Every man dreams of owning a luxurious house; however, not everyone can afford to make their dreams come true. Planning to purchase a house is one of the biggest decisions in our life. These days, buying a property is not as simple as it looks, because it involves a lot of investment and documentation. So, if we don’t act carefully, there are chances that we end up with huge losses, which may take a lifetime to recover back. While buying a house or a property, it is always better and safer to involve people who have complete knowledge regarding the documentation work and all the do’s and don’ts. Then, the next question is who is more knowledgeable than a real estate lawyer in dealing with such issues? Well, the answer is none. Since these lawyers are in the same profession, they might have seen many cases. Therefore, they know all the loopholes in the transactions and when hired them, they make sure that your transaction is legal without any hassles later on. It is not necessary that everyone should hire a lawyer while buying property. But, it is true that by hiring a lawyer you will not face any legal issues later on. So if you don’t want to have a risk of legal issues, getting professional help is highly advisable. One needs a real estate lawyer, whether you are buying or selling a property. Basically, real estate attorney assists in many issues related to negotiation, reviewing transactions, getting a bank loan, verifying authenticity of the seller, settling disputes etc. Once you have decided to seek a professional help, look for a competent real estate lawyer in your state. For this, you can either search online or consult a law firm in your state. You can also get the list of lawyers from newspapers, yellow pages or through referrals. The best source of all those mentioned for finding a competent lawyer is referrals. Ask your friends or family members, if they know any real estate lawyer. If yes, then ask their experience with him, like his competency, transparency, and fee structure etc. If you don’t have any referrals, continue with other modes of search and shortlist a few lawyers. While searching for a lawyer, check their qualifications, experience, competency, success rate and fee. After short listing a few, fix an appointment and meet them personally. However, do remember that not every lawyer you have shortlisted will be interested to take up your case. Since they are reputed lawyers, they may not be willing to take up every case and they may ask you a few questions. So, be prepared while going to meet him and carry all the necessary documents. In your first meeting, the lawyer may ask your personal details like your profession, family information, contact details and your business background if you are a businessman. He may also ask you questions regarding the persons involved in the deal so as to make sure that your deal is genuine without any conflict of interest. He will also make sure that there are no legal disputes regarding the property you are planning to buy. He may ask for the original documents, photographs or memos with regard to your deal. Once he is satisfied with all the details and paperwork you have shown to him, he will take up your case. Similarly, you should also ask him a few questions regarding his professional experience and expertise, number of cases he has taken up, his success rate and any problems which you may face later on with regard to the property you are planning to buy or sell. Since you have done a check on his background, check if the information he has given to you regarding his experience is true or not. If he proves to be genuine, go ahead and hire him. First your lawyer will send you a letter outlining what documentation he or she may need from you. Since you will likely be paying at least $1300 plus for legal services, I think it’s important that you know what your lawyer will be doing for you! Below is some detailed information on the role of a real estate lawyer and on what you need to do when working with your lawyer and securing a mortgage. Don’t wait to hire a lawyer just before you taking position of your new purchase, make sure you interview them way before your closing date. Your Real Estate lawyer should advise you what expenses you’re likely to incur with respect to the closing procedures, including: Land Transfer Tax disbursements, legal fees, property tax. If you’ve bought a new home from a builder, the Real Estate lawyer can give you an educated estimate as to how much you should budget for “hidden charges” such as: Vineyard Utah New Home Warranty Enrolment Fee, Hydro and Water meter installation charges, Fencing charges, Grading Deposit charges many others If all the conditions in the Agreement have been met and the Offer is firm, the lawyer proceeds to investigate the title to the property. Initials searches include: Letters are sent by your lawyer: to all municipal or regional utility departments to confirm that there are no arrears or outstanding charges to ensure there are no conditional sales contracts, easements or unregistered agreements, liens to discover other encumbrances affecting the property or equipment being left by the Seller. Easements are a big issue and cases are always being written up in the newspapers and real estate journals, about buyers who didn’t realize they weren’t allowed to put up fencing or create a parking space because the property survey they were working from didn’t actually show the City’s rights to access the property. Your lawyer’s job is to make sure all this is disclosed to you. Your lawyer will also advise the utility departments of your name and the scheduled closing date, and request that final meter readings be done on the closing date so the final bills can be sent to the Seller. A Tax Certificate is requested by your solicitor to verify the amount of the current year’s