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.
Making decisions for your children's care is extremely important. Those parents who die without clear guardianship instructions run the risk of having their children split up and living in separate households, sometimes far away from each other. When one spouse dies without a will, it can leave the surviving spouse in temporary limbo and in need of money to run the house and pay monthly bills.
There may be certain heirlooms or antiques that you want a specific family member to have after your death. Without a will, your wishes may be contested by other members of the family. If you don't leave instructions, your case may end up in the court system for a lengthy period during which your heirs will not have access to the assets you left behind. It may slow down receiving insurance benefits as well.
Having an advance plan can save heirs when it comes to transferring property and paying inheritance taxes. A good lawyer with experience in this field will know how to maximize the amount of money that stays in the family and minimize the amount that will have to be paid to the government. He or she can make sure all laws are strictly adhered to.
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.
A will should state who is going to be the trustee and have responsibility for overseeing any division of assets. Any charitable donations need to be included in the will, especially if there is a lump sum payment bequeathed to the organization. Sometimes there is a member of the family that will need special care for an extended period of time. Leaving instructions for that person's well being can be an important part of 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.
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.
Making decisions for your children's care is extremely important. Those parents who die without clear guardianship instructions run the risk of having their children split up and living in separate households, sometimes far away from each other. When one spouse dies without a will, it can leave the surviving spouse in temporary limbo and in need of money to run the house and pay monthly bills.
There may be certain heirlooms or antiques that you want a specific family member to have after your death. Without a will, your wishes may be contested by other members of the family. If you don't leave instructions, your case may end up in the court system for a lengthy period during which your heirs will not have access to the assets you left behind. It may slow down receiving insurance benefits as well.
Having an advance plan can save heirs when it comes to transferring property and paying inheritance taxes. A good lawyer with experience in this field will know how to maximize the amount of money that stays in the family and minimize the amount that will have to be paid to the government. He or she can make sure all laws are strictly adhered to.
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.
A will should state who is going to be the trustee and have responsibility for overseeing any division of assets. Any charitable donations need to be included in the will, especially if there is a lump sum payment bequeathed to the organization. Sometimes there is a member of the family that will need special care for an extended period of time. Leaving instructions for that person's well being can be an important part of 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.
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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