Adults who have assets, such as homes, cars, stocks, bonds, jewelry and art, need to plan for the time when they are no longer here. The same holds true for parents of minor children. Most people know they should have a current will and hospital directives, but many of them put off actually making an appointment with an attorney and sitting down to fill out the paperwork. There are a number of good reasons why estate planning in Utah needs to be a priority.
All parents of underage children need to draw up wills that state clearly who will take over raising those children if they become incapacitated or die unexpectedly. Without some formal document in place, it will become the business of the court to decide where the minors go and with whom. Without a legal will, a surviving spouse may be temporarily deprived of the funds needed to live comfortably.
There may be certain heirlooms or antiques that you want a specific family member to have after your death. Without a will, your wishes may be contested by other members of the family. If you don't leave instructions, your case may end up in the court system for a lengthy period during which your heirs will not have access to the assets you left behind. It may slow down receiving insurance benefits as well.
Unless you plan ahead a large chunk of the property you leave behind may end up in the hands of the government or have to be liquidated to pay estate and transfer taxes. You will probably need to consult an experienced attorney who knows how the laws concerning inheritance work.
Not only will it save heirs money in taxes, it may save them from ending up in court disputing the disposition of assets. When family members start fighting about how to divide property, lawyers may have to get involved. Resolving it can take months or years depending on how complicated the disagreement is. If assets are tied up in the court system, none of the heirs has the ability to make decisions to expand or disperse properties.
A will should state who is going to be the trustee and have responsibility for overseeing any division of assets. Any charitable donations need to be included in the will, especially if there is a lump sum payment bequeathed to the organization. Sometimes there is a member of the family that will need special care for an extended period of time. Leaving instructions for that person's well being can be an important part of a will.
Business owners, or those with interest in a business, should always leave detailed instructions about who will take ownership and make future decisions for the company. The deceased individual may even instruct survivors to sell or close a business.
If you don't make a will and plan carefully, the courts may end up deciding how to divide your assets. It is in everyone's best interest to make the decisions yourself.
All parents of underage children need to draw up wills that state clearly who will take over raising those children if they become incapacitated or die unexpectedly. Without some formal document in place, it will become the business of the court to decide where the minors go and with whom. Without a legal will, a surviving spouse may be temporarily deprived of the funds needed to live comfortably.
There may be certain heirlooms or antiques that you want a specific family member to have after your death. Without a will, your wishes may be contested by other members of the family. If you don't leave instructions, your case may end up in the court system for a lengthy period during which your heirs will not have access to the assets you left behind. It may slow down receiving insurance benefits as well.
Unless you plan ahead a large chunk of the property you leave behind may end up in the hands of the government or have to be liquidated to pay estate and transfer taxes. You will probably need to consult an experienced attorney who knows how the laws concerning inheritance work.
Not only will it save heirs money in taxes, it may save them from ending up in court disputing the disposition of assets. When family members start fighting about how to divide property, lawyers may have to get involved. Resolving it can take months or years depending on how complicated the disagreement is. If assets are tied up in the court system, none of the heirs has the ability to make decisions to expand or disperse properties.
A will should state who is going to be the trustee and have responsibility for overseeing any division of assets. Any charitable donations need to be included in the will, especially if there is a lump sum payment bequeathed to the organization. Sometimes there is a member of the family that will need special care for an extended period of time. Leaving instructions for that person's well being can be an important part of a will.
Business owners, or those with interest in a business, should always leave detailed instructions about who will take ownership and make future decisions for the company. The deceased individual may even instruct survivors to sell or close a business.
If you don't make a will and plan carefully, the courts may end up deciding how to divide your assets. It is in everyone's best interest to make the decisions yourself.
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