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 numerous assets or valuables you want to pass on to specific individuals, the existence of a will, with detailed instructions, will avoid confusion and arguments. Heirs will not have to wait as long for the probate court to process information. It will expedite insurance benefits and may help heirs to start receiving partial benefits while the will is still in the hands of a probate judge.
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.
Family relationships can become strained and even bitter when there is no clear understanding about how to divide assets. Things can become so bad, people hire lawyers and start suits and counter suits that can go on for years and cost thousands of dollars in fees. During this time the assets are not available to anyone, and opportunities to increase them will be lost.
Individuals who want a specific individual to serve as trustee should include that in a will. There are sometimes charities people want to donate a certain percentage of cash to, and if this a specified in a will, it is much more likely that the funds will actually get to the charitable organization. Some families have members with special needs that can be provided for if instructions for their continuing care is outlined in a will.
Business owners, or those with interest in a business, should always leave detailed instructions about who will take ownership and make future decisions for the company. The deceased individual may even instruct survivors to sell or close a business.
If you don't make a will and plan carefully, the courts may end up deciding how to divide your assets. It is in everyone's best interest to make the decisions yourself.
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 numerous assets or valuables you want to pass on to specific individuals, the existence of a will, with detailed instructions, will avoid confusion and arguments. Heirs will not have to wait as long for the probate court to process information. It will expedite insurance benefits and may help heirs to start receiving partial benefits while the will is still in the hands of a probate judge.
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.
Family relationships can become strained and even bitter when there is no clear understanding about how to divide assets. Things can become so bad, people hire lawyers and start suits and counter suits that can go on for years and cost thousands of dollars in fees. During this time the assets are not available to anyone, and opportunities to increase them will be lost.
Individuals who want a specific individual to serve as trustee should include that in a will. There are sometimes charities people want to donate a certain percentage of cash to, and if this a specified in a will, it is much more likely that the funds will actually get to the charitable organization. Some families have members with special needs that can be provided for if instructions for their continuing care is outlined in a will.
Business owners, or those with interest in a business, should always leave detailed instructions about who will take ownership and make future decisions for the company. The deceased individual may even instruct survivors to sell or close a business.
If you don't make a will and plan carefully, the courts may end up deciding how to divide your assets. It is in everyone's best interest to make the decisions yourself.
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