Adults who have assets, such as homes, cars, stocks, bonds, jewelry and art, need to plan for the time when they are no longer here. The same holds true for parents of minor children. Most people know they should have a current will and hospital directives, but many of them put off actually making an appointment with an attorney and sitting down to fill out the paperwork. There are a number of good reasons why estate planning in Utah needs to be a priority.
All parents of underage children need to draw up wills that state clearly who will take over raising those children if they become incapacitated or die unexpectedly. Without some formal document in place, it will become the business of the court to decide where the minors go and with whom. Without a legal will, a surviving spouse may be temporarily deprived of the funds needed to live comfortably.
If you have valuable assets, you need to make sure to give detailed instructions to survivors about who is going to receive what. There can be big family arguments unless everything is clearly divided. Having a will in place will expedite the court process and get assets into the hands of the heirs they were intended for. It may speed up the processing of insurance benefits as well.
If you don't make careful plans before you die, the government could end up taking a larger portion of your assets, in the form of inheritance and transfer taxes, than necessary. You may need the services of an experienced attorney to guide you through the complicated tax laws governing the transfer of property and liquidating of assets.
Not only will it save heirs money in taxes, it may save them from ending up in court disputing the disposition of assets. When family members start fighting about how to divide property, lawyers may have to get involved. Resolving it can take months or years depending on how complicated the disagreement is. If assets are tied up in the court system, none of the heirs has the ability to make decisions to expand or disperse properties.
Normally a will names a trustee who makes decisions for the rest of the heirs. This saves a lot of time and reduces stress and confusion. Many individuals want to leave money or other assets to charitable organizations. This should be included in the legal document. If the deceased individual had responsibility for the care of a special needs family member, he or she might leave instructions regarding that person's future care and education.
If there is business ownership involved, a will should clearly state how the business will go forward. One or more heirs may be instructed to manage the company or make decisions on behalf of other heirs. Some individuals leave instructions to liquidate business assets.
Leaving the division of assets up to chance is rarely a good idea. Making sure everyone understands last wishes, detailed in a legal document, is a much better choice.
All parents of underage children need to draw up wills that state clearly who will take over raising those children if they become incapacitated or die unexpectedly. Without some formal document in place, it will become the business of the court to decide where the minors go and with whom. Without a legal will, a surviving spouse may be temporarily deprived of the funds needed to live comfortably.
If you have valuable assets, you need to make sure to give detailed instructions to survivors about who is going to receive what. There can be big family arguments unless everything is clearly divided. Having a will in place will expedite the court process and get assets into the hands of the heirs they were intended for. It may speed up the processing of insurance benefits as well.
If you don't make careful plans before you die, the government could end up taking a larger portion of your assets, in the form of inheritance and transfer taxes, than necessary. You may need the services of an experienced attorney to guide you through the complicated tax laws governing the transfer of property and liquidating of assets.
Not only will it save heirs money in taxes, it may save them from ending up in court disputing the disposition of assets. When family members start fighting about how to divide property, lawyers may have to get involved. Resolving it can take months or years depending on how complicated the disagreement is. If assets are tied up in the court system, none of the heirs has the ability to make decisions to expand or disperse properties.
Normally a will names a trustee who makes decisions for the rest of the heirs. This saves a lot of time and reduces stress and confusion. Many individuals want to leave money or other assets to charitable organizations. This should be included in the legal document. If the deceased individual had responsibility for the care of a special needs family member, he or she might leave instructions regarding that person's future care and education.
If there is business ownership involved, a will should clearly state how the business will go forward. One or more heirs may be instructed to manage the company or make decisions on behalf of other heirs. Some individuals leave instructions to liquidate business assets.
Leaving the division of assets up to chance is rarely a good idea. Making sure everyone understands last wishes, detailed in a legal document, is a much better choice.
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