Every state has probate and estate laws that must be filed carefully if a person wants their estate plan to be considered valid. To make sure that one’s estate plan is minimizing taxes and easing the probate process as much as possible, it is best to get in touch with an estate planning lawyer before beginning the process.
Estate taxes are imposed on the transfer of a person’s estate when they are no longer alive. Most states do not collect an estate tax and Utah is luckily one of these states as well. Though there is no state tax, there is still a federal estate tax that must be accounted for. The good news is that not all estates are required to pay this federal tax. The tax is only applicable to estates that exceed 5.4 million dollars in value. So, anyone who has a smaller estate may not have to worry about estate taxes. However, they should still speak with their attorney and find out where they stand based on their personal circumstances.
Aside from estate taxes, another factor that can make it difficult to pass on one’s estate easily is the probate process. During probate, the estate is distributed, and debts, claims, and taxes are paid off. Not all property will go through estate planning. If a person has jointly held property, gifts, or revocable living trusts, these will all pass outside of probate.
If a person dies with a will, then the court will attempt to settle all matters according to the terms of the will. If they die intestate, then the laws of Utah will govern how all the assets are distributed. It is vital to note that the will has to be valid to be considered. An estate planning lawyer will make sure that all the paperwork is completed correctly so that it is not disregarded at the time it is needed the most.
Get in Touch with an Estate Planning Lawyer in Saint George, Utah
The steps of estate planning can get very complex. The best way to make sure that one’s wealth is distributed the way they want is by getting in touch with an estate planning lawyer as soon as possible.
According to the succession laws in Utah, the decedent’s surviving spouse receives 100% of the estate if they do not leave behind any descendants, or in that case that all of the deceased’s descendants are also descendants of their spouse.
Get in touch with an estate planning attorney at the Law Office of Barney, Mckenna, and Olmstead, PA today to learn more and get help with creating the best estate plan for ones loved ones.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard