Every individual has worries about the future from time to time and thoughts about one’s property and how their loved ones will be taken care of if they are no longer around are common concerns. Individuals can put their thoughts to rest and get the peace of mind they crave by opting for proper estate planning. Through estate planning, a person can ensure that their assets will pass to those individuals who they have designated and in a way that their loved ones get the maximum benefit for their situation.
Another major benefit of going forward with the estate planning process is that a person gets to eliminate or greatly reduce the tax burden on their estate. Once a person gets in touch with an estate planning lawyer and completes the required paperwork, they can rest assured that their assets will be passed on to the beneficiaries of their choice at a minimum cost, and time with the least possible inconveniences.
Trusts are a part of any good estate plan, and they can help a person avoid probate and help them save on various taxes as well. A person can further retain the privacy of their family assets and provide creditor protection through a legal trust. Anyone who passes away without a Trust or a Will has subjected their family to receiving their property at the discretion of the state they reside in. This is not an ideal situation and one’s family members will likely get less money than what they actually deserve simply because a person did not create their estate plan beforehand.
When should an estate plan be updated in Saint George, Utah?
The advice an attorney provides for a person is vital in helping them make a proper estate plan the first time around. However, when a person has already created their estate plan, they may be wondering why or when they should reconnect with their lawyer.
It is integral that a person calls their lawyer and updates their estate plan when any significant changes are made in their lives. For instance, if a new child is born, or if divorce and remarriage occur, it is essential that a person has the required names changed. If the changes are not made, then those individuals will or will not be included based on what was originally recorded and this can be unfair for many people.
Those who have any amount of assets and want to help secure the future of their loved ones should call an estate planning attorney at the Law Office of Barney McKenna, and Olmstead, and get their help creating a plan as soon as possible.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard