If a person accumulates assets, they should consider making an Estate Plan to ensure their wealth is distributed properly in the case they are no longer there to provide for their loved ones. Estate planning is not just necessary in the case of a person losing their life, but it’s also essential in the case of a person suddenly losing their mental capacity to carry out their tasks the way they normally would.
Just like all legal paperwork, estate planning can be overly complicated, and anyone who is considering getting it done should reach out to an estate planning attorney to help them with the process. When a person decides to plan their Estate, one of the most integral matters they have to take care of is the proper creation of their Last Will and Testament or Utah Revocable Living Trust.
Many individuals have the misconception that they simply must write down how their wealth should be distributed, and this will work as their legal will. However, this is extremely far from the truth. A person must have their Last Will and Testament properly formatted according to the law for it to be eligible after they pass away. Apart from creating a Last Will and Testament, a person will need to appoint individuals who can make important decisions on their behalf.
A Durable Financial Power of Attorney gives a person the right to elect a proper financial representative. Appointing an Advance Health Care Directive will ensure a person has their treatment preferences noted and carried out as well.
During the estate planning procedure, a person will take care of the following:
- Selecting a health care representative
- Selecting a financial representative
- Listing all beneficiaries
- Drafting the Will
- Storing the documents
When a person connects with a qualified lawyer, they get the benefit of having their Last Will and Testament and their entire estate planning procedure taken care of properly. Small legal mistakes can result in a person’s entire plan being discarded and their family members will not be able to benefit the way the estate holder intended.
Get in touch with an estate planning attorney in Saint George, Utah
Anyone who wants to plan their estate should call a legal representative who can help them with the entire process from selecting representatives to storing the documents properly. Estate planning documents need to be protected and kept safe. A person can create copies of the documents and have these distributed to areas that are safe but not too difficult to access either.
Get in touch with a lawyer at the Law Office of Barney Mckenna and Olmstead today to start planning an estate.
Reach us at:
43 South 100 East
590 W Mesquite Boulevard