Contact an experienced North Salt Lake Utah probate lawyer to know how you can ensure that your near and dear ones get to enjoy your estate after your death. If you do not have an estate planning device in place, your estate will be distributed by the State of Utah according to Utah intestacy laws. Utah intestacy laws does not take into consideration the nature of your relationship with the persons to who your estate will be distributed. So someone close to you but not related to you will lose out on getting a well deserved share in your estate.
Estate planning is the organized effort to obtain the maximum support and security for your family during your lifetime and after your death. There are many estate planning devices available in Utah. An experienced North Salt Lake Utah probate lawyer can explain to you the various options and which would work best in your given circumstances. Remember, no two individuals are alike. So just because your neighbor has used on particular estate planning device, it may not be the best option for you. Speak to an experienced North Salt Lake Utah probate lawyer to know how best you can ensure that your estate is passed on to your near and dear ones according to your wishes after your death.
The benefits of estate planning are not limited to the wealthy. In fact, the less you have, the more important it is for you to hold on to all of it and protect it from unnecessary costs and taxes.
For some, a simple will is a sufficient estate plan. Others may require a complex arrangement of trusts, contracts, life insurance and the like.
Estate planning is not a cookie-cutter process, but must be tailored to you, a unique individual. The nuclear family with mom, dad, 2-3 kids and the station wagon is vanishing. North Salt Lake Utah probate lawyers are encountering as clients more single people with a variety of lifestyles. Some have never married, while others are divorced or widowed. Some are childless, others have one or more children.
Planning for married couples is no less varied. A young, childless, two-career couple’s planning concerns may differ widely from those of a middle-aged couple with kids approaching college age, and they in turn may have little in common with a retired seventy something couple. It’s never too early or too late for estate planning.
Those who take estate planning most seriously want to ensure the security of their families. Security depends on the accumulation of capital, not earnings. To achieve that security, you should undertake a continuous and organized wealth-building plan, with the goal being to transfer that wealth to your loved ones. A successful estate plan, therefore, requires that you ACT: Accumulate capital, Conserve it, Transfer it.
Setting goals is an essential component of serious estate planning. The most evident short-term goal is the current support of your family and meeting their needs while you are still employed. Long-term goals strive to meet the needs of the same people if and when you become disabled, retire or die.
Before you can set goals and successfully pursue them, you will have to ask yourself a lot of questions: What income do you want your spouse to have if you die first? How much will you need for you and your family’s support if you become disabled?
You should evaluate the needs of each family member. Are they all in good health? Do you expect your children to go to college and to graduate or professional school? Do you intend to pay the full cost of this education, or will you require that your children work or seek financial aid?
If you want to leave your children an inheritance, how responsible will they be with your money? Do you want to give them part of their inheritance while you are still alive? If any of your children are still young or immature, do you want to set up a trust that will last until the child demonstrates sufficient maturity to handle the funds? Or would you prefer to leave nothing to your children and insist that they make their own way?
The answers to these questions will vary widely among individuals, and they will also change as each person becomes older, richer, poorer, divorced, remarried, widowed and so forth.
Procrastination can be fatal to estate planning. Life expectancy and medical advances aside, not everyone will be lucky enough to grow old gracefully. Accidents happen, illnesses ravage, lightning strikes.
When it comes to estate planning, the best advice of all is to DO IT NOW. It may be later than you think.
The loss of a loved one is one of the most difficult things we will ever experience. Whilst trying to deal with our grief we are also expected, in many cases, to deal with the mountain of paperwork involved in administering their estate.
The number of people who are carrying out probate without the help of professionals has increased, unfortunately this has led to an increase in cases winding up in court.
Often beneficiaries are anxious to receive their entitlements as soon as possible. This can place added pressure on the person responsible for administering the estate (the Executor), and can result in them distributing gifts before all of the assets and liabilities of the estate have been correctly identified.
People who agree to accept the role as Executor often do not fully appreciate what the role involves. Acting as an Executor has become increasingly complex and burdensome, requiring the Executor to navigate through the estate’s complex tax reporting obligations and possible claims and disputes, whilst ensuring they administer the estate in a timely fashion. Failure by the Executor to comply with their reporting obligations can result in the estate suffering penalties and interest which could otherwise have been avoided.’ Executors therefore need to be aware that they are personally liable for any action they take (or fail to take) on behalf of an estate. In addition to the risks previously discussed, Executors face other risks which can include, but which are not limited to: Failing to adequately secure the property in the estate which is then damaged resulting in the estate suffering a loss; Failing to identify all of the assets and liabilities in the estate; Failing to pay the correct amount of estate tax on the estate either due to not applying all of the allowances available at death thereby paying too much, or failing to identify all of the assets and paying too less. Either way the executor may be personally liable for any losses suffered by the estate which can include payment of interest and/or penalties; Selling an asset without authority; Paying a gift to the wrong beneficiary or to someone who is not entitled.
