When hearing the term estate planning, many individuals envision large mansions and millions of dollars of assets. The truth is that an estate plan and the creation of a living trust is not only something for those who are very rich. Anyone who has dependents, or they have any property or assets should make sure they have a will in place so their loved ones can easily get access to what is rightfully theirs after a person passes away.
The purpose of an estate plan is to make sure that the medical care, care of minor children, and the proper management of one’s assets is thoroughly taken care of after death. Those that pass away without taking this legal measure will have their assets divided according to the relevant state laws. This is usually nothing like what the person originally willed for their loved ones. The court will decide on the guardians of any minor children, and they will also appoint someone to make decisions regarding medical care if the owner is unable to do so.
Before a person begins creating an estate plan, there are many big decisions they will have to make. They will have to decide matters such as:
- Who the successor trustee will be?
- Who the guardian of their minor children should be?
- Who will make the financial decisions?
- Who will make healthcare decisions?
- How the estate should be distributed after death?
An estate planning attorney can help a person create the legal paperwork so their preferences are recorded and put first when the time comes to implement them.
Is There a Difference Between a Will and Living Trust in Saint George, Utah?
The main difference between a will and a living trust is that a will is a written document that states the new guardians, as well as the way assets, should be distributed, while a living trust is named and funded during the lifetime of a person. The owner is the main trustee until their death, or their mental incapacity occurs. A living trust is also valid in all 50 states.
Anyone who is unsure of what they should do regarding their assets and is contemplating between the two should get in touch with an estate planning lawyer as soon as possible, so they can get assistance with their case.
Connect with an estate planning lawyer at the Law Office of Barney, McKenna, and Olmstead PA today to get help creating a detailed estate plan and helping secure the future of one’s family.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard