A living will, also known in some states as a health care directive or directive to physicians, is a document that allows you to state your wishes for end-of-life medical care. This is done in case you become unable to communicate your own health care decisions. A durable power of attorney, on the other hand, is another type of medical care directive. It is a document that allows you to name a person to oversee your medical care and make health care decisions for you if you ever become unable to do so. A living will, despite its name, isn’t at all like the wills that people use to leave property at their death. If you’re helping someone with their estate planning (or doing your own), don’t overlook a living will. It can give invaluable guidance to family members and healthcare professionals if a person can’t express his or her wishes. Without a document expressing those wishes, family members and doctors are left to guess what a seriously ill person would prefer in terms of treatment. They may end up in painful disputes, which occasionally make it all the way to a courtroom. How to Create a Living WillThe requirements for a living will vary by state so many people hire a lawyer to prepare their living will. Most people can create this simple document along with the other typical estate planning documents without the high legal fees by using a quality software application that accounts for their state’s laws. If you need to write or update a will or trust, you can take care of your living will at the same time. In addition to a living will, you can create a complete set of estate planning documents including your will, power of attorney, living trust, and more. How Living Wills WorkMany states have forms for advance directives, allowing residents to state their wishes in as much or as little detail as they’d like. For example, it’s common to direct that palliative care that is, care to decrease pain and suffering always be administered, but that certain extraordinary measures,” like cardiopulmonary resuscitation (CPR) not be used in certain circumstances. To be valid, a living will must meet state requirements regarding notarization or witnesses. A living will can be revoked at any time. The document can take effect as soon as it’s signed, or only when it’s determined that the person can no longer communicate his or her wishes about treatment. Even if it takes effect immediately, Doctors will rely on personal communication, not a document, as long as possible. Living wills are often used with a document called a durable power of attorney (DPOA) for healthcare. In some states, in fact, the two documents are combined into one. A DPOA appoints someone to carry out the wishes about end-of-life treatment that are written down in a living will or medical directive. The person named is called the agent, healthcare proxy, or attorney infact of the person who makes the DPOA. Living Wills After DeathAny authority granted by a living will ends when the person who made the document dies, with the single exception that some living wills or powers of attorney give healthcare agents the power to make decisions about organ donation or autopsy. But because those decisions must be made very soon after death, the authority is not long-lasting. Again, this is in sharp contrast to a regular last will and testament, which has no effect when the will-maker is alive but becomes legally binding at death. Finding and Filing the WillThe executor of the will the person they will names to take charge of the person’s affairs when the time comes is the person who should take custody of the will. But there’s a Catch-22 if you don’t know who the executor is until you find the will and read it. Generally, the people who were the closest to the deceased person look for the will and take responsibility for it once it’s found. But it shouldn’t matter who actually finds the will. If you don’t know where the will is, start your search in the places that seem like good bets to house important documents: file cabinets, desk drawers, and boxes of papers at home and work. If you don’t find anything, consider these possibilities: Filing the WillWhether or not a probate court proceeding is planned, the person who has possession of the original will must file it with the probate court after the will maker dies. (Make a few copies before you do; the court will keep the original.) This isn’t an optional step. By law, most states require that you deposit the original will with the probate court in the county where the person lived within 10 to 30 days after it comes into your possession. Lots of Americans more than half, by some estimates don’t leave a will. So if you can’t find one, the reason may simply be that the deceased person never made a will. It’s not a cause for worry. Whether or not there is a will doesn’t change the need for probate. State law will determine who inherits property that would have passed under the will. And a lot of valuable property isn’t affected by the terms of a will, anyway. For example, property held in a living trust, pay-on-death bank account, or retirement account usually goes directly to the beneficiaries named to inherit it, without probate. Similarly, property owned with someone else, such as a house owned in joint tenancy, generally goes to the surviving co-owner and isn’t affected by the will. Things can be a little more complicated if you find only a copy of the will, not the signed original. Probate courts want the signed document itself, not a copy. A court may, however, be willing to hear arguments about why the copy should be accepted as if it were an original for example, a good explanation of why the original document isn’t available and evidence that the deceased person had not changed his or her mind about the terms of the will. If you can’t find any will, or you find only an old one that you’re sure was revoked, you may be able to prove that the will in effect at the time of death has been lost. If you can also prove what it said—perhaps with testimony from the lawyer who drew it up, or the surviving spouse the court may accept its terms. You’ll need help from an experienced probate lawyer. If you have reason to believe that someone has the will but doesn’t want to produce it, you can ask the probate court to order that person to deposit the will with the court. But talk to a lawyer before you go to court or mention the idea to anyone you suspect of hiding the will. When people draw up their last will and testament, they often store the document in a lockbox or a secured filing cabinet to ensure the will is readily available upon their death. However, the will maker called the testator can also file a copy of his will prior to his passing, ensuring the will becomes a matter of public record and thus far more difficult to dispute. After the testator dies, the individual he has appointed as his executor is responsible for filing the will with the jurisdictional court to begin probate procedures and administer the testator’s final wishes. A testator is not required by statute to file her will during her lifetime. Some testators choose to file anyway, to ensure their will is a part of the public record before they pass. In some states, the testator can file an original copy of her will with the appropriate court and receive a docket number in advance so her appointed executor merely has to notify the court of her death to begin probate. However, most states suggest filing the will with the local Office of the County Recorder, which will not initiate any legal proceedings but does make the will a part of public record. To make a will a part of public record prior to passing, the testator can file a copy of his signed will with his local Office of the County Recorder. The testator will probably incur a nominal filing fee typically, between $10 and $50 for filing his will. After submission, the office will provide the testator with a filed copy, which he should store, somewhere secure for safekeeping. He can also provide a copy of the filed will to his executor and his family attorney for additional security. While any subsequent will the testator executes automatically voids the filed version, the testator should consider filing a new copy of his will each time he amends the on file version with a codicil and when he executes an entirely new will to prevent potential confusion during probate. When the testator passes, the appointed executor should file a copy of the will to initiate probate procedures. While not statutorily required for any will, probate is the process during which the court will review and verify the veracity of the testator’s will, oversee administration of the estate and handle any outstanding claims against the testator or her estate. The executor should file the original copy of the will with the appropriate court immediately following the testator’s passing. In most states, the court with jurisdiction is called Probate Court; however, some states have a Surrogacy, Surrogate’s or Estate Court, all of which serve the same function as Probate Court. The correct court to file with is the court located in the same county as the decedent’s estate typically, the same county as the decedent’s primary residence. The executor will need to pay a filing fee at the time of submitting the will, which averages between $100 and $500, depending on the rules of the specific court. However, the executor should use funds from the estate’s bank account to cover these costs, as the estate is financially responsible for any attorneys’ fees, court costs and other legal expenses related to probating the estate. A will needs to be filed with a court after the death of the testator. This filing begins the probate process which ensures that the will meets legal requirements and gives out the estate according to the instructions in the will. Though not a requirement, a will may also be filed with the court before the testator’s death for safekeeping. Most states have separate courts that handle wills known as probate courts. If your state has a probate court, you must file the will with this court in order to open the estate for probate. Some probate courts accept a will before the testator’s death, but will not initiate probate until the testator dies. In states that do not have probate courts, you can file the will with the branch of the state courts that handles wills, such as the superior or district court. Courts that accept a will filing before the testator has passed away may ask the testator to leave a list of people who are permitted to pick up the will from the court after the testator dies. If no one picks up the will, the court may open the will and initiate the probate process under its own power. When the testator passes away, a living relative or the executor must file the will with the probate court in order to begin probate. The will cannot be acted upon until probate has begun. The executor may request the court to begin probate if the will is filed with the court for safekeeping. If the will is not filed with the court, the executor or another relative must bring the original will to the court to file it and begin probate. When a will is filed with the court after the testator’s death, it has to be accompanied by several additional filings. The most common is the petition to open the probate estate, which asks the court to start the probate process. An executor may also need to file a petition for Letters Testamentary, which a power is given to the executor by the court that allows her to do the things required to probate the estate. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
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8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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Perhaps the most confusing element in a financial plan is the estate plan. From the complex legal documents to the challenges of maximizing the legacy left to your heirs, it can be hard for many people to fully wrap their heads around what’s needed in their estate plan. Many people believe that if they have a will, their estate planning is complete, but there is much more to a solid estate plan. A good plan should be designed to avoid probate, save on estate taxes, protect assets if you need to move into a nursing home, and appoint someone to act for you if you become disabled. All estate plans should include, at minimum, two important estate planning instruments: a durable power of attorney and a will. A trust can also be useful to avoid probate and to manage your estate both during your life and after you are gone. In addition, medical directives allow you to appoint someone to make medical decisions on your behalf. Estate planning can give you control over your legacy while offering privacy and security. No matter if you’re rich, poor, young, old, or anything in between, having a well-developed plan for what happens to your assets can give you peace of mind that your loved ones will have financial security no matter what happens to you. The most successful estate plans factor in several considerations. For example, they might include name of who inherits your retirement accounts provide directives for your medical treatment if you become incapacitated. Key Points: Why Is Estate Planning Important?An estate plan is vital to helping you use your assets to provide for your loved ones in the event of your death or incapacity. When you don’t have an estate plan, financial decisions about your money, medical care and other issues may not be made in the way you would like. Not having a plan can cause a burden on your friends and family, especially if they have to manage your finances without knowing your wishes. Consulting with an estate planning attorney in Orem can help you get the most out of your estate plan by ensuring you complete the correct documents. DeathYou may not want to think about your death, but it’s practical to set a plan in place to prepare for it. A will is one common tool used to specify where your wealth goes after you die. If you don’t create a will, your state’s laws dictate what happens to your assets along with other decisions, and the results might not match your wishes. For example, you may want to pass your assets on to people outside your family, or you might want to name specific guardians to care for minor children. IncapacityAn estate plan can also ensure someone can make the financial decisions for you if you’re unable to manage your finances because you’re injured or sick. For example, you might become unconscious, be medicated, or simply lack the energy to communicate or take action. Without help, your bills may go unpaid or insurance policies can lapse. Who Is Estate Planning For?It’s a common misconception that estate planning is for rich people and those with children, the fact is, estate planning is for everyone. People of any income and single people also need to establish plans for what happens to their estate when they die or become incapacitated. If you are single, you need to designate beneficiaries for your accounts and [perhaps] name someone to care for your dog, If you are married with a family, this is the only place you can designate your best friend rather than your brother to take care of your children.” An empty nester may want to leave specific items to their nieces or nephews instead of their children. Or an aging senior may want to leave money to their church. An estate plan can dictate what happens with online accounts such as social media accounts, websites you own, email accounts, or other digital assets. Estate Plan EssentialsAn estate plan prepares you to deal with some of life’s most challenging situations. The plan is the detail of what happens to your money and property when you are gone, The list of essentials below is some of the most common factors that shape estate plans. Depending on your financial situation, you might not need to include them all; or other strategies not listed here might make better sense for you. Again, discuss your goals with an estate planning attorney in Orem Utah. Last Will and TestamentA will, a common foundation of an estate plan, is a legal document that provides instructions for handling assets in your estate after death. Your will can name who will receive cash, investments, homes, vehicles, valuables, and other items. A will does not necessarily address all your assets. For example, if you name a beneficiary on a retirement account or a life insurance policy, the will does not dictate who receives those funds—the beneficiary designation does. Wills can accomplish more than distributing property. For example, a will might: TrustsA trust is a legal arrangement in which a trustee holds assets for a grantor for the benefit of a beneficiary. So instead of holding assets in your name, you can hold them in a trust. Trusts are helpful for estate planning because they can help keep your assets out of probate, which can be a time-consuming and expensive process. A trust can also set detailed rules on when and how beneficiaries receive their inheritance. Not everyone needs a trust, but they can be especially useful in complicated situations. Trusts can also handle special situations, like a beneficiary with special needs or a beneficiary with poor money habits that needs conditions around their access to inheritance. A trust can enable someone else to manage your finances if you’re incapacitated. By naming a successor trustee, you allow that person to act on your behalf. A successor trustee can pay your bills and manage your accounts. Finally, trusts can provide privacy. A will is a public document after it’s filed with the court. Likewise, if you’re incapacitated, anyone who wants to manage your affairs must go through the courts to get control of your assets. In contrast, a trust can eliminate the need to create public records. Insurance ProtectionLife insurance can play a key role in estate planning. A life insurance policy often pays a tax-free death benefit to beneficiaries, and the death benefit might be substantial. Those funds can replace the deceased’s income, pay off debt, ensure that children can afford education, and more. Determining how much life insurance you need to replace your income if you pass away is an important part of the estate planning process. An insurance agent or a financial planner can help you determine how much insurance you need and what types of policies may be appropriate. Financial Power of AttorneyA power of attorney (POA) is a legal document that gives someone the right to manage legal and financial affairs for you. They can pay bills and invest money on your behalf in a variety of situations. You might want a POA in your estate plan to empower someone to make major life decisions, including about your health care or finances, when you can’t. Health Care DirectivesA thorough estate plan includes a specific plan for getting you the treatment that you would want when you’re unable to make or communicate decisions, no matter how old you are. Without proper health care directives, you might not get the treatment you’d like. You can either articulate your heath care wishes in a written document or assign someone to make decisions for you. • Living will: This is a legal document that states your medical treatment preferences. For example, you might specify that you do not want to be kept alive via a feeding tube. Depending on your state, these documents may be called “advanced care directives” or “medical directives.” Beneficiary DesignationsWith financial accounts such as IRAs and 401(k)s as well as with life insurance policies, you can designate a beneficiary to receive your assets after your death. This way, funds can pass to your beneficiaries without going through the probate process. The result is a relatively fast and easy transfer of assets after death. Beneficiary designations on things such as retirement accounts supersede any instructions in your will or trust. That’s because assets that go to a designated beneficiary generally do not become part of your estate or trust. They go directly to the beneficiary. Once you choose your designated beneficiaries, periodically review your choices to make sure they remain your preferences. Estate planning attorneys usually ask clients to verify beneficiaries once a year and revisit the full estate plan with their attorney every five years or so. Make a Plan for Your AssetsBy considering the common essentials as you shape your estate plan, you can better reduce the financial and emotional impact of your death or incapacity on your loved ones. Once you establish the right estate plan for you, review and update it periodically. Life events such as births, deaths, marriages, divorces, or changing health issues can affect your goals and priorities. It is strongly recommended to revise your state plan every five years to make sure they continue to align with your goals. Your finances, health, or family status may change dramatically in this time frame, Also, states update laws and federal tax rules are amended. … Be sure your documents reflect these changes.” Frequently Asked Questions (FAQs)1. What is the role of an executor in estate planning? An executor, also known as a personal representative, administers an estate after someone dies. That person follows instructions in the will (and state laws) to pay bills, file taxes, sell property, distribute assets, and more. 2. How much does estate planning cost? A standard estate plan can cost anywhere from a few hundred dollars to several thousand dollars. Online services are the least-expensive option, but they’re not customized to your needs. You might save money if your employer offers a legal benefit program that includes estate planning. Consult with an attorney to review the most cost-effective options for your situation. 3. What documents do you need for estate planning? Some of the most common documents include a last will and testament, power of attorney, living will, and health care proxy. Some people also need one or more trusts. Insurance policies could also have a place in your estate plan. The specific documents required depend on your circumstances. Probate attorneys in Orem Utah can help individuals establish strategies to avoid probate altogether. Options include revocable and irrevocable trusts, life insurance trusts, and various other techniques which transfer financial assets and personal property to intended beneficiaries. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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Orem is a city in Utah County, Utah, United States, in the northern part of the state. It is adjacent to Provo, Lindon, and Vineyard and is approximately 45 miles (72 km) south of Salt Lake City. Orem is one of the principal cities of the Provo-Orem, Utah Metropolitan Statistical Area, which includes all of Utah and Juab counties. The 2020 population was 98,129,[1] while the 2010 population was 88,328[5] making it the fifth-largest city in Utah. Utah Valley University is located in Orem. Orem uses the slogan “Family City USA. [geocentric_weather id=”c4afc332-0663-4e0a-beee-34107f681132″] [geocentric_about id=”c4afc332-0663-4e0a-beee-34107f681132″] [geocentric_neighborhoods id=”c4afc332-0663-4e0a-beee-34107f681132″] [geocentric_thingstodo id=”c4afc332-0663-4e0a-beee-34107f681132″] [geocentric_busstops id=”c4afc332-0663-4e0a-beee-34107f681132″] [geocentric_mapembed id=”c4afc332-0663-4e0a-beee-34107f681132″] [geocentric_drivingdirections id=”c4afc332-0663-4e0a-beee-34107f681132″] [geocentric_reviews id=”c4afc332-0663-4e0a-beee-34107f681132″] via Utah Lawyer for Divorce Business Bankruptcy Probate Estates https://ascentlawfirm.com/estate-planning-attorney-in-orem-utah/ Many people believe that if they have a will, their estate planning is complete, but there is much more to a solid estate plan. A good plan should be designed to avoid probate, save on estate taxes, protect assets if you need to move into a nursing home, and appoint someone to act for you if you become disabled. All estate plans should include, at minimum, two important estate planning instruments: a durable power of attorney and a will. A trust can also be useful to avoid probate and to manage your estate both during your life and after you are gone. In addition, medical directives allow you to appoint someone to make medical decisions on your behalf. A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be carried out. Further, your heirs may end up spending additional time, money, and emotional energy to settle your affairs after you’re gone. Though no single document will likely resolve every issue that arises after your death, a will—officially known as a last will and testament can come pretty close. Here’s what you need to know about these vital documents.• A will is a legal document that spells out your wishes regarding the care of your children, as well as the distribution of your assets after your death. Why You Should Have a Will In Ogden UtahSome people think that only the very wealthy or those with complicated assets need wills. However, there are many good reasons to have a will. • You can be clear about who gets your assets. You can decide who gets what and how much. A Written, Witnessed Will Is BestTo maximize the likelihood that your wishes will be carried out, create what’s known as a testamentary will. This is the most familiar type of will; you prepare the document and then sign it in the presence of witnesses. It’s arguably the best insurance against successful challenges to your wishes by family members or business associates after you die. You can write one yourself but having it prepared by a trust and estates attorney tends to ensure it’ll be worded precisely, correctly, and in keeping with your state’s laws. Other Types of Inheritance WillsWhile a testamentary will is likely your best bet, several other types of wills get varying degrees of recognition. Holographic willsWills written and signed by the testator but not witnessed are known as holographic wills—from the less common secondary meaning of the word holograph, meaning a document hand-written by its author. Such wills are often used when time is short and witnesses are unavailable, for example, when the testator is trapped in a life-threatening accident. Holographic wills are not recognized in some states, however. In states that permit the documents, the will must meet minimal requirements, such as proof that the testator wrote it and had the mental capacity to do so. Even then, the absence of witnesses often leads to challenges to the will’s validity. Oral WillsLeast widely recognized are oral wills, in which the testator speaks their wishes before witnesses. Lacking a written record, or at least one prepared by the testator, courts do not widely recognize oral wills. Pour-Over WillsAnother type of will, a pour-over will, is used in conjunction with creating a trust into which your assets flow. Mutual WillsA married or committed couple usually executes this type of will. After one party dies, the remaining party is bound by the terms of the mutual will. Mutual wills can be used to ensure that property passes to the deceased’s children rather than to a new spouse. Because of state differences in contract law, a mutual will should be established with a legal professional’s help. Though the terms sound similar, a mutual will should not be confused with a joint will. What Does a Will Cover?A will allows you to direct how your belongings such as bank balances, property, or prized possessions should be distributed. If you have a business or investments, your will can specify who will receive those assets and when. A will also allows you to direct assets to a charity (or charities) of your choice. Similarly, if you wish to leave assets to an institution or an organization, a will can assure that your wishes are carried out. While wills generally address the bulk of your assets, some aren’t covered by their instructions. Those omissions include payouts from the testator’s life insurance policy. Since the policy has specified beneficiaries, those individuals will receive the proceeds. The same will likely apply for any investment accounts that are designated as “transfer on death.” There’s a key exception: If the beneficiaries of those assets predeceased the testator, the policy or account then reverts to the estate and is distributed according to the terms of a will or, failing that, by a probate court—a part of the judicial system that primarily handles wills, estates, and related matters. Most states have elective-share or community property laws that prevent people from disinheriting their spouses. If a will assigns a smaller proportion of such assets to the surviving spouse than state law specifies, which is typically between 30% and 50%, a court may override the will. In addition to directing your assets, a will states your preferences for who should take over as guardian for your minor children in the event of your death. Wills and TrustsA will is also helpful even if you have a trust—a legal mechanism that lets you put conditions on how your assets are distributed after you die and, often, to minimize gift and estate taxes. That’s because most trusts deal only with specific assets, such as life insurance or a piece of property, rather than the sum total of your holdings. You might also consider setting up a trust as a way to provide for a beneficiary who is underage. Once the beneficiary is deemed capable of managing their assets, they will receive possession of the trust. Even if you have what’s known as a revocable living trust into which you can put the bulk of your assets, you still need what’s known as a pour-over will. In addition to letting you name a guardian for your children, a pour-over will ensure that all the assets you intended to put into the trust are put there, even if you fail to retitle some of them before your death. Any assets that are not retitled in the name of the trust are considered subject to probate. As a result, if you haven’t specified in a will who should get those assets, a court may decide to distribute them to heirs whom you may not have chosen. What Happens if I Don’t Have a Will?If you die intestate—that is, without a Will—the state oversees the dispensation of your assets, which it will typically distribute according to a set formula. Because of the elective-share and community property provisions mentioned above, the formula often results in half of your estate going to your spouse and the other half going to your children. Such a scenario sometimes results in the sale of the family home or other assets, which can negatively affect a surviving spouse who may have counted on the bulk of your assets to maintain their standard of living. Further complications may ensue if your children are minors, as the court will appoint a representative to look after their interests. Dying intestate may have tax consequences, too, since a properly prepared will can reduce the estate tax liability. In 2021, a U.S. estate tax return must be filed on individual estates valued at $11,700,000 or more; in 2022, that threshold rises to $12,060,000 or more. No federal estate tax is due if the estate is worth less than that amount. Getting Started on Your WillTo prepare a will, begin by compiling a list of your assets and debts. Be sure to include the contents of safe deposit boxes, family heirlooms, and other assets that you wish to transfer to a particular person or entity. If you wish to leave particular personal property to specific heirs, begin a list of those allocations for eventual inclusion in your will. Besides, you can identify the recipients of specific assets in a separate document called a letter of instruction, kept with the will. However, if you include assignments only within this letter, check that the document is legally binding where you live; some states do not recognize them. The letter of instruction can be written more informally than the will. It can also include specifics that will help your executor settle your estate, including account numbers, passwords, and even burial instructions. Other addenda to the will, such as power of attorney, a medical directive, or a living will, can direct the court on handling matters if a person becomes physically or mentally incapacitated. If both you and your spouse lack wills, you might be tempted to prepare a single document that covers you both. Resist the temptation. Estate planners almost universally advise against joint wills, and some states don’t even recognize them. Separate wills make more sense, even if your will and that of your spouse may end up looking remarkably similar. (As noted above, a joint will is not to be confused with a mutual will.) How to Prepare and Validate Your WillYou don’t necessarily need professional help to prepare a valid will. If you are comfortable taking care of the task on your own, several software programs are available to assist you, as are various DIY websites. Once you’ve drafted the document, it needs to be witnessed, usually by two adults of sound mind who know you well. Any person may act as a witness to your will, but it’s best to pick what’s known as a disinterested witness—someone who isn’t a beneficiary and has no financial or personal stake in your choices. Some states require two or more witnesses. If a lawyer prepared the will, they shouldn’t serve as one of the witnesses. In some states, a will must also be notarized, so check the rules where you live. Even if that formality isn’t required, you might consider having your witnesses complete what’s known as a self-proving affidavit. Signed in the presence of a notary, the document may facilitate the probate process by reducing the likelihood witnesses will be called into court to validate their signatures and the will’s authenticity. How to Change a WillYour will may never need to be updated. Or, you may choose to update it regularly. Remember, the only version of your will that matters is the most current valid one in existence at the time of your death. Review your will every two or three years and at pivotal moments in your life. Such events might include marriage, divorce, or the birth of a child. Your kids probably won’t need guardians named in a will after they’re adults, for example. Changing your will is easy. You write a new will to replace the old one or make an addition using an amendment known as a Codicil. Because of the serious nature of codicils and their power to change the entire will, two witnesses are usually required to sign when a codicil is added, much like when the original will was created. Some states, however, have loosened the legal regulations surrounding codicils and now allow for them to be notarized at a public notary. Ideally, you want to make any changes when you are of sound mind and in good health. This limits the likelihood that your wishes can be successfully challenged and avoids decisions made in haste or under intense emotional pressure Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Estate Planning Attorney In Mountain Green Utah Estate Planning Attorney In Murray Utah Estate Planning Attorney In Naples Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeOgden, Utah
From Wikipedia, the free encyclopedia
Ogden /ˈɒɡdən/ is a city in and the county seat of Weber County,[6] Utah, United States, approximately 10 miles (16 km) east of the Great Salt Lake and 40 miles (64 km) north of Salt Lake City. The population was 87,321 in 2020, according to the US Census Bureau, making it Utah’s eighth largest city.[7] The city served as a major railway hub through much of its history,[8] and still handles a great deal of freight rail traffic which makes it a convenient location for manufacturing and commerce. Ogden is also known for its many historic buildings, proximity to the Wasatch Mountains, and as the location of Weber State University. Ogden is a principal city of the Ogden–Clearfield, Utah Metropolitan Statistical Area (MSA), which includes all of Weber, Morgan, Davis, and Box Elder counties. The 2010 Census placed the Metro population at 597,159.[9] In 2010, Forbes rated the Ogden-Clearfield MSA as the 6th best place to raise a family.[10] Ogden has had a sister city relationship to Hof in Germany since 1954. The current mayor is Mike Caldwell. [geocentric_weather id=”795a0e26-23bc-470c-a334-135af97269ac”] [geocentric_about id=”795a0e26-23bc-470c-a334-135af97269ac”] [geocentric_neighborhoods id=”795a0e26-23bc-470c-a334-135af97269ac”] [geocentric_thingstodo id=”795a0e26-23bc-470c-a334-135af97269ac”] [geocentric_busstops id=”795a0e26-23bc-470c-a334-135af97269ac”] [geocentric_mapembed id=”795a0e26-23bc-470c-a334-135af97269ac”] [geocentric_drivingdirections id=”795a0e26-23bc-470c-a334-135af97269ac”] [geocentric_reviews id=”795a0e26-23bc-470c-a334-135af97269ac”] via Utah Lawyer for Divorce Business Bankruptcy Probate Estates https://ascentlawfirm.com/estate-planning-attorney-in-ogden-utah/ Getting married and starting a family can change your financial picture in substantial ways. One of the most essential tools you may need to protect your loved ones in that scenario is a last will and testament. Last Will and TestamentThe primary function of a will is to outline your wishes with regard to who will inherit your assets when you pass away. That can include things like a home you own, investment and bank accounts or your car. You can also use a will to pass on any assets that have more sentimental than financial value, such as collectibles, clothing or other personal effects. You wouldn’t, however, include any financial assets that already have a designated beneficiary in your will, such as: Having a will ensures that your wishes are honored with regard to how you want your assets divided. If you die without a will, you’re deemed intestate. When that happens, all of your assets are divided up according to the inheritance laws outlined in your state. If you’re married, your spouse and children would typically get first rights to your estate but when you’re single, your primary heirs would normally include your parents, siblings and other family members. If you’re young and healthy, the thought of something happening to you may have never crossed your mind. And if you’re older and still single, you may not feel the need to get a will until you’re married or have kids in the picture. So, who is a will right for? You may need a will when you’re single if: There are two ways to make a will when you’re single: you can either do it yourself online or ask an estate planning attorney for help. The DIY route may be more appealing if you have a relatively simple estate and you want to avoid high legal fees. On the other hand, if you’ve accumulated a decent amount of assets because you own several rental properties or the markets been good to your portfolio, then it may be better to have an experienced professional on-board. You could hand-write your will but those aren’t recognized as legal in every state. The better, and safer, the option is to have a computer-generated document outlining your wishes that you can have notarized and filed with the probate court in your state if that’s required to make it official. As you write your will, remember: Most single people should have a will. A will can help you determine who will get your property (including your home, business, pets, and digital assets), name guardians for your children, and name an executor. A will also puts your wishes in writing so there’s no confusion about your intentions. If you don’t have a will, your state’s intestate succession laws will determine who gets your property. In most states, this means that if you don’t have a will, your property will go to your closest relatives. For single people, recipients are usually parents, children, or siblings. If none of those people are alive to take your property, it will go to more distant relatives, like cousins, aunts, and uncles. Under these rules, your friends, significant others, and other relatives (like step-siblings) will get nothing. To avoid the default rules of intestate succession, make a will. Under a will, you decide who gets what and the default rules do not apply. In your will, you name the people you want to receive your property and what specific property you want them to receive. For many people who own a home, it is the most valuable thing they have. If you’re single, you certainly want to decide for yourself who should get it if you die. This may be especially true if you co-own your home with a partner and want your partner to own the entire home after you die. Things could get messy if intestate succession makes your parents or children half-owners of the house instead. You can use a will to make it clear who should get your portion. However, depending on how you and the co-owner hold the property, a will may not change who gets the property when you die. If you hold the property in joint tenancy, the co-owner will automatically become the full owner after you die, and you cannot use your will to give your portion to anyone else. If you have a business, a will can transfer your interest in it if you don’t have an agreement with other owners of the business. Work with an attorney if you want to make an exit strategy for your business, have multiple partners, or want to transfer the business to your child at your death. A lawyer will be familiar with your state laws on transferring business interests and can help minimize estate and income tax consequences. If you own digital assets, you may be able to pass some of these assets through your will. Examples of digital assets that may pass through your will include: It’s very important that you leave your executor instructions about how to access these assets. This is usually best done in a separate letter to your executor. You might also use that letter to leave instructions for digital assets that you cannot leave through your will (because you do not own them)—for example, email accounts, social media accounts, online memberships, subscription accounts, and apps on your phone or tablet. Separate from determining who gets your property, you can use your will to nominate a guardian for your children. A guardian is a person who will raise your children and manage their property if you die while they’re still minors. You can make the same person responsible for the custody side and the financial side, or you can name a separate guardian to manage the finances. In your will, you can let the court know your wishes. The guardian you name won’t automatically take custody; the court will schedule a hearing and determine who should be the guardian. (And if your child has another legal parent, that person will almost always be named as the custodial parent.) But, the court will take your stated preferences seriously. Get help from an attorney if you are concerned about this. Having a will can help avoid confusion because your wishes are in black and white. If your loved ones don’t get along and you don’t have a will, they might fight over what they think you would have wanted. If you have a will, your wishes are in writing for your loved ones to see. If you’re concerned about your loved ones still fighting even if you have a will, learn about how you can avoid a challenge to your will and get help from an attorney. Many people wonder if they really need a will. They may think that they don’t have enough assets to bother with a will. Some people erroneously believe that a will causes your heirs to have to go through probate, leading to unnecessary expenses. However, a will is a good idea for just about everyone. Another misconception about having a will is the idea that having a will causes your heirs to have to go through probate, and that it will be difficult and expensive. If you die without a will, the probate court is still going to oversee the distribution of your assets to your heirs. There is absolutely no reason to think that this process is made easier or less expensive by your not having a will. In fact, it will probably be more expensive. For one thing, whoever administers your estate will probably have to post a surety bond if you don’t have a will. If you do have a will, not only can you choose the person who will administer your estate, you can provide that he or she will not have to post a surety bond. Your will tells everyone what should happen to your money, possessions and property after you die (all these things together are called your ‘estate’). If you don’t leave a will, the law decides how your estate is passed on – and this might not be in line with your wishes. Reasons why you need a will How to start making a willMake a plan: Start by thinking about what you want to leave to whom and then talk to your family – they might have some suggestions you haven’t thought of. Once you have a plan look at the different options for making a will. If you are married, then you need a will because your spouse is someone who is so closely tied to you that it’s important for you to put in writing whether she or he gets your assets upon your death. Traditionally, your spouse would likely inherit your things even if you die without a will, but you shouldn’t leave that up to chance. Additionally, if you want anyone other than your spouse to receive any of your assets, you would need to include that in your will because that isn’t the default. If you have kids, you need a will because your kids are likely to inherit your things if you die intestate, after your spouse, but not necessarily. This means that if you want your kids to inherit after your spouse, then you need to put that in writing so there is no room for error or interpretation by the courts. Additionally, if you don’t want one of (or all of) your kids to inherit, then that needs to be in writing. Whether you want your kids to inherit your assets or not, it is likely that you have feelings about it one way or another. For this reason, it’s very important that you have a will in place so that the decision is being made by you, not the state. Conclusion Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
The post Estate Planning Attorney In Naples Utah first appeared on Utah Lawyer for Divorce Business Bankruptcy Probate Estates.
4.9 stars – based on 67 reviews
Estate Planning Attorney In Mount Pleasant Utah Estate Planning Attorney In Mountain Green Utah Estate Planning Attorney In Murray Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Utah Lawyer for Divorce Business Bankruptcy Probate Estates https://ascentlawfirm.com/estate-planning-attorney-in-naples-utah/ The relationship between a client and an estate planning attorney requires healthy two-way communication. Just as a patient should always give her physician all relevant information, an estate planning client should fully answer all questions that her attorney asks regarding her financial arrangements and family situation. At a minimum this means telling the attorney about all assets, liabilities, life insurance plans, retirement plans, existing partnerships and other entities, trusts the client has created, and trusts of which the client is a beneficiary. And just as a patient should ask as many questions as she feels she needs to ask in order to be fully informed, so an estate planning client should satisfy herself that she fully understands all the ramifications of a particular course of action before she commits to it. There should be nothing embarrassing about asking a question multiple times until the answer is fully understood. Ideally, an attorney would explain all relevant information to the client without the client even asking. In the real world, however, that often does not occur. The client should assume that she needs to be her own advocate. Ultimately, both the client and the attorney should remember that the best relationship is one in which there are no surprises. The following discussion offers some questions that a client may want to ask his/her estate planning attorney. How Much Complexities Will There Be?Attorneys sometimes suggest estate planning techniques to clients that appear simple from the attorney’s perspective but end up being unwieldy from the client’s perspective. A basic estate plan, the centerpiece of which will be a revocable trust, does not generally inject much complexity into the client’s life. Initially, the client will need to transfer assets to her revocable trust. On an on-going basis, the client will be transacting business through her revocable trust rather than in her name as an individual. Most clients do not find the administration of a revocable trust to be especially burdensome. On the death of the first spouse, however, the estate plan may contemplate the creation of one or more irrevocable trusts for tax or other reasons. The creation of these trusts may require the opening of new bank and brokerage accounts and the preparation and filing of additional tax returns every year. The couple should ask the attorney just what will be required after the first spouse dies, and they should make sure they are comfortable with that plan. More sophisticated estate planning techniques usually require even more complexity. For example, the creation of a family limited partnership combined with a plan for possible future gifts of partnership interests can require that: In general, before the estate planning client agrees to a course of action, he/she should ask the attorney: It is often the client’s accountant who will bear the burden of a sophisticated estate plan. Accordingly, another important question for the client to consider is whether her accountant is sufficiently familiar with the type of estate planning transaction contemplated. For example, if the attorney recommends a sale of partnership interests to an intentionally defective grantor trust, does the client’s accountant have experience with such arrangements? One final note on complexity: Estate planning professionals are not infallible. The more complicated an estate plan is, the more likely it is that something will go wrong. What Will Be The Tax Consequences?An attorney may recommend an estate planning technique to a client because it will save estate taxes, but fail to explain to the client other tax consequences. The client should always ask the attorney to explain to her each of the following tax ramifications of adopting a particular estate planning strategy: Particularly in today’s uncertain tax environment, the client should ask her attorney what the tax consequences are likely to be under different scenarios. For example: What if the client dies in a year when there is a $5 million estate tax exemption? What if the client dies in a year when there is a $1 million estate tax exemption? What if there is no estate tax when the client dies? It is also helpful to ask the attorney what the tax consequences will be under different market scenarios. What will happen if the value of the property dramatically appreciates? What will happen if the property declines in value? What will the attorney’s fee include?An estate planning client should always be clear about what services the attorney’s fee includes and what services it does not include. For example, the client should ask the attorney who is responsible for funding the client’s revocable trust. Transferring real estate to a revocable trust will require the preparation of deeds. Transferring partnership interests to a revocable trust will require preparation of partnership assignments. The client should ask the attorney if preparation of these documents will require an additional charge. If a more sophisticated estate planning technique is adopted, will there be an additional charge for: When an attorney quotes a fee to the client for the legal work associated with a sophisticated estate planning technique, such as a family limited partnership, the client should always ask what additional fees, such as real estate appraisals, business valuations and state filing fees will be needed to implement the technique. The client should also ascertain what on-going fees will be needed, such as annual state registration fees and annual accountant fees to prepare additional income tax returns. Can Changes Be Made In The Future?Clients often assume that a particular estate planning technique can be unwound if it does not turn out the way the client anticipated. While some entities, like LLCs and limited partnerships can be dissolved, other entities, like irrevocable trusts, often cannot. Similarly, once a gift has been completed, it usually cannot be revoked. Unanticipated circumstances often arise after the client completes an estate planning transaction. For example, the client might place her residence in a Qualified Personal Residence Trust, confident that she will not be selling the home for many years. If, however, she then decides that she needs to sell it before the QPRT term has expired, she may be very frustrated at the complexity that is involved in doing so. Before completing a transaction, the client should always ask the attorney whether and to what extent it will be irrevocable. What Is The Client Responsible For?Once the estate plan is implemented, it may fall to the client to keep it operational. For example, if the client has an irrevocable life insurance trust, certain procedures will be required to ensure that the desired tax results will be realized. Annual insurance premiums must be paid from certain funds and not other funds; notices must be sent to beneficiaries each year, etc Whatever advanced estate planning technique the client has adopted, the client should ask the attorney to provide her with a list of items for which the client is responsible, including: Basic Estate Tax InformationValues-based estate planning has been the subject of much attention in recent years. The term “values-based estate planning” does not have a precise definition; it means different things to different people. Generally speaking, values-based estate planning recognizes that an estate plan does not need to be only about money. It does not focus only on transferring wealth and saving taxes. Rather, values-based estate planning identifies personal values and priorities that can be expressed and implemented through an estate plan. A values-based estate plan tries to send a message to future generations about what their parents, grandparents and great-grandparents thought were important. There are a couple of principles that should be kept in mind when designing a values-based estate plan: The Mission StatementIt is becoming increasingly common for people to include mission statements in their estate plans, usually at the very beginning of their revocable trusts. A mission statement can say anything that one wants it to say. It is generally a statement of what values are important to the person who is creating the trust, leading into an explanation of why the trust was designed the way it was. As such, it is a guide to the trustee as to how she should administer the trust and what criteria she should use in making discretionary distributions to the beneficiaries. Because trusts can last for several generations, a mission statement can be the opening paragraph in a document that will be highly relevant to grandchildren and great-grandchildren. It can thus be used to convey one’s values, priorities and philosophy of life to generations not yet born. Directed Purpose TrustsWhile most trusts exist to provide general financial assistance to the beneficiaries, trusts can also exist for more particular purposes. Such “directed purpose trusts” can specify nearly any purpose that the creator of the trust wants. A directed purpose trust not only provides the financial means to implement the creator’s vision. It also sends a message to future generations that the trust’s purpose is something that was very important to the creator of the trust. Some examples of directed purpose trusts might be: a couple may want to provide an educational safety net for all of their descendants. The trust could direct the trustee to pay the primary, secondary, college and graduate school expenses of all of the couple’s descendants. A grandmother may want to ensure that sufficient funds are available to pay for the LDS church missions of all of her grandchildren. She could thus create a trust for the sole purpose of paying those costs. An avid amateur pilot may want to pass his passion along to his grandchildren. He could create a trust that would pay for the costs of taking flying lessons and maintaining pilot licenses for any of his grandchildren who are interested in taking advantage of the opportunity. The matriarch of a large extended family may want the family to remain tight-knit for as long as possible. She can create a trust that directs the trustee to pay for an annual family retreat at a nice resort. Along the same lines, if the family has a treasured vacation home, the home can be placed in a trust so that it is available for future generations. A grandfather may be determined to make sure that his grandchildren are financially literate. He could direct a trustee to pay for all personal finance and investment courses that a grandchild completes. In addition, an annual family retreat that is paid for by the trust could include a financial education seminar. Or, the trustee could be directed to set up an investment club with trust funds to give grandchildren an opportunity to learn about investing first-hand. Of course, any purpose for which a directed purpose trust can be created can also be built into a general purpose trust. Dynasty Trusts“Dynasty trust” is a generic term that refers to any trust that is designed to last for several generations. In some states, a trust can last in perpetuity. That is not true in Murray Utah, but a Utah trust can nonetheless last a very long time. A dynasty trust can be created for a particular purpose, as described above, or it can exist for the general purpose of supporting a family. A dynasty trust can also be a hybrid, designed to provide general financial support but also authorizing distributions and expenditures for particular directed purposes. Directed-Purpose Distributions to Individual BeneficiariesMost irrevocable trusts designate an income beneficiary who will receive distributions of the trust’s net income for the duration of his or her lifetime. Usually the trust also authorizes distributions of principal to the income beneficiary if needed for his or her medical needs, educational expenses or general financial support. In addition to these distributions, or instead of these distributions, a trust can authorize distributions for more particular purposes that express the values and priorities of the creator of the trust. An entrepreneur may want to encourage his children and grandchildren to develop an enterprising spirit. Accordingly, the trust he establishes for a child or grandchild may authorize the trustee to distribute or to loan trust funds to the beneficiary to start a business if the trustee believes the business concept is well-developed and shows promise. A mother may want to encourage her children and grandchildren to pursue careers that are socially valuable, even if such careers are not financially lucrative, such as an elementary or high school teacher. She may therefore authorize the trustee to make distributions from the trust to provide additional compensation to such a beneficiary. A father may expect his children to work for a living, rather than be “trust fund babies.” Accordingly, the trust may instruct the trustee to make distributions to the beneficiary only if the beneficiary is gainfully employed. A couple may want to give their grandchildren a leg up in life by authorizing the trustee to distribute or loan a grandchild sufficient funds to buy or make a down-payment on a first home. A couple may want to ensure that their children enjoy a comfortable retirement after working hard their entire lives. The trust could authorize distributions for this purpose. Family PhilanthropyCharitable giving is an important component of estate planning in many affluent families. Some families transmit their philanthropic values to younger generations by creating a family foundation. The family members sit on the board of trustees of the foundation and decide what grants are made each year. A popular alternative to a family foundation is a donor-advised fund under the umbrella of a community foundation. One disadvantage to a family foundation is that the administrative responsibilities can be quite burdensome. With a donor-advised fund, the community foundation handles all of the legal, accounting and other administrative matters. All the family members need to do is determine to whom the grants will be made each year. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
The post Estate Planning Attorney In Murray Utah first appeared on Utah Lawyer for Divorce Business Bankruptcy Probate Estates.
4.9 stars – based on 67 reviews
Estate Planning Attorney In Monticello Utah Estate Planning Attorney In Mount Pleasant Utah Estate Planning Attorney In Mountain Green Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Utah Lawyer for Divorce Business Bankruptcy Probate Estates https://ascentlawfirm.com/estate-planning-attorney-in-murray-utah/ A common question asked of estate planning attorneys is how to obtain a copy of a deceased person’s last will and testament or other probate court records. Because probate files are public court records that anyone can read, if a will has been filed for probate then you should be able to obtain a copy of it. And with modern technology comes the ability to locate information about a deceased person’s estate online, and in most cases for absolutely free. But while you may not be able to view copies of the actual will and other documents that have been filed with the probate court for free (many courts have started charging for the ability to view their documents), at the very least, you should be able to see a list of the documents that have been filed, who has been named as the executor of the estate, which attorney the executor has hired, and the name of the judge presiding over the case. Some courts even list the names of all of the creditors and beneficiaries of the estate. This will then give you the ability to request copies of the will and any other documents you are interested in viewing from the probate clerk’s office, or you can try contacting the executor or the executor’s attorney for additional information. How to Find Out Where a Probate Estate Has Been FiledIn general, an estate is probated in the county where the deceased person lived at the time of his or her death, or, in some cases, the county where the deceased person owned real estate. How to Locate Online Probate Records and Request CopiesOnce you have located the appropriate county where the probate estate should be administered, an online search can be done for that country’s probate court or probate court dockets. This can be tricky because in some states the probate court is not actually called the probate court, it could be referred to as the “circuit court,” “surrogate’s court,” “orphan’s court,” or any other number of courts. Once you have located the appropriate country and view the probate court docket online, usually the steps involved in obtaining a copy of a will or other probate document directly from the probate court will include the following: What to Do if You Cannot Locate Probate Records OnlineIf you do not have any luck in locating the appropriate probate court’s dockets online, then you can try the following: If you are unsuccessful after trying all of the above suggestions, your chances are that a probate estate has not been opened for the decedent in question. If you believe that a probate estate should have been opened, you should consult with an estate planning attorney in the area where the decedent lived in order to determine all of your options. The first step of settling any estate is determining if a Will exists. If it does, you will need an original signed version of copies won’t hold up in court. If there is no will, intestate laws will guide the estate settlement process. The second step is to compile an inventory of the deceased person’s assets. The Will (if one exists) and the asset information must be presented to the probate court to determine if probate is even necessary. If the deceased person’s assets were all jointly owned by, say, a spouse, or beneficiaries are already designated on assets like retirement accounts, probate may not be necessary. Some states don’t require probate if the estate is valued below a certain amount. This is why knowing the total value of the deceased’s estate is so important. To compile the all-important inventory, you will need these key documents: As you search for probate paperwork, keep any other legal documents you find. These may be needed later in the estate settlement process. These can include personal trust documents, divorce decrees and any legal contracts. When in doubt, save it! Probate Paperwork: Where to LookIn the house, start your sweep by checking the most obvious places. These include filing cabinets, fireproof lock boxes (which may be hidden in a closet or under a bed) and recent mail. Important probate paperwork may also be in a safe-deposit box at the deceased person’s bank or credit union. Some people have their attorney hold the original copy of their Will, so it’s worth finding out if the person had an attorney and contacting them. If you know the decedent’s passwords, you may also be able to log into their online accounts and review financial account information. If you’re unable to find the records you need, expand your search. Look under beds and through drawers in the house. Call trusted friends and family members who may know the whereabouts of those documents or may have been asked to keep a copy of the Will. For example, there may be shares in the Estate to sell through a stockbroker or share registrar which can be time consuming, with forms to be completed and signed by the Executors/Administrators. Or share certificates can be lost and unless they are held electronically then a search for them will have to be made; otherwise costs to the Estate will be incurred in order to replace them. Another common cause of delay is a potential Beneficiary being missing, where the close relatives of the deceased do not know the whereabouts of someone who has been named as a Beneficiary in the Will. In these circumstances reasonable investigations have to be carried out, usually by using a tracing agent in an attempt to find them. If the deceased owned a property that needs to be sold, obtaining a Grant of Probate is crucial. But finding a buyer for a Probate property that needs to be sold can take much longer and can often cause delays. Foreign assets will also add time to the process. Should there be a property abroad that needs to be sold, the acting Personal Representative have to sell that property by instructing foreign estate agents and lawyers. The Personal Representative must also comply with different requirements to issue notifications regarding the death and obtain the necessary permissions to sell the property. Estate Administrators/Executors can place a Deceased Estate notice in The Gazette, Official Public Record*, forward is two months. Another common reason for distribution to take a long time is if the Department for Work and Pensions (DWP) makes an investigation into any benefits the deceased may have been in receipt of. This will usually add a further 6 to 9 months before the final sum due back to them is confirmed as a liability of the Estate. If an insurance policy forms part of the Estate, the insurer has discretion as to whom they pay out to. Often a lot of questions will be asked of potential Beneficiaries and the circumstances of the death. Individual assets include all property titled in the decedent’s sole name without co-owners or payable-on-death and beneficiary designations. They commonly include bank accounts, investment accounts, stocks, bonds, vehicles, boats, airplanes, business interests, and real estate. They can also include personal property that may or may not have much value, such as artwork, memorabilia, and electronics. Holding title to property as tenants in common can’t typically avoid probate, at least not without a little help. If your loved one has died and you owned property together as tenants in common, certain laws and rules determine who will inherit his ownership interest. When the Property Is Titled in the Decedent’s Sole NameThis situation may seem impossible on the surface. How can a jointly-held property such as a tenancy in common be held in just one person’s name? It can’t—but the deceased’s ownership interest can be. If the decedent’s share of the tenant-in-common property is titled in his name alone, his ownership interest in the property will pass through his probate estate in one of two ways. It will go to the beneficiaries named in his last will and testament if he left a valid will. His portion of the tenant in common property would pass to the beneficiaries he named to receive it. Otherwise, it would go to the decedent’s heirs at law. These are individuals who stand to inherit from a decedent in the absence of a will. Although it varies by state law, spouses and children are usually first in line to inherit. If the decedent failed to make a will, his portion of the tenant-in-common property would pass according to these rules, called laws of intestacy. A mortgage is a debt, and the probate process addresses a decedent’s debts. But the decedent’s estate would not be responsible for paying off the mortgage if the loan is in joint names. In this case, consumer law trumps probate law. Both tenants were contractually bound to pay the mortgage. If only one of them survives, the entire contract obligation automatically shifts to the survivor by operation of law. But if the decedent held a mortgage in his sole name for just his portion of the property, his estate would be responsible for paying it or otherwise resolving the situation. This could potentially involve a forced sale of the property by either the estate or by the lender if there aren’t sufficient funds in his estate to settle the mortgage balance. The whole process can become complicated with various parties concerned with protecting their own interests. Tenant-in-common assets include property titled in the decedent’s name as a tenant-in-common with one or more other individuals. Each owner has a percentage interest in the property, such as 80 percent and 20 percent, or 50 percent and 50 percent. Real estate is often titled this way between unmarried owners, but other types of assets can be titled this way as well, including bank accounts, investment accounts, stocks, bonds, and vehicles. This type of property should not be confused with assets held by joint tenants or other arrangements with rights of survivorship. Property held with rights of survivorship passes directly to the survivor when one owner dies. It does not require probate and is not included in the decedent’s probate estate. If the decedent retiles his tenant-in-common interest into the name of a living trust before his death, this converts the tenant-in-common interest into a non-probate asset. It won’t require a probate court proceeding to pass to a new owner. It occasionally happens that someone will create a living trust and move his property into it, but this doesn’t necessarily mean that none of his property will be probate assets at his death. Living trusts do avoid probate of the property held by them, but years may go by during which the decedent acquires additional assets, and he may neglect to pass all of them to his trust. A common solution to this dilemma is to create a pour over will to direct property outside of the trust into the trust at death, but these assets are still subject to probate and contribute to the decedent’s probate estate. The probate process can be long and costly, taking months and sometimes years to resolve. The longer it takes, the more it will cost, leaving potential heirs with less than the deceased may have intended. For these reasons, most people will try to avoid probate in any way possible. Transferring assets outside of the probate process can not only save the estate a lot of time and expense, but can also help loved ones avoid years of legal hassle. There are four general ways to pass on your property and avoid the probate system: Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
The post Estate Planning Attorney In Mountain Green Utah first appeared on Utah Lawyer for Divorce Business Bankruptcy Probate Estates.
4.9 stars – based on 67 reviews
Estate Planning Attorney In Millcreek Utah Estae Planning Attorney In Monticello Utah Estate Planning Attorney In Mount Pleasant Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Utah Lawyer for Divorce Business Bankruptcy Probate Estates https://ascentlawfirm.com/estate-planning-attorney-in-mountain-green-utah/ An heir is one who stands to inherit from a person after that person dies. What rights an heir has to any inheritance are governed by the probate laws of the state in which the decedent lived. Probate laws differ significantly between states; consult a qualified probate attorney in your area if you need legal advice about your rights as an heir or beneficiary. An heir is entitled to receive property from a decedent’s intestate estate. When a person dies, all the property the person left behind is referred to as the estate. An intestate estate is one in which the decedent did not leave behind a valid last will and testament. If the decedent doesn’t leave behind a will, state law determines who inherits property regardless of the decedent’s desires. If a person dies without a will, her heirs inherit the estate. However, the manner in which this happens differs between states and is based on the relationship of the heir with the decedent. For example, in Utah, a decedent’s spouse inherits the entire estate if the decedent left no children, or if all the children are descendents of both the decedent and surviving spouse. If a decedent leaves behind a valid will, the intestate succession laws no longer govern who receives property. Instead, the will determines who the heirs are. In general, a person can choose to give away his properties to anyone he wants and can choose to disinherit children or relatives. One exception to this rule is the spouse’s elective share. An elective share is a percentage of the estate a spouse is automatically entitled to regardless of whether the decedent included her in the will. This effectively means a person cannot disinherit a spouse. An heir is commonly thought of as someone who receives money or property from a person who has died. Technically, heirs are the next of kin and are the people who would benefit if the person died without leaving a will. The succession of heirs is based on direct descendants, such as children or grandchildren. Other relatives, such as sisters and brothers, or aunts, uncles, nieces, nephews, and cousins, are called collateral heirs. A beneficiary is a person or an organization, such as a charity, named to receive assets from an estate. Heirs aren’t necessarily beneficiaries of a deceased person’s estate unless they are named in the will. For example, a child who would naturally be an heir could be accidentally omitted from a will or deliberately disinherited. An inadvertent admission can be challenged by a descendant claiming to be an heir. The Rights of Heirs-at-LawAn heir-at-law is anyone who’s entitled to inherit from someone who dies without leaving a last will and testament or other estate plans. This status can be an important factor not only in settling an estate but in determining who might be entitled to challenge or contest a will when the deceased does leave one. Who Is an Heir-at-Law?When a decedent does leave a will but glaringly omits someone who would have inherited if he had died intestate, this individual has standing to challenge or contest the will in court. Not just anyone can do this standing means the individual has some financial stake in the estate. This might be the case if the deceased left his entire estate to one child and omitted mention of his other child entirely in his will an heir-in-law would qualify. Status as an heir-in-law does not necessarily mean that a lawsuit to overturn the will would be successful. The heir-at-law would also have to establish that the deceased didn’t intentionally omit him from the will, disowning him. An heir-in-law isn’t automatically entitled to inherit when there’s a will that doesn’t mention him, but only if the decedent had died without any will at all. A surviving spouse is an exception to this rule. All states but not all prohibit a married individual from disowning his spouse and they have laws in place to make sure she receives her fair share of his estate. She’s always an heir-at-law, but she would not have to contest the will to claim her share. She would have to bring the omission to the attention of the probate court, however, usually by filing a claim. Exactly who qualifies as an heir-at-law can depend on where the decedent died and what he owned. The rules are established individually by each state so they can differ a little. Most states’ laws are very similar, however. Heirs-at-law and their rights to inherit are typically decided in an order called “intestate succession.” The more closely related you are to a decedent, the more likely it becomes that you are an heir-at-law. Other Relatives —”Collateral Heirs”The deceased’s parents, siblings, grandparents and other next of kin would inherit only if he left no surviving spouse, children or grandchildren. Intestate succession usually occurs in that order. These people are considered “collateral heirs” because they would only inherit if no more immediate relatives are living. When it appears that someone has died without any known heirs-at-law, some states require that a special notice be run in the newspaper, alerting individuals to come forward if they believe they are related to the decedent. These people can then file requests with the court for determinations of heir-ship which would give them a legal right to inherit. Some companies specialize in searching out and identifying next of kin and heirs-at-law, and sometimes a simple review of the decedent’s personal paperwork can impart clues. If no heirs-at-law can be identified, the decedent’s estate would typically escheat to the state. In other words, the state would receive his property. BeneficiaryA beneficiary is a person or organization who receives money or property because someone specifically names them in their Will or trust. Beneficiaries can include charities, places of worship, a decedent’s close friend or even his pet cat. If you are specifically named in a Will, you are considered a beneficiary. You can be a beneficiary who is also an heir, but not all heirs are beneficiaries. A beneficiary has the right to receive the share he got under the will in a timely manner and to receive written notice of the probate proceedings. How long it takes the executor to settle an estate depends on various factors, including the estate’s size and what type of property the decedent owned. For example, if the decedent owned real estate and the property must be sold, the executor has to put the property up for sale, find a buyer and close the deal. In this case, the beneficiaries may have to wait months before receiving the sale proceeds. Will beneficiaries are entitled to information about the estate, including the property the decedent owned and the property’s values and his debt. A beneficiary may ask the executor for an account of what he’s done on behalf of the estate. An account should be in writing, and the executor is expected to provide supporting papers, such as receipts or canceled checks for payments, proof of asset transfers and statements from any estate bank accounts. The supporting papers must match up with the information on the account the executor provides. The will beneficiaries are entitled to an executor who performs his duties fully and honestly. An executor must not act in a way that harms the estate. He cannot favor one beneficiary over another, behave in a dishonest or illegal manner or fail to live up to his legal obligations. A will beneficiary may petition the court if she believes the executor isn’t performing his duties properly, but she must have proof to support her complaint. For example, if she believes the executor is taking money from the estate to cover personal expenses, she’ll need financial statements that back up this allegation. If the court agrees with the beneficiary, the court may remove the executor and revoke his authority. Beneficiaries have the right to approve or deny the level of compensation an executor requests for his services. Not all executors are paid; a relative may act as executor and waive compensation. If the court granted an executor’s compensation request before the estate is settled without the beneficiaries’ approval, the beneficiaries may challenge the amount later. If the court finds the executor received an excessive amount of compensation, the executor may have to pay the beneficiaries back with interest. Rights of Heirs & BeneficiariesBeneficiaries are entitled to: A personal representative must put the interests of the estate in front of the personal representative’s own interests and must act with the utmost honesty. Beneficiaries have the right to be treated fairly and equally. The personal representative may not favor one beneficiary over another. Technically there is no time limit for closing an estate. It may take some time before a personal representative distributes property to the beneficiaries depending on the complexity of the asset holdings, the number of creditors, and whether there are any taxes due. Nonetheless, a personal representative who delays distribution of estate assets without a good reason is not fulfilling his or her duty. The most important reason to understand the difference between an heir and a beneficiary is that it illustrates the need to plan an estate and ensure that property is passed to the decedent’s desired individuals. Assets that are incorrectly addressed or not addressed at all may be given to heirs, rather than beneficiaries. This often occurs when an estate owner does not correctly plan their estate by creating a legal Trust with the help of qualified probate court attorneys who help decedents leave their property subject to a Will that will go through the probate process. Attorneys knowledgeable in probate law advice that documenting and assigning assets through a Last Will and Testament or legal Trust, allow a person to know that their assets will be distributed as they designate. Each document has its own benefits; using them together can be beneficial because it in many cases provides the best asset protection for an individual. For those leaving property to specific individuals, organizations, or anyone other than direct family members, a Trust should be considered for assigning such beneficiaries as recipients. By setting up a Trust, where beneficiaries are assigned as partial trustees before the estate owner passes, probate can be avoided. Trusts are powerful documents, giving estate owners the most control over asset distribution upon their death, without involving the courts in these sensitive and emotional decisions. Prudent estate planning with knowledgeable attorneys can begin at any time; experienced wills and probate lawyers suggest this is something that should begin as early as possible. Differentiating beneficiaries from heirs to be sure they receive assets designated for them is something very important in probate law and requires careful consideration with the help of probate attorneys. The part of a deceased person’s estate that is given to an heir is known as an inheritance. This can involve cash, stocks, bonds, real estate and other personal property such as automobiles, furniture and jewelry. There are many specific types of heir, such an heir apparent, the person supposed or expected to receive an inheritance; a presumptive heir, someone who’d get an inheritance unless a child was born to the property owner first; adoptive heir, a legally adopted child who has the same rights as natural child of the parents; a collateral heir, a relative who isn’t a direct descendant but is a family member. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
The post Estate Planning Attorney In Mount Pleasant Utah first appeared on Utah Lawyer for Divorce Business Bankruptcy Probate Estates.
4.9 stars – based on 67 reviews
Estae Planning Attorney In Manti Utah Estate Planning Attorney In Millcreek Utah Estate Planning Attorney In Monticello Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Utah Lawyer for Divorce Business Bankruptcy Probate Estates https://ascentlawfirm.com/estate-planning-attorney-in-mount-pleasant-utah/ Probate is the court supervised process of authenticating a last will and testament if the deceased made one. It includes locating and determining the value of the decedent’s assets, paying his final bills and taxes, and, finally, distributing the remainder of the estate to his rightful beneficiaries. Each state has specific laws in place to determine what’s required there to probate an estate. These laws are included in the estate’s “probate codes,” as well as laws for “intestate succession” when a decedent dies without a will. Probate is still required to pay the decedent’s final bills and distribute his estate when he dies without a will. Although the laws governing probate can vary from state to state, the steps involved are generally very similar regardless of whether a will exists. Probate is the official way that an estate gets settled under the supervision of the court. A person, usually a surviving spouse or an adult child, is appointed by the court if there is no Will, or nominated by the deceased person’s Will. Once appointed, this person, called an executor or Personal Representative, has the legal authority to gather and value the assets owned by the estate, to pay bills and taxes, and, ultimately, to distribute the assets to the heirs or beneficiaries. The purpose of probate is to prevent fraud after someone’s death. Imagine everyone stealing the castle after the Lord dies. It’s a way to freeze the estate until a judge determines that the Will is valid, that all the relevant people have been notified, that all the property in the estate has been identified and appraised, that the creditors have been paid and that all the taxes have been paid. Once all of that’s been done, the court issues an Order distributing the property and the estate is closed. Not all estates must go through probate though. First, if an estate falls below a certain threshold, it is considered a “small estate” and doesn’t require court supervision to be settled. Second, not all assets are subject to probate. Some kinds of assets transfer automatically at the death of an owner with no probate required. The most common kinds of assets that pass without probate are: Third, if a decedent had created a Living Trust to hold his or her largest assets, than that estate, too, won’t go through probate, unless the assets left outside of the trust add up to more than Utah’s small estate limit. That, in fact, is why that Living Trust was created, to avoid probate after the death of the trust’s Grantor. But for estates in Utah that exceed the small estate’s threshold, and for which there is either no Will, or a Will (but not a Living Trust), probate will be required before an estate can be transferred to the decedent’s heirs or beneficiaries. The general procedure required to settle an estate via probate in Utah is set out in a set of laws called the Uniform Probate Code, a set of probate procedures that has been adopted, with minor variations, in 15 states, including Utah. In Utah, under the UPC there are three kind of probate proceedings: informal, unsupervised, and supervised formal. Informal ProbateMost probate proceedings in Utah are informal. You can use it when the heirs and beneficiaries are getting along, there are no creditor problems to resolve and you don’t expect any trouble. The process begins when you file an application with the probate court to serve as the “personal representative” of the estate. (This is what most people think of as the “executor”). Once your application is approved, you have legal authority to act for the estate. Usually you’ll get what’s called “Letters Testamentary” from the court. Once you get the letters, you need to do these things: Once the property’s been distributed, you close an informal proceeding by filing a “final accounting” with the court and a “closing statement” that says you’ve paid all the debts and taxes, distributed the property, and filed the accounting. Unsupervised Formal ProbateA formal probate, even an unsupervised one, is a court proceeding. That means that a judge must approve certain actions taken by the Personal Representative, such as selling estate property, or distributing assets, or paying an attorney. The purpose of involving a judge is to settle disputes between beneficiaries over the distribution of assets, the meaning of a Will, or the amounts due to certain creditors. The informal probate process won’t work if there are disputes, so that’s when the court gets involved. Supervised Formal ProbateA supervised formal probate is one in which the court steps in to supervise the entire probate process. The court must approve the distribution of all property in such a proceeding. Most states have laws in place that require that anyone who is in possession of the deceased’s will must file it with the probate court as soon as is reasonably possible. An application or petition to open probate of the estate is usually done at the same time. Sometimes it’s necessary to file the death certificate as well, along with the will and the petition. Completing and submitting the petition doesn’t have to be a daunting challenge. Many state courts provide forms for this. If the decedent left a will, the judge will confirm that it is, in fact, valid. This typically involves a court hearing, and notice of the hearing must be given to all the beneficiaries listed in the decedent’s will as well as his heirs those who would inherit by operation of law if he had not left a will. The hearing gives everyone concerned an opportunity to object to the will being admitted for probate maybe because it’s not drafted properly or because someone is in possession of a more recent will. Someone might also object to the appointment of the executor nominated in the will to handle the estate. The judge will appoint an executor as well, also sometimes called a personal representative or administrator. This individual will oversee the probate process and to settle the estate. The decedent’s choice for an executor is typically included in her will, but the court will appoint next of kin if she didn’t leave a will, typically her surviving spouse or an adult child. This individual isn’t obligated to serve, he can decline and the court will then appoint someone else. The appointed executor will receive “letters testamentary” from the court a fancy, legal way of saying he’ll receive documentation that allows him to act and enter into transactions on behalf of the estate. This documentation is sometimes referred to as “letters of authority” or “letters of administration.” It might be necessary for the executor to post bond before he can accept the letters and act for the estate, although some wills include provisions stating that this isn’t necessary. Bond acts as an insurance policy that will kick in to reimburse the estate in the event the executor commits some grievous error, either intentionally or unintentionally that financially damages the estate, and, by extension, its beneficiaries. Beneficiaries can elect to unanimously reject this requirement in some states, but it’s an ironclad rule in others, particularly if the executor ends up being someone other than the individual nominated in the will or if he lives out of state. The executor’s first task involves locating and taking possession of all the decedent’s assets so she can protect them during the probate process. This can involve a fair bit of sleuthing sometimes some people own assets that they’ve told no one about, even their spouses, and these assets might not be delineated in their wills. The executor must hunt for any such assets, typically through a review of insurance policies, tax returns, and other documentation. In the case of real estate, the executor is not expected to move into the residence or the building and remain there throughout the probate process to “protect” it. But he must ensure that property taxes are paid, insurance is kept current, and any mortgage payments are made so the property isn’t lost and doesn’t go into foreclosure. The executor might literally take possession of other assets, however, such as collectibles or even vehicles, placing them in a safe location. He’ll collect all statements and other documentation concerning bank and investment accounts, as well as stocks and bonds. Date of death values for the decedent’s assets must be determined and this is generally accomplished through account statements and appraisals. The court will appoint appraisers in some states, but in others, the executor can choose someone. Many states require that the executor submit a written report to the court, listing everything the decedent owned along with each asset’s value, as well as a notation as to how that value was arrived at. The executor can petition the court for permission to distribute what is left of the decedent’s assets to the beneficiaries named in his will. This usually requires the court’s permission, which is typically only granted after the executor has submitted a complete accounting of every financial transaction she’s engaged in throughout the probate process. Some states allow the estate’s beneficiaries to collectively waive this accounting requirement if they’re all in agreement that it’s not necessary. Otherwise, the executor will have to list and explain each and every expense paid and all income earned by the estate. Some states provide forms to make this process a little easier. If the will includes bequests to minors, the executor might also be responsible for setting up a trust to accept possession of bequests made to them because minors can’t own their own property. In other cases and with adult beneficiaries, deeds and other transfer documents must be drawn up and filed with the appropriate state or county officials to finalize the bequests. Breaking Down the Probate ProcessIf you have a will which names an executor, then they will start the process by filing the appropriate paperwork with the local probate court. It is highly recommended that the executor hire an attorney to handle this paperwork, and to help prove the validity of your will. The executor, or their legal representative, will then need to supply the court with a list of your property, debts, and beneficiaries. Once this has all been established, they can begin to pay debts and transfer property. If you do not have a will at the time of your death, the process will be similar however, the executor of your estate will be appointed by a judge. Only after all property, beneficiaries, and outstanding debts and taxes have been established, can the probate court start to pay debts and transfer property to the new owners. Since you did not name beneficiaries, the court will follow state laws to determine who will inherit what, and this can be a very lengthy process. Reasons to Avoid ProbateAnyone with a basic understanding of estate planning knows that one of the primary benefits of having a living trust is to avoid probate. Nevertheless, unless you are an attorney or have been personally involved in a probate proceeding in the past, few people have an understanding of what probate really is and why it is not recommended for most estates. Probate is a court supervised process for administering and (hopefully) distributing a person’s estate after their death. When a person dies leaving property (especially real estate) in their name, the only way to transfer ownership from the deceased owner’s name to the name of their heirs is for a court to order the transfer through the probate process. In other words, since a deceased owner of property is no longer around to execute deeds, only a court can effectuate the transfer of real property after the owner dies, and probate is the legal process by which this would occur. Many people have the misconception that having a will alone avoids the probate process. A will merely informs the world where you want your property to go, but probate is still needed to carry out the wishes expressed in the will (since even with a will, property stays in the name of decedent). Only a trust can avoid probate because once you have a trust, all of your assets are then transferred to the trust during your lifetime thereby avoiding the need for a court to do so. For some estates, probate might be a good alternative, but consider these five reasons why you would want to avoid having your estate pass through probate: Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
The post Estate Planning Attorney In Monticello Utah first appeared on Utah Lawyer for Divorce Business Bankruptcy Probate Estates.
4.9 stars – based on 67 reviews
Estate Planning Attorney In Maeser Utah Estate Planning Attorney In Manti Utah Estate Planning Attorney In Millcreek Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Utah Lawyer for Divorce Business Bankruptcy Probate Estates https://ascentlawfirm.com/estate-planning-attorney-in-monticello-utah/ This article is for you if you need an Estate Planning Attorney in Millcreek Utah. A pour-over will is a special type of last will and testament used in conjunction with a trust-based estate plan. It can save the day when the grantor of a trust—the person who created it—neglects to transfer all their property into the trust over the years and has no other will to determine which beneficiaries should receive that omitted property.
How a Pour-Over Will WorksInstead of governing the distribution of all your property, a pour-over will state that any assets that have not been funded into your revocable living trust should go there when you die. It effectively names your trust as the beneficiary of any property it does not already hold. That property does not pass directly to a living beneficiary through some other means, such as a beneficiary designation on a life insurance policy or a retirement account. Probate Issues IN Millcreek UtahOne of the beauties of having a living trust is that they avoid probate of the property with which they’ve been funded. Unfortunately, any of your property that isn’t funded into your trust before you die will require probate. Your property will pass to your heirs according to state law if you neglect to fund it into your trust, don’t create a pour-over will, or don’t have any other will in place directing where those assets should go. These are called laws of “intestate succession,” and they can vary somewhat by state. Each state has a list of kin so closely related to a decedent that they inherit from them by law for lack of any other estate plan. The list invariably includes surviving spouses, your parents, and your descendants—children, grandchildren, or great-grandchildren. Siblings and more distant relatives are often left out in the cold. This state-by-state guideline means if you don’t have a pour-over will or other documents that direct property to a specific beneficiary, your wishes may not be followed. Say you forget to fund your new vacation home into your trust. Then that home might go to the son you’ve been estranged from for years—if you’re not married—simply because of your blood tie to him. Your Pour-Over Will Should Be a Safety NetIdeally, you won’t need your pour-over will. You’ll know it’s there in a worst-case scenario, but it won’t have to go into effect because all your property has been transferred into your living trust at the time of your death. Make it a point to sit down with your trust documents at least once a year. Make sure you haven’t acquired any new property over the last 12 months that should be funded into the trust. If you want a particular beneficiary to receive that new asset in the event of your death, you can add this provision to your trust agreement. Revocable living trusts can be changed at any point during your lifetime as long as you’re mentally competent. Dynasty TrustA dynasty trust is a long-term trust created to pass wealth from generation to generation without incurring transfer taxes such as the gift tax, estate tax, or generation-skipping transfer tax (GSTT)—for as long as assets remain in the trust. The dynasty trust’s defining characteristic is its duration. If it’s properly designed, it can last for many generations, possibly forever. A dynasty trust that’s established in the right state can theoretically last forever. How a Dynasty Trust WorksHistorically, trusts could only last a certain number of years. Many states had a “rule against perpetuities” and stipulated when a trust had to come to an end. A common rule was that a trust could continue for 21 years after the death of the last beneficiary who was alive when the trust was established. Under those circumstances, a trust could theoretically last for 100 years or so. Some states, however, have done away with rules against perpetuities, making it possible for wealthy individuals to create dynasty trusts that can endure for many generations into the future. The immediate beneficiaries of a dynasty trust are usually the children of the grantor (the person whose assets are used to create the trust). After the death of the last child, the grantor’s grandchildren or great-grandchildren generally become the beneficiaries. The trust’s operation is controlled by a trustee who is appointed by the grantor. The trustee is typically a bank or other financial institution. • Dynasty trusts allow wealthy individuals to leave money to future generations, without incurring estate taxes. Assets that are transferred to a dynasty trust can be subject to gift, estate, and GSTT taxes only when the transfer is made and only if the assets exceed federal tax exemptions. As a result of the Tax Cuts and Jobs Act passed in 2017, the federal estate tax exemption is $11.58 million for 2020 and $11.7 million for 2021. The amount is adjusted annually for inflation. Of course, Congress could also raise or lower the estate tax exemption in future years, or do away with the estate tax entirely. So, for now, an individual can put $11.58 million in a dynasty trust for his or her children or grandchildren (and, in effect, their children and grandchildren) without incurring these taxes. Moreover, the assets that go into a dynasty trust, as well as any appreciation on those assets are permanently removed from the grantor’s taxable estate, providing another layer of tax relief. A trustee can distribute money from the trust to support beneficiaries as outlined in the trust terms. But because beneficiaries lack control over the trust’s assets, it will not count toward their taxable estates. Similarly, the trust’s assets are protected from claims by a beneficiary’s creditors because the assets belong to the trust, not to the beneficiary. However, income tax will still apply to a dynasty trust. To minimize the income tax burden, individuals often transfer assets to dynasty trusts that don’t produce taxable income, such as non-dividend paying stocks and tax-free municipal bonds. What Is a Grantor Retained Annuity Trust (GRAT)?A grantor retained annuity trust (GRAT) is a financial instrument used in estate planning to minimize taxes on large financial gifts to family members. Under these plans, an irrevocable trust is created for a certain term or period of time. The individual establishing the trust pays a tax when the trust is established. Assets are placed under the trust and then an annuity is paid out every year. When the trust expires the beneficiary receives the assets tax-free. A grantor retained annuity trust is a type of irrevocable gifting trust that allows a grantor or trust maker to potentially pass a significant amount of wealth to the next generation with little or no gift tax cost. GRATs are established for a specific number of years. When creating a GRAT, a grantor contributes assets in trust but retains a right to receive (over the term of the GRAT) the original value of the assets contributed to the trust while earning a rate of return as specified by the IRS (known as the 7520 rate). When the GRAT’s term expires, the leftover assets (based on any appreciation and the IRS-assumed return rate) are given to the grantor’s beneficiaries. Under a grantor retained annuity trust, the annuity payments come from interest earned on the assets underlying the trust or as a percentage of the total value of the assets. If the individual who establishes the trust dies before the trust expires the assets become part of the taxable estate of the individual, and the beneficiary receives nothing. Grantor Retained Annuity Trust UseGRATs are most useful to wealthy individuals who face significant estate tax liability at death. In such a case, a GRAT may be used to freeze the value of their estate by shifting a portion or all of the appreciation on to their heirs. For example, if a person had an asset worth $10 million but expected it to grow to $12 million over the next two years, they could transfer the difference to their children tax-free. GRATs are especially popular with individuals who own shares in startup companies, as stock price appreciation for IPO shares will usually far outpace the IRS assumed rate of return. That means more money can be passed to children while not eating into the grantor’s lifetime exemption from estate and gift taxes. Important Notes• Grantor retained annuity trusts (GRAT) is an estate planning tactic in which a grantor locks assets in a trust from which they earn annual income. Upon expiry, they receive the assets tax-free. Example of a Grantor Retained Annuity TrustFacebook founder Mark Zuckerberg put his company’s pre-IPO stock into a GRAT before it went public. While the exact numbers are not known, Forbes magazine ran estimated numbers and came up with an impressive number of $37,315,513 as the value of Zuckerberg’s stock. Intentionally Defective Grantor TrustAn intentionally defective grantor (IDGT) trust is an estate-planning tool that is used to freeze certain assets of an individual for estate tax purposes, but not for income tax purposes. The intentionally defective trust is created as a grantor trust with a loophole that allows the trustor to continue paying income taxes on certain trust assets, as income tax laws will not recognize that those assets have been transferred away