Utah Wills and Trusts​

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If you are looking for the peace of mind that comes with settling your final affairs, you should consider consulting with an experienced estate planning attorney. It is important to choose the appropriate estate plan and draft it correctly. Below is some basic information that may be helpful in your estate planning journey:

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WILLS

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A Last Will and Testament is a document that is a good thing for most anyone to have. It’s also important for couples who are not married to make sure that their individual estates go to the surviving partner/significant other, if that is the couple’s desire.

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Signing a will before you pass is important if you have preferences regarding how your property will be passed on when you’re gone. Otherwise, your estate will pass in accordance with the law and there will be nothing your loved ones can do to alter how your assets are distributed. 

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With a will, however, you can arrange for many things and account for your specific desires in the event you pass. For example, you could dictate any number of desires, such as:

 

• Leaving specific pieces of your property to specific individuals or organizations (this property might include things like firearms, antiques, rare coins, jewelry, heirlooms, etc.).

• Leaving your property in specific portions to specific individuals or organizations. This might look like instructing that your home, vehicles, etc. be sold and the proceeds split equally among your children. Or, alternatively, you may have a different idea of how you want your property to be distributed (and who it is distribute to).

• Naming a personal representative to oversee your estate when you’re gone.

• Naming a guardian for your minor children.

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Signing a will is a great first step to estate planning. And, don’t worry. If you execute a will today, you can always revoke or modify your will at a later time if your circumstances and/or desires change. 

 

Wills are a great way to make sure your property is distributed according to how you want it divided. We can work with you to make sure that your property goes exactly where you want it to go when you’re gone.

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TRUSTS

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Setting up a trust is sort of like creating another person (or entity) to hold your property during your lifetime. And, like a will, a trust can be revoked or amended if desired (so long as it is created to be revocable). Similarly, with a revocable trust, you can transfer property in and out during your lifetime, which can avoid major headaches for your loved ones when you're gone. (We can also refer you to a competent accountant to assist you with tax-related questions regarding your trust, as well as transfers in and out of the trust.)

 

One of the main purposes of setting up a trust is to save your loved ones and heirs the headache of a going through the probate process after you’re gone. With a properly drafted and funded trust (meaning that you have transferred your property into the trust), your loved ones and heirs will generally not be required to expend time, money, and energy going through a court action to distribute your property according to your desires when you're gone. Avoiding the probate process can be a huge benefit to your loved ones and heirs who are already dealing with the emotional toll of your passing.

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While every estate plan is different, our estate planning attorneys can help explain the importance of executing a will at the same time you execute your trust, which will effectively convey any property to your trust that you forgot to put into the trust during your lifetime. This that that property can be distributed according to the terms of your trust. While the goal is to get all of your property into your trust, sometimes property is forgotten or missed, and a will can be a useful way to account for such property. If you forget to put your property into your trust during your lifetime, your loved ones and heirs may need to go through the probate process to address the forgotten property. However, with a will, you can still control how that property is ultimately dispersed. Our experienced Utah estate planning attorneys can talk you through this process in more detail and answer any estate planning and/or probate questions you might have.

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A trust is also a good way to address how your young children will ultimately receive whatever property is left to them (in the event you happen to pass before they reach a certain age). For example, if you have younger children, you can instruct that the trust not disburse their property until they reach adulthood, turn 21, or any other age. Alternatively, you can instruct that the trust only disburse certain portions of your property as your children reach certain ages. There are many options for providing for your children and we can work with you to come up with a plan that makes sense for your family.

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We find great joy in helping families and individuals navigate and prepare for the process of transferring assets to loved ones and the goal of our estate planning attorneys in Utah is to prepare our clients for all possible outcomes and to help them take steps now that will minimize conflict and controversy among family members down the line.

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Feel free to reach out to discuss your estate planning needs with one of our Utah estate planning attorneys. In estate planning matters, we offer 30-minute, no-obligation consultations for a flat fee of $75.00. This allows us to schedule a specific time to talk regarding your matter and answer your questions. From there, you decide whether you want to hire our Utah will and trust attorneys to help you plan for your passing.