Estate Planning is the process of establishing a process of designation regarding someone’s assets, property and estate, documents, and other liabilities. This process is done while the client is alive in the event that they become incapacitated, or passes away. It can be a complex process, and it is important to work with an experienced attorney to ensure that your wishes are carried out. DexterLaw has a team of experienced estate planning attorneys who can help you create a plan that meets your specific needs.
DexterLaw can help you with all aspects of estate planning, from creating a will or trust to planning for tax implications. We will work with you to create a plan that meets your unique needs and ensures that your wishes are carried out. Estate planning is the process of creating a plan for the distribution of your assets after you die.
Since 1995, DexterLaw estate planning attorneys have helped clients achieve peace of mind by helping them prepare for the future. The drafting of appropriate Estate Planning documents is a critical step in preserving and growing what you have worked so hard to build for your family member and loved one. There are many different documents and decisions when establishing an estate plan, proper estate planning includes:
Will’s direct your affairs after your death. It can direct the distribution of your property or additional asset, it can provide for guardianship of your children, and it can provide directions for the payment of expenses and about your funeral and burial. This document will be offered for probate by a loved one or family member. The probate process identifies the heirs or beneficiaries to whom the given asset will be distributed to. Wills must be signed by the writer and two independent witnesses.
One of the most important aspects of estate planning is asset protection. This refers to the process of safeguarding your assets from creditors, lawsuits, and other potential threats. There are a variety of strategies that can be used to protect your assets, and our experienced team can help you determine which ones are right for you. We can also assist you in setting up trusts, LLCs, and other entities that can provide an additional layer of protection.
This is a legal document that gives medical providers notice of what you desire to have happen in the event of an accident, wrongful death, or a medical condition that renders you to be in a permanent vegetative state and asking for decisions involving life support. An advance health care directive is often used to combine living wills and power of attorney in one document. Someone may include a list of end-of-life wishes. These can pertain to the living will itself but are also known as a living will with ‘heart and soul’.
A Trust creates an entity to hold your property and real estate. It can help reduce and avoid death taxes and protect your asset from creditors. It can provide your support while living and distribution and support for family members or others after your death. Another important factor in this is an asset protection trust that allows your asset to be protected from creditors.
There are five types of trusts for estate planning: living trust, testamentary trust, revocable living trust, charitable trust, and irrevocable trust. Trust administration is similar to probate but can occur without court supervision.
Power of Attorney
Power of Attorney is a legal document that appoints and authorizes someone to act on your behalf if you become incapacitated. They can make a wide range of decisions regarding medical care, finances, estate, and property protection. The only specification that must be met for a power of attorney is that the individual cannot be a minor, other than this, integrity is the next thing to look for in a potential agent.
Utah Law Tax Planning
Utah law does not levy inheritance tax. A surviving spouse is not subject to paying estate taxes passed through the property from the family member in question.
A good estate plan will accomplish several things: it will ensure that your property goes to the people you want it to go to; it will minimize the taxes and other expenses your family will have to pay after your death, and it will make sure that your family is taken care of according to your wishes.
Something that is often overlooked is the inventory of overall assets, documents, property, and estate. Estate planning is not just the designation of all of your things, but it allows your heirs to pay less in taxes, fees, and court costs overall. Acquiring legal advice from an estate planning lawyer or estate planning attorney regarding what should be given to a family member teaches the client more about what goes into estate planning as a whole. Not only does inventory help the client to better organize their lives, but it helps the family and professionals aiding them in the process.
No one knows when their time will come, so it is important to have an estate plan in place. In order to best protect your assets and your family, it is important to have a comprehensive estate plan in place. Contact us at DexterLaw.com for more details on how you can get the help you deserve today. You may also schedule a free consultation here.