Effective estate planning is necessary for anyone who wants to ensure their family is taken care of properly after they are no longer there to support them. When a person gets proper estate planning done, they smoothly transfer their assets over to their family without any external intervention. If a person does not take the precaution to carry out proper estate planning, then their assets may not be divided the way they originally intended or the way they promised their family members.
Estate planning in Utah allows a person to preserve their assets and anticipates any needs during their retirement and long-term care.
An estate plan generally consists of four main parts:
- A revocable living trust
- A will
- A durable power of attorney
- A healthcare power of attorney and directive
Though all these components are necessary, an integral part of the plan is the revocable living trust. This agreement is what delivers assets to a person’s family members the way the person wants, and the best part is the agreement is legally valid so the government cannot intervene excessively with a person’s decisions.
The trust documents state when and how the assets will be divided, and most importantly it states who will be receiving these assets. Most estate planning trusts are generally revocable during the life of the grantor and they become unchangeable once the grantor becomes deceased. The living trust is set out during a person’s lifetime and careful attention to titling, assignments of interest, deeds, and beneficiary selection should be given to ensure everything is settled as intended and there is no room for error.
What to consider when making an estate plan in Saint George, Utah
Children are often the chosen beneficiaries for one’s estate so a person needs to think about what is best for them to have and when these assets should be given to them so they can utilize them best. If the children are very young, they will need a guardian to manage their finances so that should be decided as well.
It can be difficult to keep all the necessary details in mind and a person may miss out on determining an important point if they try to do everything on their own. To make sure the proper legal protocol is followed and that a person gets the best advice possible they should speak with a qualified legal representative to assist them with the estate planning process.
Get in touch with an estate planning lawyer at the Law Office of Barney, Mckenna, and Olmstead to get advice regarding one’s estate plan.
Reach us at:
43 South 100 East
590 W Mesquite Boulevard