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Estate planning revolves around the drafting of a will or establishing a trust, and the process of assigning beneficiaries who will inherit your assets after your demise. In Salt Lake City and throughout the United States, this body of law is also concerned with the creation of powers of attorney and living wills that direct your preferences should you become incapacitated. In addition, estate planning law can involve tax planning to mitigate a potential tax bite on your estate upon your passing.
Seeking the help of a lawyer in Estate Planning can be beneficial in various scenarios. One common situation involves the management of a large assortment of personal assets, where an attorney can help ensure that the distribution of these assets is handled properly. You may also require legal help if you have minor children for whom you wish to arrange long-term care and guardianship. If your estate is likely to owe estate taxes, a lawyer can assist in finding the best ways to reduce or eliminate these taxes. Furthermore, having an attorney by your side can be beneficial if you run a business that you wish to maintain as a functioning entity after your passing.
Regarding estate planning in Salt Lake City, the rules and laws governing estate planning primarily fell under Utah State law. It is important to comply with stipulations such as having two witnesses present when signing a will. In terms of trusts, Utah law offers options including living trusts to help avoid probate, testamentary trusts that are part of a will, and marital or A/B trusts to minimize estate taxes. The state also has a spouse elective share law, which ensures that a surviving spouse is entitled to at least one-third of the deceased's estate.
If you die without a will or an estate plan in Salt Lake City, your estate will be distributed according to Utah’s intestate laws. These laws dictate a rigid distribution scheme, which may not align with your intended beneficiaries or asset allocation.
Your lawyer can help plan your estate in such a manner that minimizes your estate tax liability, such as through the creation of specific types of trusts or gifting during your lifetime.
Probate is the legal process for validating a will and distributing an estate under court supervision. It can be avoided or minimized through proper Estate Planning, such as by utilizing joint ownership or beneficiary designations, or by creating a revocable living trust.
Yes, you can change your estate plan at any time while you're alive and competent. Changes can be made by codicil (amendment to a will) or amendment (for a living trust), or by creating an entirely new estate plan.
While it's possible to draft these documents yourself, it's advised to hire a lawyer. An experienced attorney can ensure that your will or estate plan is legally sound, accurately reflects your wishes, and provides the best strategies for tax planning and probate avoidance.
The Utah State Courts provide online resources regarding probate, wills, and other aspects of estate planning. Additionally, organizations like the Salt Lake County Aging Services can provide helpful support, particularly for senior individuals who may have specific estate planning considerations.
If you need legal assistance in Estate Planning, begin by identifying your needs and goals, making a list of your assets, and understanding your family structure and dynamics. Then, seek out an attorney who specializes in Estate Planning in Salt Lake City. Prepare for your meeting by gathering important information and documents like your current will, life insurance policies, and detailed information about your assets and debts.
