Probate Lawyer Draper Utah

Probate Lawyer Draper Utah

If any of your close relative is suffering from a terminal illness, speak to an experienced Draper Utah probate lawyer to understand what needs to be done to protect the person’s assets. It’s important for the person to start planning on how his estate should be distributed once he is no more. There are many ways to do this. A will is just one of them. An experienced Draper Utah probate lawyer can explain the other options to you.

Unlike conservatorships, guardianships, and powers of attorney, however, the life of an inter vivos trust may be designed to extend beyond the death of the patient. And unlike the simple will (one without a testamentary trust), its life may be designed to extend beyond the relatively brief period of the estate’s administration—in each instance to perform a variety of functions both after the death of the patient as well as after the administration of the patient’s estate. Consult with an experienced Draper Utah probate attorney if your close relative who is suffering from a terminal illness wants to know more about how he can distribute his estate.
Assets held in the inter vivos trust at the time of the patient’s death could, accordingly, be retained there until such time as is appropriate for the beneficiaries to assume the management burdens and responsibilities, if ever.

In this respect, the inter vivos trust may perform trust functions similar to those of the will that contains a testamentary trust. But unlike that arrangement, the inter vivos trust may provide opportunities for a continuity of management. In the inter vivos trust arrangement, the trustees who managed assets throughout the patient’s lifetime may simply continue to manage them for a different group of beneficiaries following the patient’s death. In addition to a variety of other benefits, this arrangement provides the patient with the clear opportunity to observe and judge the various management capabilities of the trustees before they assume that role for the beneficiaries. It further provides the patient the opportunity to act on those observations by, for example, replacing trustees. The testamentary trust obviously offers no such opportunities.
As a legal form, the trust is one of the most highly flexible arrangements available to the planner and the patient alike. Alone, it is capable of immense sophistication. When used with other legal forms, it is capable of accomplishing an almost infinite array of objectives, limited only by a few important principles of law and the imagination of the creators.

Joint Tenancies

Joint tenancy is another way for someone suffering from a terminal illness to distribute his assets. Speak to an experienced Draper Utah probate lawyer to know how joint tenancies work. Joint tenancies are forms of joint ownership by which a patient may transfer assets to a joint account during his or her lifetime for management purposes. The legal nature of a joint tenancy, together with its utility as a management form, was also considered in some detail in the section on asset management. And it was also suggested there that these owner relationships may be used as asset transfer devices, as are inter vivos trusts, in addition to their management capabilities. But although they may be used to achieve some of the postmortem estate-planning objectives of the patient, joint tenancies possess neither the flexibility nor the potential sophistication of the inter vivos trust.

Although joint tenancies are inherently inflexible, the relationship may, nevertheless, serve to transfer ownership to the surviving joint tenant upon the patient’s death, provided that the survivorship was intended when the relationship was established. Thus created, the joint tenancy, rather than the terms of the patient’s will, controls the asset’s disposition. In this sense, the joint tenancy could be considered yet another alternative to the will. This result could also significantly mitigate the problem of diminished asset value due to the delays encountered in asset transfer as well as those encountered in the probate process.

When assets have been transferred to a joint tenancy during the lifetime of the patient, problems of asset transfer not encountered then may be anticipated and adequately provided for—such as the disposition of a difficult asset and the provision for estate liquidity, although it is unlikely that assets other than fairly simple ones will be placed in a joint tenancy. Moreover, as the assets held in the joint tenancy would not normally be subject to the terms and provisions of the will and therefore to the probate process, neither would they be subject to the variety of challenges and delays frequently encountered there, such as a challenge to the will’s provisions or its validity.

Unlike the inter vivos trust, the life of the joint tenancy may not be designed to extend beyond the patient’s death. The death of the patient terminates the relationship. Thereafter, complete title resides in the survivors, unencumbered by any legal obligations to hold or use the property for any particular purpose. Although the joint tenancy is sometimes used as a trust substitute, this use is fraught with practical and legal difficulties. Realistically, this form should not be used to perform management or any other functions on behalf of the beneficiaries.
Finally, although the joint tenancy form may be useful as an estate-planning measure to reduce some of the asset transfer costs and expenses associated with death, it may not be as effective in reducing income and transfer taxes as certain other forms, in particular both the inter vivos and testamentary trusts. The skilled planner simply does not have the same degree of flexibility to create a variety of property interests in the beneficiaries. Although income-producing assets can be allocated among members of a family group in such a manner as to lessen the overall tax burden among them, the planner is, nevertheless, limited to the form of outright ownership, which reduces the ultimate effectiveness of the form in accomplishing the objective.

Deeds of Conveyance

Deeds of conveyance are transfers of assets, with or without retained interests (legal rights), by which a patient may transfer assets to another during his or her lifetime for management purposes. The legal nature of asset transfers with or without retained interests, together with their utility as a management form, was also considered in some detail in the section on asset management. These arrangements, however, are primarily asset transfer devices. As a practical matter, their capacity for asset management is an adjunct to this principal function.

And although these transfers may achieve some of the postmortem estate-planning objectives of the patient outlined in the foregoing section, they do not possess the flexibility or the potential sophistication of the inter vivos trust.

The deed of conveyance serves to transfer ownership of the asset to the transferee immediately, subject to the interest retained, if any. The retained interest generally terminates on the death of the transferor or on his or her earlier relinquishment of the interest. Thus executed, the deed controls the disposition of a particular asset—a portion on the delivery of the deed, and the balance on the subsequent relinquishment of the retained interest rather than the terms of the will. In this sense, the deed of conveyance could be considered still another alternative to the will. Again, this result could serve to mitigate significantly the problem of diminished asset value due to the delays encountered in their transfer, as well as to those encountered in the probate process.

When assets have been transferred outright or with a retained interest during the lifetime of the patient, problems of asset transfer at death will be virtually eliminated. Although estate liquidity may continue to be an issue, it, too, may be anticipated. Moreover, as the assets will not be subject to the terms and provisions of the will and therefore to the probate process, neither will they be subject to the variety of challenges and delays frequently encountered there—such as a challenge to the will’s provisions or its validity.

The conveyance terminates the interest of the patient in the property transferred except for the interest retained, if any. At the latest, the death of the patient terminates the retained interest and thus the relationship. Thereafter, complete title to the particular asset resides in the transferees, unencumbered by any legal obligations to hold or use the property for any particular purpose. Accordingly, as this form may not be designed to survive the patient-transferor, it may not be used to perform management or any other functions on behalf of the transferees-beneficiaries.

Finally, although deeds of conveyance are certainly useful as an estate-planning measure to eliminate the significant expenses normally associated with death, they may also be instrumental in reducing both transfer taxes and income taxes that might otherwise be more burdensome at the patient’s death. Where, for example, a patient transfers to a beneficiary outright an asset that has the potential for appreciation in value and retains no interest, legal or otherwise, the appreciation in value following the transfer may, under certain circumstances, escape taxation upon the death of the patient.

Still, notwithstanding such opportunities, the conveyance may not be as effective in minimizing taxes as certain other forms. Again, the skilled planner simply does not have the same degree of flexibility in creating the variety of property interests in the beneficiaries that might be more advantageous from an income- and transfer-tax-planning perspective. Although income-producing assets can be allocated among members of a family group so as to lessen the overall tax burden among them, the planner is, nevertheless, limited in the available forms of ownership, and the ultimate effectiveness of the arrangement to accomplish the objective is diminished.

Life Insurance Policies.

Although frequently overlooked by many individuals as an estate-planning device, life insurance often is, in fact, the key element of an estate plan. In modest estates, proceeds of life insurance frequently comprise a significant portion of the estate, hence the term estate builder. In larger estates, proceeds are used to provide necessary estate liquidity to prevent the unnecessary liquidation of estate assets at a potential loss to the estate. So ubiquitous is life insurance that it is highly unusual not to find it present among estate assets, and it is potentially a useful element of an estate plan. A life insurance policy is essentially a contractual agreement that provides that, in consideration for the payment of periodic premiums by the insured, the company agrees to pay a certain sum to a designated beneficiary upon the death of the patient.

There are a myriad of insurance products on the market. Virtually every year brings the presentation of some new product or a new variation on a theme.

Unlike conservatorships, guardianships, powers of attorney, and joint tenancies, the insurance contract may be designed to extend beyond the death of the patient. And unlike the simple will (one without a testamentary trust), the provisions of the insurance policy may be designed to extend beyond the relatively brief period of the estate’s administration—in each instance, to perform an asset management and protection function both after the death of the patient as well as after the administration of the patient’s estate.

Once again, for example, a patient may reasonably be concerned about beneficiaries’ capacity to manage assets, fearing that substantial funds could be dissipated through imprudent investments or improvident expenditures. Accordingly, it may be unwise to transfer the proceeds outright to the beneficiaries upon the patient’s death. Alternatively, the patient may prefer that the proceeds be held for the beneficiaries pursuant to one of the settlement options outlined above. By electing one of these options before death, the patient can effectively guarantee the safety of the proceeds and ensure adequate support for the beneficiary over some appropriate period of time, a few years to life.

Hire A Draper Utah Probate Attorney

Succession laws in Utah are complex. A will is just one of the many ways a person can distribute his assets amongst his relatives and other persons close to him. A will must go through probate. Seek the assistance of an experienced Draper Utah probate lawyer.

Draper Utah Probate Lawyer Free Consultation

When you need legal help with a probate in Draper Utah, please call Ascent Law LLC (801) 676-5506 for your Free Consultation. We can help you with Estate Planning. Charitable Trusts. Revocable Living Trusts. Powers of Attorney. Health Care Directives. Last Will and Testatements. And Much More. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Ascent Law LLC

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Draper, Utah

From Wikipedia, the free encyclopedia
 
Draper, Utah
Draper Historic Park

Draper Historic Park
Location in Salt Lake County and the state of Utah.

Location in Salt Lake County and the state of Utah.
Coordinates: 40°30′53″N 111°52′23″WCoordinates40°30′53″N 111°52′23″W
Country United States
State Utah
Counties Salt LakeUtah
Settled 1849
Incorporated 1978[1]
Founded by Ebenezer Brown and his wife Phebe DRAPER Palmer Brown
Named for William Draper, Jr.
Government

 
 • Mayor Troy K. Walker
Area

 • Total 29.96 sq mi (77.61 km2)
 • Land 29.95 sq mi (77.57 km2)
 • Water 0.01 sq mi (0.04 km2)
Elevation

 
4,505 ft (1,373 m)
Population

 (2020)
 • Total 51,017
 • Density 1,700/sq mi (660/km2)
Time zone UTC−7 (Mountain (MST))
 • Summer (DST) UTC−6 (MDT)
ZIP code
84020
Area code(s) 385, 801
FIPS code 49-20120
GNIS feature ID 1427473
Website www.draperutah.gov

Draper is a city in Salt Lake and Utah counties in the U.S. state of Utah, about 20 miles (32 km) south of Salt Lake City along the Wasatch Front. As of the 2020 census, the population is 51,017, up from 7,143 in 1990.[3]

Draper is part of two metropolitan areas; the Salt Lake County portion is in the Salt Lake City metropolitan area, while the Utah County portion is in the Provo-Orem metropolitan area.

The Utah State Prison is in Draper, near Point of the Mountain, alongside Interstate 15Gary Gilmore‘s execution occurred on 17 January 1977. The Utah Legislature voted to relocate the state prison to Draper in 2014 and in 2015 approved the Salt Lake City location the prison relocation commission recommended. The Draper Prison will close in 2022. Inmates will be moved to a new prison facility in Salt Lake City; the new prison is slated for completion in mid-2022.[4]

Draper has two UTA TRAX stations (Draper Town Center, 12300/12400 South and Kimball’s Lane 11800 South) as well as one on the border with Sandy (Crescent View 11400 South). A FrontRunner commuter rail station serves the city’s west side. The city has around 5 FLEX bus routes connecting neighboring communities and two bus routes to Lehi Frontrunner Station and River/Herriman, connecting at Draper Town Center and the Draper Frontrunner Stations.

The city is home of 1-800 Contacts and a large eBay campus.

Draper, Utah

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Reviews for Ascent Law LLC Draper, Utah

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John Logan

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We've gotten divorce and child custody work from Ascent Law since the beginning because of my ex. We love this divorce firm! Staff is gentle, friendly and skilled. Tanya knows her stuff. Nicole is good and Ryan is fun. Really, all the staff here are careful, kind and flexible. They always answer all my questions, explain what they're doing and provide great legal services. I personally think they are the best for divorce in Utah.

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Jacqueline Hunting

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I have had an excellent experience with Ascent Law, Michael Reed is an absolutely incredible attorney. He is 100% honest and straight forward through the entire legal process of things, he also has a wonderful approach to helping better understand certain agreements, rights, and legal standing of matters, to where it was easy to know whats going on the entire process. I appreciate the competency, genuine effort put forth, and assistance I received from Ascent and attorney Michael Reed, and I will be calling these guys if ever I have the need again for their legal assistance! 5star review Wonderful attorneys!

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Anthony Ziegler

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This review is well deserved for Ryan and Josh. New clients should know they are worth the 5 star rating we give them. We needed 2 sessions from them because of the complexity of the matter, but they are both very passionate about his helping others in need.  My sister needed bankruptcy and I needed divorce.  Sometimes they go hand in hand but a large shout out to this team - also Nicole is one of the sweetest people you ever did meet - she offered me warm cookies!

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Thomas Parkin

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Mike Anderson and his colleagues & staff are knowledgeable, attentive and caring. In a difficult and complex case that eventually went to trial, Mike was the voice of reason and the confidence I needed. His courtroom abilities are amazing and I felt his defense of me was incredible. His quick thinking and expertise allowed for a positive result when I felt the World was crumbling. His compassion, after the case, has helped me return to a good life. I trust Mike and his staff. They are friendly and very good at what they do.

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Yeran Merry

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I worked with Attorney Alex and Paralegal Ami in my divorce case. I got to know the team very well over the course of two years. I cannot think of a better team to have worked with. Ami and Alex are not only exceptional law professions who are very knowledgeable and thorough, they are also the best human beings who empathize with the emotions I was experiencing. Alex was conscious of my budget and worked efficiently to try to reduce unnecessary legal expenses. My case also involved some dealings with a foreign country that Alex and his team had previously dealt with.  They did an amazing job addressing cultural barriers in a very respectful manner and did not fall short in quality of work or in standards when dealing with some of these new challenges. Ami deserves a medal for being extremely professional, calming, and compassionate when it is needed most.  When you need family law attorneys, call this firm. I now feel I can move forward with grace and dignity.