Key Components to Include in Your Estate Plan

Creating a comprehensive estate plan is about much more than just writing a will. It is about developing a strategy that will provide for your loved ones, protect your assets, and ensure that your wishes are respected. Drafting a well-structured plan can also minimize probate complexities, prevent family disputes, and give you peace of mind about the future. Below, our Utah estate planning attorney outlines the most important components to include in your plan.

A Will

Although a thorough estate plan is about more than just a will, these legal documents serve as the foundation of most estate plans. A will outlines how you want your property distributed after you pass away and allows you to name a guardian for your minor children. Without a will, state law will determine how your property is distributed, which may not align with your wishes. If you do not appoint a guardian, the courts will choose one for you and this may also not be the same person you would have chosen.

A Trust 

Establishing one or more trusts gives you even more control over how your property is distributed, and when. A living trust allows you to retain control of your property during your lifetime and distributes it after you pass away. You can also name a successor trustee who can manage the trust in the event that you become incapacitated. There are other types of trusts you may want to draft as well, such as a charitable trust that can provide certain tax advantages while donating to a worthy cause.

A Power of Attorney

With a durable power of attorney, you can name someone to handle your legal and financial affairs if you are ever unable to manage them yourself. This ensures that investments are maintained, bills are paid, and other important matters are handled according to your wishes.

Advance Directives 

Also known as health care directives, these legal documents allow you to designate a health care agent and outline your preferences for medical care you do or do not want to receive. This ensures that your wishes are respected if you are unable to communicate your wishes regarding medical procedures or treatment.

Beneficiary Designations 

Many insurance policies, retirement plans, and financial accounts give you the opportunity to designate beneficiaries. Upon your death, the proceeds from these accounts are then directly distributed to the beneficiaries. Generally speaking, these beneficiary destinations override the terms outlined in a will. It is important to review and update these beneficiaries regularly.

Our Estate Planning Attorney in Utah Can Draft Your Plan 

Drafting a thorough estate plan allows you to take control of your legacy and protect your loved ones. At AGS Law, our Utah estate planning attorney can review the facts of your case, help you determine the documents that are most important to you, and execute them properly so you and your loved ones are protected. Call us today at 801-477-6144 or fill out our online form to schedule a consultation and to get the legal advice you need.

Source:

le.utah.gov/xcode/Title75/Chapter2/C75-2-P5_1800010118000101.pdf