For anyone who wishes to plan their finances in the case of their death or in case, they suffer a health complication that leaves them unable to think clearly on their own, estate planning is the best route to take. Through the help of an estate planning attorney, a person can gather the necessary documents and create the legal paperwork they need to help them with protecting their assets and property.
Estate planning can be relatively complicated and the basic estate planning documents that a person may receive include:
- A last will and testament
- Durable power of attorney
- A living will
- Durable health care power of attorney
Each one of these documents is important and must be created with the proper legal rules in mind. A person can not just create it on their own, but they must follow the rules of the state. The will is the document that decides who gets the property and who will be in charge of managing the estate. A durable power of attorney is a document that allows a person who is trusted to act as an agent and sign documents on one’s behalf.
The living will directs one’s doctor and trusted person to terminate machines that are extending life if a person reaches a state of permanent comatose with no chance of recovering. Lastly, durable health care power of attorney allows a person to appoint a trusted person to make medical care decisions. If a person does not go through the proper estate planning procedure when they still have the chance, their family will have to go through the probate process in court and the court will decide how to distribute the assets.
What is a living trust and what are the benefits of having one in Saint George, Utah?
A living trust is called a revocable and it is a legal relationship between the beneficiaries, the trustee, and the settlor. The Settlor transfers the legal title to the trustee who manages everything in the best interest of the beneficiaries. There are many benefits to a Living Trust, as it enables a person’s loved ones to manage and disburse the assets for their benefit. It also enables a person to reduce federal estate taxes, and it enables a person to avoid probate for the estate after they pass on and are no longer around to support and help their loved ones.
Connect with an estate planning attorney at the Law Office of Barney, Mckenna, and Olmstead today to get help with the estate planning process.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard