How to Avoid Probate in Utah

No one wants to think about the end of their life but on the other hand, you likely also want to leave a legacy for your loved ones. Often, this legacy is in the form of money or other assets. Unfortunately, too many people do not make their final wishes clear. This can result in disputes among surviving loved ones, and confusion about how to administer the estate.

Many estates are subject to the probate process to resolve any disputes that arise and to administer the property within an estate. However, there are many reasons people want to avoid probate. Below, our Utah estate planning attorney explains how to do it.

What is Probate? 

Probate is a court-supervised process that finalizes a person’s financial affairs after they pass away and that transfers their property to their beneficiaries after they pass away. Technically, the term ‘probate’ refers to verifying a person’s will and following the provisions within it. Still, the probate process is nearly identical for those who had a will and those who did not.

There are many reasons people want to avoid probate after they pass away. Probate opens an estate up to creditor claims and also makes a person’s estate part of public record. Probate is also a costly and lengthy process, which are additional reasons why people want to avoid it.

Avoiding Probate in Utah 

There are many effective ways to avoid probate in Utah. The most common of these are as follows:

• Revocable trusts: Also known as living trusts, these legal tools are very helpful when trying to avoid probate. Trusts hold property that is managed and controlled by the grantor, the person who created the trust, during their lifetime. A successor trustee is also named and this individual manages the trust and distributes the property within it to beneficiaries, after the grantor passes away.
• Beneficiary and TOD designations: Using beneficiary designations on life insurance accounts and transfer-on-death (TOD) designations on bank accounts allow these assets to transfer to beneficiaries outside of the probate process.
• Joint-tenancy deeds: Joint-tenancy deeds provide co-owners with the ‘right of survivorship,’ as long as they are properly executed. This allows one owner’s interest to automatically transfer to the other if a co-owner passes away.

When using any of the above methods to avoid probate, it is critical to work with a Utah estate planning attorney. Any mistake made when executing the above legal tools can leave property subject to the probate process.

Our Estate Planning Attorney in Utah Can Help with Your Case 

While there are many ways to avoid probate in Utah, you first need to decide if it is right for you. The process does have some drawbacks, but there are also advantages that come with it. At AGS Law, our Utah estate planning attorney can help you determine which option is right for you and properly execute the legal tools that will help you achieve your goals. Call us now at 801-477-6144 or contact us online to schedule a consultation and to learn more about how we can help with your case.

Source:

le.utah.gov/xcode/Title75/Chapter3/C75-3_1800010118000101.pdf