An estate plan is much more comprehensive than just creating a Last Will and Testament. Simply put, an estate is all of the property you own at the time of your death. Should you pass without designating a will, Utah state law will decide which persons inherit your former estate and your assets.
Creating a thorough estate plan requires complete and personalized planning, tailored to you and your family’s wishes. This is why it’s incredibly important to speak with knowledgeable legal counsel to decide what is best for you and your family. A team of Utah estate planning attorneys will explain that there are other legal documents, such as a living estate, that can be incorporated to protect your wishes not only after you pass away, but during your lifetime as well. Amicus Law Firm can help explain these differences.
Decide If a Living Trust is a Smart Option for Your Estate Plan
Estate plans are commonly, but mistakenly, considered synonymous with a last will and testament. However, it’s important to be aware that an estate plan is more than just a will. An estate plan is a complete plan for your assets and valuables that evaluates the entire scope of your financial and personal situation. It contains comprehensive legal documents that establish a plan for distributing your assets after your lifetime. The difference between an estate plan and a standard will is that an estate plan includes Durable Powers of Attorney. This protects you and your family while you are still alive, should anything unexpected occur. Without an estate plan, the state government will decide which family member or heirs receive which of your former assets. Most individuals prefer to have this control, and rightfully so.
A trust is a legal agreement in which you, the grantor, establish a trustee who manages your assets in preparation for your death, while you are still alive. There are many advantages and benefits to establishing a living trust, so it’s best to consult with qualified legal aid to discover the best option for you and your family. When a trust is properly maintained, you can avoid the expensive and time-consuming burden of probate court after your death. When you opt to use a standard Last Will and Testament, you must undergo the probate process which can be costly and burdensome for many grieving families. When you create a living trust, you maintain a flexible control of your assets. A qualified estate planning attorney at Amicus Law Firm will discuss your individual goals and help decide if a living trust is best for your specific situation.
Amicus Law Firm is an attentive, compassionate team of estate planning attorneys that consider all of your needs and goals. Every estate plan and every living trust are unique and specific to the individual in question. Amicus Law Firm provides a full range of estate planning and elder law services that are catered to you and your family’s wishes. It can be an upsetting and challenging experience to prepare for a loved one’s passing. The best thing you can do is contact a qualified legal aide at Amicus Law Firm who will stop at nothing to deliver the best results for you and your family.