Category Archives: Estate Planning
How Do Major Life Events Impact Your Estate Plan?
It is true that the only real constant in life is change. Some are unexpected, some are joyous, and some cause real grief. Births, deaths, and divorce are just a few of the life changes that can impact your estate plan. These life events can change your legal responsibilities, your wishes, and how your… Read More »
Important Considerations Before Establishing a Trust
Trusts are simply legal documents grantors (people establishing a trust) use to transfer their property to the name of the trust. Grantors also name trustees, often themselves, to manage the property within a trust. Successor trustees are also named. Successor trustees will take over management of the trust and its assets if the grantor… Read More »
How Can an Estate Plan Minimize Family Disputes?
Many people go into the estate planning process with the intention of passing on their legacy, and property, to their loved ones. Another important reason create an estate plan is one that many people overlook. Thorough and thoughtful estate planning can help your loved ones avoid conflicts that could irreparably damage relationships and tear… Read More »
What Elements to Include in Your Will?
Drafting a will and other components of your estate plan is one of the most loving things you can do for your family while also potentially protecting your assets. Most estate plans start with a comprehensive will that ensures your wishes are respected, potential disputes are minimized, and your loved ones are provided for…. Read More »
Common Reasons People Procrastinate With Estate Planning
In the United States, approximately 44 percent of adults have a will or a comprehensive estate plan. This means that the majority of individuals, roughly 56 percent, do not have any formal estate planning in place. Utah generally reflects the national trends, meaning most adults in the state also do not have an estate… Read More »
Mistakes to Avoid When Choosing a Personal Representative
When drafting your estate plan, you will have to make many decisions. Of these, one of the most important is the person you name as your personal representative. You appoint your personal representative in your will, and they play a key role when administering your estate. Your personal representative will prepare an inventory of… Read More »
What is the Difference Between a Revocable and Irrevocable Trust?
Trusts are important estate planning tools. These legal documents allow you to transfer property into the name of the trust, which has many benefits. While there are many different types of trusts, they all fall into one of two categories: revocable and irrevocable. The type of trust you choose to establish will depend on… Read More »
Estate Planning Considerations for Utah Business Owners
Estate planning is critical for all adults who own property in their name alone. For business owners in Utah, estate planning is even more important. Only with a solid estate plan can business owners ensure their business continues to operate after they pass away or become incapacitated, reduce tax burdens, and protect their family… Read More »
How an Advance Directive Can Protect You During a Medical Emergency
An advance health care directive is a way for you to state your health care wishes in writing before a medical emergency. This legal document informs your doctors and your loved ones what medical treatments you wish to receive, and which ones you do not, in the event that you are ever unable to… Read More »
Mistakes to Avoid When Naming Beneficiaries
When planning your estate, there are a number of different legal tools you can use. Many people first think of wills, trusts, and powers of attorney. However, beneficiary designations are also a big component of estate plans. Whether you are naming beneficiaries in your will, in a trust, or designating them on financial accounts,… Read More »