Estate Planning FAQs

Estate planning may seem fairly straightforward, but it is not. There are many laws that govern wills, trusts, and other estate planning tools. If your plan does not comply with these laws, your wishes may not be respected. People you intended to disinherit may receive a portion of your estate, or medical decisions may be made for you that do not align with your issues.

You may have many questions when creating your estate plan and it is important that you get the answers that you need. Below, our Utah estate planning attorney outlines some of the most frequent questions we hear, and the answers to them.

Is it Possible to Revoke a Will or Trust? 

Revoking your will or trust is possible, but this does not mean it is recommended. If your beneficiaries change over time, it is important to consult with an attorney who can advise on how to make the necessary changes. Revoking a will or trust can be complicated, so it is critical that you are aware of any possible consequences before you take any action.

What Happens if You Do Not Draft a Will?

 If you pass away and you did not draft a will in your lifetime, it is known as dying intestate. The intestacy laws in Utah will determine how the property in your estate is distributed, and these laws may not align with your wishes. You will not be able to plan for the assets in your estate, and you also cannot choose your beneficiaries.

Who Should Create an Estate Plan? 

Many people think that only the wealthy should create an estate plan, but this is not true. Truthfully, all adults should create an estate plan to ensure their property is distributed the way they wish. Even if you do not think you have significant assets, creating an estate plan allows you to determine who will receive your vehicle or bank account after you pass away.

Do Wills Have Any Legal Limits?

 Yes. While wills are an important part of any estate plan, they do have limitations. For example, the beneficiaries listed in a life insurance policy will receive the funds automatically after you pass away. If you have established a trust, the terms of the trust will also dictate what happens to the property within it. Lastly, you cannot include jointly-owned property in your will, as it will automatically become the co-owner’s property if you pass away.

Should I Work with an Estate Planning Lawyer in Utah? 

You are not required to work with a Utah estate planning attorney when drafting legal documents. However, it is highly recommended that you do. Without sound legal advice, you may make mistakes which can result in others making decisions about your estate instead of you. At AGS Law, our experienced attorney can advise on the estate planning tools that can help you achieve your goals and ensure your wishes are fulfilled. Call us today at 801-477-6144 or chat with us online to schedule a consultation and to learn more about how we can help.

Source:

le.utah.gov/xcode/Title75/Chapter7/C75-7-P6_1800010118000101.pdf