Salt Lake City Estate Planning Lawyers
The plans you make for your beneficiaries can be undermined if your estate plan has not been properly drafted. Without proper planning, distribution of your estate may be subject to a lengthy court proceeding, and your beneficiaries may have to pay taxes and other costs that could have been avoided. In a worst-case scenario, your assets may not go to the persons you wanted to receive them.
At Bostwick & Price P.C. in Salt Lake City, Utah, our lawyers draft wills, trusts and other estate planning documents to reflect your wishes and provide for the efficient transfer of your assets to your intended beneficiaries. Components of an estate plan typically consist:
- A will to determine who should receive your assets and when they should receive those assets. A will can also name guardians for minor children if both you and your spouse should die before your children reach age 18.
- If you have significant assets, you should consider a trust. By placing assets in a trust, you can avoid probate for those assets. A trust also keeps your family’s private financial affairs out of the courtroom.
- A durable power of attorney to designate a trusted person to sign papers for you and manage your affairs if you are incapacitated. Without a durable power of attorney, your family may have to go through the expense and delay of a guardianship proceeding to manage your affairs.
- A living will determines what steps, if any, medical professionals should take to keep you alive if you are in a terminal condition with no hope of recovery. Without a will, these important decisions would be left to others — possibly a court — creating a great deal of stress for your family at a difficult time.
Some assets can pass directly to your beneficiaries upon your death, such as assets kept in a will, property held in joint tenancy, life insurance benefits and investment accounts that have a beneficiary designation. However, items held in will must go through probate, which can result in additional legal fees and costs for your beneficiaries.
Contact Our Utah Trust Attorneys