Failing to correctly identify the existence of a Trust and the affect the Trust may have in respect of any tax reliefs, allowances or liability.
When you get to the end of the path, your choices are just as diverse. That’s where an experienced North Salt Lake Utah probate lawyer can come in.
Whether it’s drafting a will or setting up a trust fund for children, you should always get some kind of legal advice when going forward. An experienced North Salt Lake Utah probate lawyer can help couples establish trusts and avoid as many taxes as possible. Getting advice from an experienced North Salt Lake Utah probate lawyer is just like getting a prescription from a doctor.
What’s good for one person is like poison to another. But some people might want to bypass legal counsel and plan their estates themselves.
You just have to have the fundamental facts Do not to read too far into the material you find on the Internet. Going alone in drafting a will is possible, but not advisable.
A will should be in place soon after marriage, so that no arguments over the couple’s assets end up in court. If people have concrete intentions, there’s no penalty in spelling them out in a will. If you don’t, the state will do it for you.
A will drafted without a lawyer could contain small technical problems. They may be small, but they become large if the will is contested. Even though estate planning costs money, it could save families the legal costs of divvying up an estate in court.
In addition, laws governing estates change between states. So a husband and wife who drafted a will in Utah but retired somewhere warmer need to update it.
The trust has become an indispensable instrument of American law, largely because it is so useful in avoiding probate. When someone dies in a common law jurisdiction, the property does not transfer directly to the heirs. It goes into “probate,” which means that it comes under the jurisdiction of a special branch of the judiciary called the probate court. It comes under the control of either an executor (under a will) or an administrator (when there is no will), who works with the probate court to make sure that all taxes and debts are paid before the property passes to the beneficiaries designated under the will or under the law (when there is no will). The trust serves to circumvent the role of probate. If the testator establishes a trust, the property remains in the hands of the trustee to distribute according to the terms of the trust. Typically, when the settlor dies, the trustee transfers the property to the beneficiaries. This avoids the cumbersome process of having the property tied up in probate. The notion of equitable ownership has undergone important evolution, largely due to the law of mortgages. In a mortgage transaction, the mortgagor transfers legal title to a mortgagee, who holds the assets as security for a debt. The mortgagee is either a bank or a mortgage company. The mortgagor retains the beneficial use of the property and therefore is analogous to the beneficiary of a trust. The difference between the trust and the mortgage is that the former establishes legal relations among three parties—the trustor, the trustee, and the beneficiary. The mortgage is a two-party transaction,9 with the trustor and beneficiary united in a single party.
Do you really want the taxman to take nearly half of your assets in tax after working hard for many years to build them up?
Estate tax is now relevant to everyone, especially with the increases in house prices in recent years and with stock market-linked investments starting to recover.
Estate tax is the one and only tax that is totally and legally avoidable with the right financial, estate, investment, and trust planning. ‘The problem is people fail to plan, think it is too complex, or think it does affect them. For the sake of a few dollars for professional advice, literally thousands can be given to loved ones and not the taxman. In addition, many people have not realized that as their stock market-linked portfolios now start to recover value, they are also increasing their Estate tax liability and are still taking no action.
There are literally hundreds of ways to plan for and reduce tax without necessarily giving your wealth away or having hugely expensive legal trusts. Use simple yet cleverly worded estate planning trusts offshore to keep your money out of reach of the taxman.
A will is the most common estate planning device in Utah. A will becomes operative on your death. Before the estate can be distributed to the beneficiaries under the will, the will must pass through probate. Probate is a complex legal process. You will not be there when your will goes through probate and your near and dear ones have to see to it that the wills is probated. Mistakes or errors in the will can prove costly at the time of probate. Don’t let this happen to your will. Remember, you will not be there to correct the mistakes. Seek the assistance of an experienced North Salt Lake Utah probate lawyer when making your will. This way you can rest assured that your last will and testament will successfully pass through probate.
North Salt Lake City Utah Probate Attorney Free Consultation
When you need legal help with probate, a last will and testament, a revocable living trust, or another estate matter, please call Ascent Law LLC 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