No individual can be sure of the future and that is why estate planning is essential for anyone who owns property and assets. Unexpected situations have a knack for showing up when a person is least ready, and this can cause a lot of harm to their loved one’s if they did not create a proper will.
Creating a will and estate planning ensures that a person’s assets will be distributed and managed the way they desire. What most people do not understand is that a person will need estate planning regardless of the size of their property. When this proper legal documentation is taken care of, a person can rest assured that their loved ones will have their assets handled the way they want in the case they pass away. Wills and trusts are also especially useful in the case a person loses their mental ability to make decisions by themselves, whether through old age or some form of brain injury.
An estate planning lawyer is the right person to connect with when a person decides that it is time to secure their loved one’s future. Estate plans cover issues regarding the power of attorney, transfer of deeds, the designation of beneficiaries, and wills and trusts. Wills and trusts are integral, and they are one of the most important documents that a person will need to express concerns regarding their property.
To make a will a person needs two witnesses, and they must be mentally capable as well. Through their will, they will divide the assets and they will also decide the person who will take charge of taking care of children. They will also decide matters regarding caring for pets and how their debts should be managed as well.
Apart from wills, trusts are also integral. Trusts determine how property should be managed through determining a trustee to deal with the assets on behalf of the individual who owns the wealth. A person can have trusts modified while they are still alive. If a person creates an irrevocable trust, they cannot make changes, but they avoid probate and they remove the assets from estate taxes.
Connect with an estate planning attorney in Saint George, Utah
A person will not be able to create a will on their own. They will need the presence of two witnesses and legal paperwork completed for their will to be taken seriously. Many people make the mistake of signing their will without legal counsel and this results in their assets being handled by the government.
To get help with one’s estate planning and to secure the future of one’s loved ones, get in touch with an estate planning attorney at the Law Office of Barney, Mckenna, and Olmstead.
Reach them today at:
43 South 100 East
590 W Mesquite Boulevard