Estate planning requires the application of various tools that are designed to protect one’s property from all forms of harm once the owner is no longer able to control their assets. Such a situation may arise if they lose their life or if they end up developing a psychological condition that prevents them from making decisions that would work in their best interest.
Two of these estate planning tools are living trusts and wills. A living trust is often also called a revocable trust or a family trust. Both a will and a trust are essential to helping an estate owner, but they have different purposes in a proper estate plan. A will is what controls a person’s assets and property and allows them to be distributed according to the desires of the owner.
This is why when a person passes away without leaving behind a legal will, their property is divided according to the rules of the estate. Having a trust legally drafted and put into effect will help a person avoid the probate process, and a will helps determine how one’s property will be distributed. Both of these are very important, and anyone who wishes to have their property transferred to their loved ones with ease should make sure they take the required steps to have thorough estate planning carried out.
The entire estate planning process is intricately planned out and a person will only be able to go through the steps properly with the help of a legal expert. An estate planning lawyer can guide a person along and fill out the required paperwork, so the future is as secure as possible.
What does a personal representative do when executing a will in Saint George, Utah?
The owner of an estate will have to appoint a personal representative to help them manage and distribute their estate. If some issues arise regarding the estate, then it is the duty of the personal representative to manage them to the best of their ability. By assigning a trusted person as their representative, a person can be sure that only the person who they trust most will be fairly managing their affairs when they pass away.
There are so many layers to proper estate planning, and the benefits are well worth the legal costs in the long run as one’s family will be able to happily enjoy the assets a person has set aside for them.
Contact an estate planning lawyer at the Law Office of Barney Mckenna and Olmstead as soon as possible to get expert legal advice regarding one’s estate.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard