Before a person can begin estate planning, they must first understand what an estate is. An estate is any property that a person owned at the time of their death. An estate can include both real properties such as houses and real estate, and it can also include personal property such as bank accounts, jewelry, and vehicles. If a person wants to make sure their estate is divided the way that they want, they will have to get proper estate planning done when they are still alive and healthy enough to make their own decisions. Owners of an estate should not wait to accumulate more wealth or wait for a significant life event to occur before they go forward with their planning.
Anyone who has accumulated any amount for an estate should conduct thorough estate planning, so their family members benefit from their wealth the way they deserve when they need it most. Once a person reaches out to an attorney and gets the help that they need to carry out their estate planning, they will be able to arrange the seamless transfer of their property after their death.
Does the law require a person to have a last will and testament in Saint George, Utah?
The law does not require that a person complete a will. However, it is always a good idea to have one in place as it can help with the smooth dispersal of one’s finances and property. A person can control the distribution of their assets by creating a thorough will. If a person makes the mistake of not making a will, they will not have a say on who receives what portion of the wealth they are leaving behind. Since a person spent their entire life accumulating that wealth it is only right that they get to decide what happens with it when they are no longer around. Naturally, a person will want their loved ones to receive as much of the wealth as possible and a will can ascertain that this takes place.
Not only can a person choose how the assets are divided, but they can also choose who was responsible for the distribution and this can make all the difference on how fairly and easily the money is divided. Anyone who has minor children can also plan their care and future through creating a will so a person should definitely consider it and not leave it for the last minute either since it requires a lot of time and thought.
If a person dies without a will, then their case is referred to as intestate. This means that their property will be divided based on the rules of the state. Anyone who wishes to have their estate divided properly and their family is taken care of should connect with an estate planning attorney at the Law Office of Barney, Mckenna, and Olmstead as soon as possible.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard