Most individuals spend the majority of their life accumulating wealth and assets that they can pass on to their loved ones to make their life easier. Once a person is no longer there in the world to help their family out, their assets and property will be left behind and passed on based on the amount of legal work they put into the distribution beforehand.
In Utah, there are a few main ways that a person’s property may be passed on after they die. Firstly, if they did not create any sort of legal will, they will have died intestate, and this means that the state decides how and to whom to distribute their property. This usually involves a lot of taxes and will likely not get a person the distribution of their choice since they did not delegate anything.
Another way that property is distributed is through a valid legal will in which a person expresses how and to whom their estate should be distributed. Yet another way is through beneficiary designation such as life insurance policies and prenuptial agreements. To make sure that a person has their desire implemented, they should connect with an estate planning lawyer as soon as possible to get assistance with the legalities of the inevitable paperwork in front of them. Creating a legal will is a lot more than just filling out a note and signing it while on one’s deathbed.
Is estate planning only for the rich in Saint George, Utah?
Many people wonder why they need an estate plan if they are not wealthy. The truth is that everyone has some degree of assets, even if they are not a lot and they often make the mistake of assuming that the money will naturally go to their loved ones when they die when this is not the case. To make sure that the small number of assets a person has are distributed fairly and according to their will, thorough estate planning needs to take place.
No matter how big a person’s estate is, or how small it is, they should always take the precaution of setting their will in legal stone so that their loved ones can benefit from all the hard work they put into collecting wealth to make their lives easier, especially while they are in the grieving prices.
Get in touch with an estate planning lawyer at the Law Office of Barney, McKenna, and Olmstead today to get help filing an estate planning claim.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard