Estate Planning Is The Process Of Getting
What Is Estate Planning?
The process of planning your estate has been around for many years. It involves making a plan to determine who you want to be your guardians and who you want to make your decisions for your health and wellbeing. Having a plan in place can ensure that your wishes are fulfilled when you pass away. This is also a good way to minimize your estate taxes.
An estate is a term that is used to describe a person’s possessions, real estate, and financial assets. These items include cars, houses, life insurance, retirement accounts, and more.
A will can be used to give directions to these items in the event of death
When making a will, it is important to designate a guardian for your minor children. The court will then decide their living arrangements. In some cases, you can name a friend or family member to act as your executor. Make sure you provide this person with all the information he or she will need.
Choosing a trustee to handle your assets after you pass away is another crucial part of your estate plan. You can choose a family friend, a sibling, or a lawyer. Ideally, you should choose a younger person to serve as your trustee. If you have a large estate, you may need a lawyer to assist you in drafting your will.
Your estate plan should be updated as necessary
This can be done as a result of a major life event, such as the birth of a child or marriage. Also, you should consider updating your plan every three to five years. There are several reasons why you should update your estate plan, including changes in laws.
Assets that are jointly owned do not need to go through probate. Typically, these properties are transferred to the surviving owner. However, they are also subject to inheritance tax. To avoid this, you can create a revocable living trust.
Estate planning can be an overwhelming process
Many people put it off because they do not know where to begin. Having a plan is an effective way to ensure that your wishes are met and your loved ones are taken care of. As you get older, it is particularly important to have a plan in place.
You should also keep a list of your legal advisers. Be sure to notify your attorney of any changes to your will. Remember to maintain a list of all your assets. Keep these records in a safe place for easy retrieval.
Getting your affairs in order is the best way to protect your family from unwanted and unexpected situations. Your family will be sure to respect your wishes.
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
Estate Planning Attorney Free Consultation
If you have any questions or in need a Business Law Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More
When you need a Lawyer, contact this law firm:
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5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618–0699
https://www.parklinlaw.com/
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