alone. Utah decedent’s estate lawyers know that preparing an effective estate plan is an important step to facilitate the probate process. A Will in Utah must be signed and witnessed according to the provisions of the Estates, Powers and Trusts Law. Wills are typically in writing and are signed by the testator at the end and are witnessed by at least two attesting witnesses. When a Will is prepared by a lawyer and the signing is supervised by an attorney, the law provides certain presumptions as to its validity. The witnesses customarily sign an affidavit at the signing that the will was properly executed. This self-proving affidavit helps expedite and simplify the probate process, Probate proceedings can become complicated and subject to contests when a person does not follow the proper will execution procedure.

Once the probate process is completed the decedent’s affairs or his estate can be administered by the Executor appointed by the court in the probate proceeding. Decedent’s estates typically involve the collection of assets and the payment of bills and taxes. The probate process and the administration of the decedent’s estate can take many months or years and can involve complex tax, financial and other issues.

In most instances, probating a Will does not involve estate litigation. The typical situation concerns close family members such as a spouse and children all of whom cooperate with each to obtain the appointment of the Executor and the distribution of estate assets.

It should be pointed out that a decedent’s probate estate is different from his gross estate. The gross estate, which is used for estate tax purposes, includes assets that are held with others as joint tenant or are payable to designated beneficiaries such as life insurance or retirement funds. These assets that pass by operation of law are not part of the probate proceeding. There may be occasions when a person’s estate plan indicates that it would be advisable to try and avoid the probate process. For example, if a person wants to disinherit a distributee such as a child, it is preferable not to subject a Last Will to a possible contest. In a probate case the decedent’s children must be given Court notice of the probate. However, no notification is required to distribute assets held in a living trust which does not have to go through probate. Thus, an estate plan might benefit from a living trust whereby all of the persons assets are transferred to the trust during the person’s lifetime. These living trusts are revocable and as the trustee, the creator can remain in full control of the trust until death.

Trust/Probate Administration

Estate planning attorneys also advise individuals, personal representatives and corporate trustees on issues arising in the administration of trust and/or will. They also assist individual beneficiaries in helping them understand their rights as a beneficiary of a will and/or trust. Trusts and probate administration practice helps personal representative, individuals, and bank/trust depart with;
• Appointment of personal representative
• Division and distribution of assets
• Valuation of assets
• Litigation of disputes

Trust And Probate Litigation

In an ideal world, trust and will planning would allow trustees and personal representatives (executors) to carry out the desires of the decedent (including transfers of cash, real estate and investments, as well as business succession plans,) however that is not always possible. Many people include charitable intentions when they draft wills and trusts and pass on specific assets to spouses, children, and other friends and family members. The reality is disputes often arise when trustees, personal representatives, beneficiaries, and heirs are at odds over the disposition of an estate. It is not uncommon for this type of situation to develop when the second parent dies, and disagreements between children arise over the money and property left behind. One party may allege that another had undue influence over the decedent or claim that a trustee or personal representative is abusing power or favoring another beneficiary. Estate planning attorneys have experience in these matters and can assist you in navigating these sensitive situations.

Guardianships/Conservatorships

They work with the clients on several types of guardianship matters and also advise clients on understanding the guardianship/conservatorship process. The process includes establishing guardianship and conservatorships for relatives and loved ones in need of supervised health and financial care. By combining a skilled team of lawyers they evaluate the best legal approach to each guardianship and conservatorship matter. They equally advise clients on defending or pursuing guardianship matters with sensitivity and professionalism.

Asset Protection

The practice of asset protection involves preserving your individual wealth or the assets of your business by minimizing the risk that various creditors can find and take your hard earned assets. Estate Planning attorneys work with the clients to create different types of wealth preservation strategies based upon their needs, protecting them, their families, and their businesses from financial crisis, catastrophic judgments and future creditors. Without creating the right strategy and safeguards, years of your hard work and success can be at risk. The lawyers are committed to protecting clients, whether business or individuals, from potential financial crisis.

Receivership

Whether a government regulator appoints a receiver, a privately appointed receiver is selected, or a court-appointed receiver is designated; they will have custodial responsibility for any property including tangible and intangible assets and rights. If you are appointed as the receiver, you may need legal counsel to help you navigate relevant laws and prepare documents. If someone else is appointed receiver, especially where your assets are in question, you should meet with an attorney to understand your rights and possible claims.

Tax Considerations

Special tax considerations may apply for larger estates. Working with an experienced attorney is important for individuals and couples to understand how to work within the law to ensure the greatest possible percentage of the estate will be preserved for the family, for an ongoing business, or for designated charities.

A Full Range Of Tax Matters

Taxation lawyers handle tax planning for new business start-ups and non-profit organizations including charitable and religious organizations. They represent clients in tax controversies involving liens and levies from the IRS, including appeals, collections, offers in compromise, audit reconsideration appeals, as well as bankruptcy strategies connected with tax controversies. They assist in all areas of taxation and tax planning, including sales tax issues, property tax issues, tax planning for same-sex couples, and tax considerations after divorce, adoption, marriage or the birth of children. The attorneys can advise you about a wide range of other business and personal tax and ownership options such as joint tenancy.

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!