What Factors Should I Consider With My Estate Plan?
Not only can an estate plan protect your assets, but it allows you to decide how your assets will be distributed after you pass on. Utah estate laws can be complex, which is why you should work with an experienced attorney. At Weber Law Group, we’ll help you create an estate plan that reflects your wishes and will make it easier for your family to divide your assets.
Estate Planning Considerations
One of the most important Utah estate planning considerations is your last will and testament. This is a legal document that expresses how you’d like your assets to be distributed. In order for this document to be legally valid, it must be acknowledged or signed by two witnesses.
If you die without a valid will in Utah, intestate succession laws will be used to determine who inherits your estate. When you create a valid will, you’ll be able to control who your assets go to. Creating a strong, legally binding will can also help prevent disputes between family members.
Other estate planning considerations include:
- Beneficiaries: During estate planning, you’ll be able to decide on the beneficiaries of policies or funds you hold, such as life insurance policies or individual retirement accounts (IRA), will be.
- Taxes: There’s no inheritance or estate tax in Utah, but estates with a value of $12.06 million or more may be subject to federal estate tax. You’ll also need to look at how the benefits you pass on will be taxed.
- Trusts: Instead of passing on assets directly, you can place those assets in a trust. When you establish a trust, a third party will control the assets you pass on. For example, a trust could specify that a beneficiary receives a portion of the estate each year.
- Power of attorney: If you’re incapacitated, you may no longer be able to make crucial decisions regarding your finances or healthcare. During estate planning, you can give someone power of attorney, allowing them to make certain decisions on your behalf.
- Guardianship: If you have minor children or a disabled adult dependent who needs a caregiver, a Utah estate attorney can help you create guardianship documents. You can specify who will become the guardian of your dependent if you pass on.
- Managing documents: It’s vital that estate planning documents like your last will and testament are kept in a secure location. You’ll also need to ensure that people know your will. This is something an estate attorney can handle on your behalf.
People often assume that estate planning is for the wealthy, but anyone can benefit from having a clear estate plan. Estate planning can help prevent disputes when you pass on. Working with a lawyer to create an estate plan can give you peace of mind.
Consider Seeking a Utah Estate Attorney in Estate Planning
There are many factors in estate planning, which is why it’s important to work with an experienced Utah estate attorney. When you have the help of an experienced attorney, you’ll be able to create a detailed estate plan and ensure that all of your documents are fully compliant with Utah laws. An attorney can assist you with but not limited to the following:
- Retirement planning
- Drafting a last will and testament
- Helping you decide on your beneficiaries
- Establishing an advanced healthcare directive
- Reducing tax burdens when your estate is passed on
- Creating clear legal documents that will keep your estate out of probate
Putting together an estate plan isn’t easy, which is why you’ll want guidance from professionals throughout every step of the process. When you work with an estate planning attorney, you’ll be able to create a plan that’s personalized to meet your needs. You’ll also be able to learn about the laws that could affect your plan.
An attorney can also help you decide on the assets that should be a part of your estate plan. After you create your estate plan, it can be reviewed and updated periodically to ensure it stays up to date. With the help of an estate planning lawyer, you can be confident that your estate plan will be carried out in accordance with your wishes.
At Weber Law Group, we assist our clients with many aspects of estate planning. Whether you need help with retirement plans or are ready to create a will, we’ll help you navigate Utah estate laws and create documents that state your wishes. Contact us at (801) 753-8084 to schedule a consultation.