Do you know what will happen to your property and assets upon your death? It may not be fun to think about how your estate will be inventoried, valued, dispersed, and taxed when you die, but figuring it all out now can save your family major headaches after you’re gone.
Probate and estate laws are constantly changing, so it’s important to stay up-to-date with the rules most pertinent to you. That’s where a Utah estate lawyer comes in. This legal professional brings unparalleled knowledge of state and federal laws to your estate plan to ensure the most advantageous outcome. Learn the many ways an estate lawyer can help you with the planning process.
- Help you write a will: Creating a will that stands up in court is more complicated than it may seem. Meeting with a knowledgeable Utah estate lawyer simplifies the process and gives you peace of mind that you’ve fulfilled all the requirements.
- Help you set up trusts: Trusts come in many forms, including living trusts, testamentary trusts, revocable trusts, and irrevocable trusts. An estate attorney can offer legal advice when deciding what trusts you might need to protect your assets, both for your own benefit during your lifetime and for the benefit of your heirs after your death.
- Select beneficiaries: An estate planning attorney is an excellent resource to help allocate assets to your beneficiaries. As a neutral third party, your attorney will listen to your needs and concerns and offer helpful advice.
- Find ways to limit estate taxes: While Utah doesn’t have its own estate tax, the federal government taxes inheritance money. An estate lawyer’s job is to support the wealth transfer process and reduce their clients’ estate taxes.
- Find ways to avoid probate: Probate is the court process for transferring a deceased person’s estate to their heirs and beneficiaries. Your lawyer will educate you about the probate process and offer tips to shorten or avoid it entirely.
- Establish a power of attorney: This legal document gives an agent of your choice the power to act in your stead should you become incapacitated. It’s an important part of ensuring your end-of-life medical wishes are granted. Your lawyer can help you establish a power of attorney while adhering to all applicable laws.
- Update and modify your estate plan: Estate plans can change over time. Whether you get married, get divorced, have a child, develop a health issue, or move out of state, your plan should change as your life does. Reach out to your estate lawyer for help updating your legal documents as often as needed.
The estate planning process can be overwhelming, emotional, and stressful. Don’t go it alone! Richards & Richards Law Firm in Ogden, UT, is here to help protect the assets you’ve built with a detailed estate plan. Our knowledgeable team takes a proactive approach to defend your interests now so you can go about your daily life with peace of mind. To schedule a free consultation, please Contact us at (512) 461-4836.