Proper estate planning ensures that a person has control over their property and helps them plan for the future of their loved ones if they are no longer able to provide for them. When proper estate planning is carried out, a person can distribute their assets in the way they desire, and the most crucial aspect is that all of this is done with minimal costs incurred on a person’s assets.
Every individual who has accumulated any sort of assets should make sure they have a proper estate plan. If a person fails to plan for their future and they pass on without leaving behind a legal will, their wealth will be distributed based on what Utah law mandates.
A Last Will and Testament is a legal document that becomes active after a person is no longer alive. In the Will, a person is designated as an executor and this person is responsible for carrying out the instructions laid out in the Will. It is vital to note that the Will must follow all the legal requirements or the court may not accept it and they may just opt to move forward with their plans for distributing the assets and also taxing them.
A person can avoid having to pay extra and unnecessary taxes on their estate through proper estate planning. In many cases, a person’s estate may be subject to heavy taxes after they pass away. They may be charged with the distribution of retirement accounts. Individuals may also have to pay up to 55% taxes on the estate if a person’s estate is large enough. A lawyer who specializes in dealing with such cases can significantly reduce the amount of taxes a person’s family will be required to pay by planning the estate skillfully.
Is a trust necessary in Saint George, Utah?
Individuals should speak with a qualified attorney to determine whether a trust is necessary for their case. The answer to this question depends on various factors including the size of one’s estate, and their goals and objectives. Though it may be more expensive to carry out than a Will they are usually easier to administer after a person’s demise and offer detailed plans that are not available through a simple Will. If a person wants to carry out disability planning, and creditor protection they will need a trust as opposed to a Will.
Speak to an estate planning lawyer today at the Law Office of Barney Mckenna, and Olmstead to begin making a proper Will and Estate Plan.
Reach us at:
43 South 100 East
590 W Mesquite Boulevard