from the individual. Because the grantor must pay the taxes on all trust income annually, the assets in the trust are allowed to grow tax-free, and thereby avoid gift taxation for the grantor’s beneficiaries. Thus, it is a loophole used to reduce estate tax exposure. Important Notes• An intentionally defective grantor (IDGT) allows a trustor to isolate certain trust assets in order to segregate income tax from estate tax treatment on them. Grantor trust rules outline certain conditions when an irrevocable trust can receive some of the same treatments as a revocable trust by the Internal Revenue Service (IRS). These situations sometimes lead to the creation of what are known as intentionally defective grantor trusts. In these cases, a grantor is responsible for paying taxes on the income the trust generates, but trust assets are not counted toward the owner’s estate. Such assets would apply to a grantor’s estate if the individual runs a revocable trust, however, because the individual would effectively still own property held by the trust. For estate tax purposes, though, the value of the grantor’s estate is reduced by the amount of the asset transfer. The individual will “sell” assets to the trust in exchange for a promissory note of some length, such as 10 or 15 years. The note will pay enough interest to classify the trust as above-market, but the underlying assets are expected to appreciate at a faster rate. The beneficiaries of IDGTs are typically children or grandchildren who will receive assets that have been able to grow without reductions for income taxes, which the grantor has paid. The IDGT can be a very effective estate-planning tool if structured properly, allowing a person to lower his or her taxable estate while gifting assets to beneficiaries at a locked-in value. The trust’s grantor can also lower his or her taxable estate by paying income taxes on the trust assets, essentially gifting extra wealth to beneficiaries. Selling Assets to an Intentionally Defective Grantor TrustThe structure of an IDGT allows the grantor to transfer assets to the trust either by gift or sale. Gifting an asset to an IDGT could trigger a gift tax, so the better alternative would be to sell the asset to the trust. When assets are sold to an IDGT, there is no recognition of a capital gain, which means no taxes are owed. Due to the complexity, an IDGT should be structured with the assistance of a qualified accountant, certified financial planner (CFP), or an estate-planning attorney. This is ideal for removing highly appreciated assets from the estate. In most cases, the transaction is structured as a sale to the trust, to be paid for in the form of an installment note, payable over several years. The grantor receiving the loan payments can charge a low rate of interest, which is not recognized as taxable interest income. However, the grantor is liable for any income the IDGT earns. If the asset sold to the trust is an income-producing one, such as a rental property or a business, the income generated inside the trust is taxable to the grantor. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
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Millcreek, Utah
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Millcreek is a city in Salt Lake County, Utah, United States, and is part of the Salt Lake City Metropolitan Statistical Area. The population as of the 2020 Census was 63,380.[2] Prior to its incorporation on December 28, 2016, Millcreek was a census-designated place (CDP) and township. [geocentric_weather id=”9db34c92-6a74-4004-b759-d14beeb6bf90″] [geocentric_about id=”9db34c92-6a74-4004-b759-d14beeb6bf90″] [geocentric_neighborhoods id=”9db34c92-6a74-4004-b759-d14beeb6bf90″] [geocentric_thingstodo id=”9db34c92-6a74-4004-b759-d14beeb6bf90″] [geocentric_busstops id=”9db34c92-6a74-4004-b759-d14beeb6bf90″] [geocentric_mapembed id=”9db34c92-6a74-4004-b759-d14beeb6bf90″] [geocentric_drivingdirections id=”9db34c92-6a74-4004-b759-d14beeb6bf90″] [geocentric_reviews id=”9db34c92-6a74-4004-b759-d14beeb6bf90″] via Utah Lawyer for Divorce Business Bankruptcy Probate Estates https://ascentlawfirm.com/estate-planning-attorney-in-millcreek-utah/ A living will, also known in some states as a health care directive or directive to physicians, is a document that allows you to state your wishes for end-of-life medical care. This is done in case you become unable to communicate your own health care decisions. A durable power of attorney, on the other hand, is another type of medical care directive. It is a document that allows you to name a person to oversee your medical care and make health care decisions for you if you ever become unable to do so. A living will, despite its name, isn’t at all like the wills that people use to leave property at their death. If you’re helping someone with their estate planning (or doing your own), don’t overlook a living will. It can give invaluable guidance to family members and healthcare professionals if a person can’t express his or her wishes. Without a document expressing those wishes, family members and doctors are left to guess what a seriously ill person would prefer in terms of treatment. They may end up in painful disputes, which occasionally make it all the way to a courtroom. How to Create a Living WillThe requirements for a living will vary by state so many people hire a lawyer to prepare their living will. How Living Wills WorkMany states have forms for advance directives, allowing residents to state their wishes in as much or as little detail as they’d like. For example, it’s common to direct that palliative care that is, care to decrease pain and suffering always be administered, but that certain extraordinary measures,” like cardiopulmonary resuscitation (CPR) not be used in certain circumstances. To be valid, a living will must meet state requirements regarding notarization or witnesses. A living will can be revoked at any time. The document can take effect as soon as it’s signed, or only when it’s determined that the person can no longer communicate his or her wishes about treatment. Even if it takes effect immediately, Doctors will rely on personal communication, not a document, as long as possible. Living wills are often used with a document called a durable power of attorney (DPOA) for healthcare. In some states, in fact, the two documents are combined into one. A DPOA appoints someone to carry out the wishes about end-of-life treatment that are written down in a living will or medical directive. The person named is called the agent, healthcare proxy, or attorney infact of the person who makes the DPOA. Living Wills After DeathAny authority granted by a living will ends when the person who made the document dies, with the single exception that some living wills or powers of attorney give healthcare agents the power to make decisions about organ donation or autopsy. But because those decisions must be made very soon after death, the authority is not long-lasting. Again, this is in sharp contrast to a regular last will and testament, which has no effect when the will-maker is alive but becomes legally binding at death. Finding and Filing the WillThe executor of the will the person they will names to take charge of the person’s affairs when the time comes is the person who should take custody of the will. But there’s a Catch-22 if you don’t know who the executor is until you find the will and read it. Generally, the people who were the closest to the deceased person look for the will and take responsibility for it once it’s found. But it shouldn’t matter who actually finds the will. If you don’t know where the will is, start your search in the places that seem like good bets to house important documents: file cabinets, desk drawers, and boxes of papers at home and work. If you don’t find anything, consider these possibilities: Filing the WillWhether or not a probate court proceeding is planned, the person who has possession of the original will must file it with the probate court after the will maker dies. (Make a few copies before you do; the court will keep the original.) This isn’t an optional step. By law, most states require that you deposit the original will with the probate court in the county where the person lived within 10 to 30 days after it comes into your possession. Lots of Americans more than half, by some estimates don’t leave a will. So if you can’t find one, the reason may simply be that the deceased person never made a will. It’s not a cause for worry. Whether or not there is a will doesn’t change the need for probate. State law will determine who inherits property that would have passed under the will. And a lot of valuable property isn’t affected by the terms of a will, anyway. For example, property held in a living trust, pay-on-death bank account, or retirement account usually goes directly to the beneficiaries named to inherit it, without probate. Similarly, property owned with someone else, such as a house owned in joint tenancy, generally goes to the surviving co-owner and isn’t affected by the will. Things can be a little more complicated if you find only a copy of the will, not the signed original. Probate courts want the signed document itself, not a copy. A court may, however, be willing to hear arguments about why the copy should be accepted as if it were an original for example, a good explanation of why the original document isn’t available and evidence that the deceased person had not changed his or her mind about the terms of the will. If you can’t find any will, or you find only an old one that you’re sure was revoked, you may be able to prove that the will in effect at the time of death has been lost. If you can also prove what it said—perhaps with testimony from the lawyer who drew it up, or the surviving spouse the court may accept its terms. You’ll need help from an experienced probate lawyer. If you have reason to believe that someone has the will but doesn’t want to produce it, you can ask the probate court to order that person to deposit the will with the court. But talk to a lawyer before you go to court or mention the idea to anyone you suspect of hiding the will. When people draw up their last will and testament, they often store the document in a lockbox or a secured filing cabinet to ensure the will is readily available upon their death. However, the will maker called the testator can also file a copy of his will prior to his passing, ensuring the will becomes a matter of public record and thus far more difficult to dispute. After the testator dies, the individual he has appointed as his executor is responsible for filing the will with the jurisdictional court to begin probate procedures and administer the testator’s final wishes. A testator is not required by statute to file her will during her lifetime. Some testators choose to file anyway, to ensure their will is a part of the public record before they pass. In some states, the testator can file an original copy of her will with the appropriate court and receive a docket number in advance so her appointed executor merely has to notify the court of her death to begin probate. However, most states suggest filing the will with the local Office of the County Recorder, which will not initiate any legal proceedings but does make the will a part of public record. To make a will a part of public record prior to passing, the testator can file a copy of his signed will with his local Office of the County Recorder. The testator will probably incur a nominal filing fee typically, between $10 and $50 for filing his will. After submission, the office will provide the testator with a filed copy, which he should store, somewhere secure for safekeeping. He can also provide a copy of the filed will to his executor and his family attorney for additional security. While any subsequent will the testator executes automatically voids the filed version, the testator should consider filing a new copy of his will each time he amends the on file version with a codicil and when he executes an entirely new will to prevent potential confusion during probate. When the testator passes, the appointed executor should file a copy of the will to initiate probate procedures. While not statutorily required for any will, probate is the process during which the court will review and verify the veracity of the testator’s will, oversee administration of the estate and handle any outstanding claims against the testator or her estate. The executor should file the original copy of the will with the appropriate court immediately following the testator’s passing. In most states, the court with jurisdiction is called Probate Court; however, some states have a Surrogacy, Surrogate’s or Estate Court, all of which serve the same function as Probate Court. The correct court to file with is the court located in the same county as the decedent’s estate typically, the same county as the decedent’s primary residence. The executor will need to pay a filing fee at the time of submitting the will, which averages between $100 and $500, depending on the rules of the specific court. However, the executor should use funds from the estate’s bank account to cover these costs, as the estate is financially responsible for any attorneys’ fees, court costs and other legal expenses related to probating the estate. A will needs to be filed with a court after the death of the testator. This filing begins the probate process which ensures that the will meets legal requirements and gives out the estate according to the instructions in the will. Though not a requirement, a will may also be filed with the court before the testator’s death for safekeeping. Most states have separate courts that handle wills known as probate courts. If your state has a probate court, you must file the will with this court in order to open the estate for probate. Some probate courts accept a will before the testator’s death, but will not initiate probate until the testator dies. In states that do not have probate courts, you can file the will with the branch of the state courts that handles wills, such as the superior or district court. Courts that accept a will filing before the testator has passed away may ask the testator to leave a list of people who are permitted to pick up the will from the court after the testator dies. If no one picks up the will, the court may open the will and initiate the probate process under its own power. When the testator passes away, a living relative or the executor must file the will with the probate court in order to begin probate. The will cannot be acted upon until probate has begun. The executor may request the court to begin probate if the will is filed with the court for safekeeping. If the will is not filed with the court, the executor or another relative must bring the original will to the court to file it and begin probate. When a will is filed with the court after the testator’s death, it has to be accompanied by several additional filings. The most common is the petition to open the probate estate, which asks the court to start the probate process. An executor may also need to file a petition for Letters Testamentary, which a power is given to the executor by the court that allows her to do the things required to probate the estate. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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