Revocable living trusts are one of the most common trusts created during estate planning. In a revocable living trust, the owner and their spouse are usually regarded as the Trustors, Trustees, and even the Beneficiaries. When a person creates a revocable living trust, they have the power to revoke or end the trust while they are still alive. If any of the two individuals die, then the survivor would continue as a Trustee and the sole beneficiary.
Once the main owner dies, then the trust becomes irrevocable.
To create a proper estate plan, individuals should get in touch with attorneys near me. A lawyer can help them create their estate plan according to best practices, so their ideal interests are prioritized, and not overlooked or taken advantage of in any way. Creating an estate plan is essential because an estate consists of all the property that a person owns. It is integral that a person makes their decisions beforehand, so their assets are distributed in the best interest of their loved ones.
What Happens When a Person Does Not Have an Estate Plan in Saint George, Utah?
When individuals do not create proper estate plans the court will decide what happens to the property based on current laws of the state. This can end up working against the favor of the deceased and their loved ones. To avoid this, it is always best that an individual connects with an attorney to create their estate plan as soon as possible.
The probate court process will have to take place so the court can determine if there ever was a valid will created and so they can begin the distribution of the assets. This process can be time-consuming and expensive, especially if a person does not know what they are doing. If a person has a detailed estate plan created beforehand, this process can be made a lot easier and smoother for their grieving loved ones. Everyone wishes the best for those they love the most and that is why it is better to plan thoroughly beforehand in case a sudden life event takes place, and one loses the ability to provide and take care of their family the way they always have.
Nobody knows when tragedy can strike them, so it is always best to act early and create an estate plan without delay.
Get in touch with an estate planning lawyer at the Law Office of Barney, Mckenna, and Olmstead PA today to get proper help creating a detailed estate plan.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard