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Saint George, Utah, Defining an Estate

An estate encompasses all the property that a person owns at the time of their death. A person needs to make a plan regarding their estate beforehand if they wish to have their property distributed in a specific way after they pass away. If a person was unable to undertake thorough estate planning during the span of their lifetime, the government in their district will take control of distributing the wealth according to the laws of the state.

Naturally, since a person earned the wealth themselves, they should protect their right to have their assets handled the way they want in a manner that would be most beneficial to their loved ones. An estate planning attorney should be contacted as soon as possible for a proper plan to be made regarding one’s estate. It is important to keep in mind that estate planning is not just done to manage a person’s wealth after they pass away, but it’s also done to manage a person’s wealth in the case they are no longer mentally able to do it themselves, even if they are still alive.

Estate planning includes creating a detailed Will in which a person decides who will get their wealth from their friends and relatives and how their property is to be distributed. Unfortunately, a person can not just make a Will on their own by writing what they want on paper and signing it. They should get in touch with an estate lawyer to ensure they follow the required legal protocol to make their Will valid. This protocol involves having witnesses present and filling out the necessary paperwork.

Any disputes or creditor claims made against the deceased regarding their property will be resolved in the probate proceeding and the proceeding will be a public record so anyone can view the documents filed in the proceeding.

What is trust in Saint George, Utah?

A Trust is an agreement between a person and a Trustee. The Trustee must follow instructions to distribute the assets to the beneficiaries of the Trust. When a person has a Trust established, they don’t have to worry about filing any actions with the probate court and this can save a lot of money and time as well as keep matters of the estate away from the public eye.

Anyone who has property should speak with an estate lawyer to make sure their assets are protected and effectively managed.

Speak to an estate lawyer at the Law Office of Barney, Mckenna, and Olmstead today to discuss filing an estate plan.

Reach them at:

43 South 100 East

Suite 300

(435) 628-1711

OR

590 W Mesquite Boulevard

Suite 202A

(702) 346-3100

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