taxes and to ask about any arrears and outstanding charges for taxes. Your lawyer will also write to the Building and Zoning Department to get the full particulars of zoning by-laws and restrictions and permitted uses (so you’ll know if you’re allowed to operate a business from your home or build a huge deck, for example). It’s important that you send your lawyer a copy of the survey for the property as soon as possible. A Search of Title to the property begun in the Land Registry Office to make sure the Seller is the true owner of the property, has the right to sell you the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not disclosed in the Agreement or Purchase and Sale. You may have heard of fraud cases where people’s homes were sold out from under them by con artists who had no title to the land! This is where your lawyer really earns his fees. This search has to be completed prior to the Requisition Date (title search date) shown on your Agreement of Purchase and Sale. Other important functions of your lawyer include: Carry out a search of Executions in the appropriate Sheriff’s Office to ensure that there are no executions against the prior owners of the property that would affect your title. Prepare and deliver a letter to the Seller’s lawyer requesting that any items revealed in the initial searches be dealt with on or before closing. Review the contents of the Mortgage Commitment letter your bank will prepare when you arrange your financing, and consult with you about the results of signing it. Advise you of any closing-day costs related to mortgage financing when your financial institution provides you with a final Mortgage Commitment Letter. If your lawyer is also acting on behalf of the financial institution (it often happens), he/she will prepare all necessary documentation for the mortgage and submit this package to the financial institution for approval prior to closing: Considering Selling Your Home Without a Real Estate Agent? Understand Your Legal Needs!As real estate has changed over the past few years many people are trying to sell their homes without a real estate agent in order to avoid paying a commission. In Vineyard Utah you typically pay an agent 6 percent of the sale price in commission. With the price of homes today this number is significant. Especially since so many homes in the Vineyard Utah, have lost value and many homeowners have found they own a home that is not worth what they originally paid for it. When not using an agent many residents will seek out the help of FSBO (for sale by owner) organizations and websites. These marketing tools still require a fee but the most it would be is 3 percent of the sale price and many are considerably less. Real estate agents would also point out that by paying them a fee you are also gaining access to a number of resources that they have available to them. When selling a property agents will also invest in advertising to aid in selling the home. Many people believe the commission paid to an agent is well worth it. However if you do decide to try and sell your home alone it is important to contact a real estate attorney who can help you navigate the legal aspects selling property. The legal needs of a home sale include: Purchase and Sale Agreement: This document is one of the many legal aspects involved when buying and selling property that will require an attorney. Title Search and Clearing: Before finalizing a real estate agreement you want to be sure the title is clear. A lawyer will do the required title search and make sure the title is clear and the property is ready to be sold. Litigation: There are instances where property ownership issues arise at the time of a sale. This could be a boundary dispute or eminent domain issue. You will want a qualified attorney working with you if you run into one of these problems. Condo Development: Condominiums require legal documentation that is unlike any other property. Real estate attorneys are well versed in the legal requirements of condominiums and can help ensure the process moves smoothly. Document Preparation and Review: If you are buying or selling a home you want to make sure all the documentation is complete and done correctly. It is the job of your real estate attorney to review all deeds, notes and any other documentation that is involved in a home sale. The investment in a real estate attorney is an important addition to any home selling strategy. Buying or selling something as valuable as a home is a daunting prospect. If you plan to try and do it alone make sure you hire a real estate attorney to help supplement your sale strategy. The legal fees are a small price to pay to avoid a commission. Crucial Things to Understand About Trust and Estate LawDo you have children, elderly parents, a home, or savings? If so, it’s important to have a plan for what will happen in the event of your untimely death or incapacitation. If you think that planning is only necessary for the wealthy with millions of dollars in assets, you should understand that most families need adequate protection after a loved one is gone. Here are some important things you should understand about trust and estate law. • A Complete Strategy Involves More Than Just Legal Documents: Although it is always difficult to think about incapacity or death, the truth is that everyone will pass away, and it is better to be prepared rather than leaving your family caught off guard. Educating yourself about trust and estate law is a good start, and completing all of the necessary legal documents is the first step. Beyond documents, it’s also critical to make sure that your assets are owned in the same manner as detailed in the documents. You should also understand the beneficiary designations on your retirement accounts and consider whether you need life or disability insurance. Ways to Avoid the Probate ProcessIn order to avoid the probate process, you can make specific beneficiary designations for specific assets. For example, you can say that your tax-deferred account or life insurance policy can go directly to the beneficiary that you’ve chosen. Another way to avoid probate completely is to set up a revocable trust. This allows you to transfer ownership of your assets to a trust that details exactly what happens if you are incapacitated or you die. Because this is all contained within one document, you do not need the assistance of a probate court. How to Determine the Best Options for Your Specific SituationDepending on your situation, for example, if you are married, or you have kids, family organization determines an entire portion of the process. After that determination is complete, it’s necessary to look closely at your assets and think about how to lessen the amount of estate taxes (if any) that your family will owe. It’s Imperative to Routinely Update Your PlanConsidering that your financial and family situation can often change, you should review your plan at least once every five years. You should review your documents, how your assets are titled, your beneficiary designations, and your current objectives and goals. Think about your current situation, determine what would be the most beneficial for your family, and then update the plan as time passes. If you make it a priority to learn more about trust and estate law, you will have the comfort of knowing that you’ve done everything you can to protect your family in the event of your death or incapacitation. 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 Tooele Utah Estate Planning Attorney Tremonton Utah Estate Planning Attorney Vernal Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Vineyard Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-vineyard-utah/
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Although retaining a Vernal Utah probate attorney for estate settlement isn’t a legal requirement, it is a wise idea. Most people find it nearly impossible to endure estate settlement proceedings without legal counsel; particularly when heirs contest the Will. People can also hire a Vernal Utah probate attorney to establish estate planning strategies to ease burdens of the settlement process. Several methods are used to keep assets out of probate court so they can be transferred quickly to heirs and beneficiaries. Vernal Utah Probate lawyers are especially helpful in handling estates of people that pass away without writing a Will. This kind of estate is referred to as ‘intestate’ and is more involved because it has to be settled in accordance with Vernal Utah probate laws. When a person writes a Will they can bequeath their property to whomever they desire. Wills can also be used to disinherit direct lineage heirs or to provide a no-contest statement prohibiting heirs from contesting the document. Without one, estate assets are given to the surviving spouse and other relatives that are entitled under state law. Nearly all property can avoid probate through proper estate planning. Titled property, such as motor vehicles and real estate, can be gifted to beneficiaries by setting up a joint title. Funds kept in bank accounts can be transferred by establishing payable on death beneficiaries. Financial investments, retirement accounts, and life insurance proceeds can be gifted using transfer on death beneficiary forms. Estate planning strategies have to comply with Vernal Utah probate code which consists of eleven divisions. Each division includes chapters and parts which are further categorized into over 21,000 sections. Few people have the legal knowledge to understand the vast amount of information, let alone know if they are in compliance. Working with probate lawyers is the only way to make certain estates are legally settled. As long as estate planning methods were established prior to the decedent’s death, estate settlement is relatively simple. Lawyers might only be needed to help the estate executor file documents through the court; negotiate with creditors to pay off outstanding debts owed by the decedent; or assist with transferring inheritance property to beneficiaries. Vernal Utah Probate attorneys are especially helpful when family disputes over inheritance arise. Any time a person contests a Will all assets are suspended in probate until the case is resolved. Contesting a Will is particularly harmful to small estates because the estate pays for legal defense fees. If there isn’t enough money to cover costs, a judge can order assets sold which means that no one gets any inheritance. Vernal Utah exempts estates from probate when the value is less than $100,000. However, estate executors have to engage in estate settlement proceedings before inheritance property can be transferred to heirs. Common duties include: notifying creditors of the decedent’s death; settling outstanding creditor accounts; acquiring property appraisals for estate and inheritance tax purposes; and filing a final tax return. People tend to put off writing a Will for a rainy day, but this can be a tragic mistake. Settling an intestate estate in Vernal Utah often results in complications that suspend inheritance property in probate for several months or even years. Estate planning isn’t hard and can usually be completed in a few hours. The only way to safeguard inheritance property and expedite the probate process is to write a Will and engage in methods that keep assets out of the courts. A good source for locating qualified Vernal Utah probate attorneys is the American Bar Association. Using an Estate Trust to Avoid ProbateA trust is used to protect valuable inheritance assets and quickly settle the estate. Property placed inside the trust can be distributed to designated heirs within a short period of time. Depending on the type of assets, inheritance property placed into the trust may be exempt from inheritance taxation. Placing estate assets into a trust is the only way to avoid probate. The duration of probate can extend for a few months or a few years, depending on if decedents engage in estate planning strategies prior to death. Several reasons exist for placing inheritance property into a trust. The first is ease of distribution to heirs. The second is exempting items from taxation. The third is to avoid probate and the fourth is to keep estate matters private. Decedents’ last will and testament is a matter of public record when the estate must endure the probate process. The information contained in the Will can be used by investors who buy probate property. Those who prefer to retain their privacy should consider placing inheritance property into a trust. Establishing a trust is a relatively easy process. However, ensuring the trust is properly executed requires assistance from a professional estate planner or attorney. A variety of trusts are available, but the most common include life insurance trusts, testamentary, revocable and irrevocable trusts. Most people can establish their trust within a day. The first step involves choosing an estate planner to assist through the process. A good place to start is by asking family or friends for a referral. Banks and credit unions often offer estate planning services at discounted rates for customers. Estate planners can also be located in phone directories. Establishing a trust can also help prevent family disputes surrounding distribution of inheritance property. Death can cause people to become emotionally distraught and act in inappropriate ways. Family members who feel they have been cheated out of valuable property, or those who have been disinherited, often go to extreme lengths to acquire items they feel entitled to. Although placing items into a trust does not provide an ironclad guarantee that prevents heirs from contesting the Will, it does minimize the risk. When scouting out estate planners, it’s best to work with someone you feel compatible with. Estate planning is a personal task that can sometimes be emotional. After all, you are planning for arrangements of your death and making important decisions regarding who will receive everything you have worked your entire life to acquire. Estate planners and probate attorneys often offer complimentary consultations to evaluate needs and discuss fees. It’s smart to consult with at least three professionals to determine which is best suited for your needs. 1. The person establishing the trust is known as the Grantor In order to transfer inheritance assets into a trust, Grantors must create a detailed list of property, along with property appraisals and legal titles for automobiles, real estate, and other titled property. The principal refers to money used to generate income for heirs. Trustees are allowed to use principal funds for estate-related expenses or investment purposes. If investment products are used to generate dividends, the proceeds must be used for future investments. Beneficiaries refer to individuals designated to receive inheritance property. Grantors can bequeath property to whomever they desire, but most gift assets to their spouse, children, parents, or siblings. Trusts are normally reserved for estates valued at $100,000 or more. Individuals whose estates are valued at less can engage in estate planning strategies which allow them to avoid probate. Estate planning is one of the best gifts anyone can leave their loved ones. Working with an estate planner or probate lawyers can ensure you develop an ironclad trust and prevent family disputes. Importance of Special Needs PlanningHaving a child with special needs makes estate planning especially important and provides an extra layer of protection for your child. Special needs planning can give you peace of mind and confidence about the future of your child or other family member with special needs. Too often, families put off the task of planning because it seems overwhelming and confusing. However, it is not as difficult as you might expect, and is the only way to ensure your child with special needs will receive the best care when you can no longer provide that care yourself. A Letter of Intent or Special Letter of Instruction is an important component of a special needs plan. It functions like a roadmap for any individuals involved with your child’s future care. The Letter of Intent is a working document which enables a future caregiver to carry out your wishes and manage the needs of your special child. A last will is also an essential component in a special needs plan. Your last will has instructions, including a special needs trust, for the management of assets passing to your child with special needs. Without a will, state laws will determine how your assets will be distributed. By preparing a will, you determine how you want your estate to be distributed and you also identify the person(s) you wish to name as the guardian of your child or children. A common tools used in special needs planning is a special needs trust. The purpose of the special needs trust is to protect inherited assets so that the beneficiary will remain eligible for needs based government benefits. An outright distribution to a special needs beneficiary may result in a loss of benefits; potentially a tragic result. A special needs trust can give you peace of mind knowing your special person will continue to receive the benefits to which they are entitled while preserving a higher quality of life. Your planning should contemplate both, who will be the guardian for your minor children and child with special needs, as well as who will be named as the trustee to oversee the investment, administration and distribution of special needs trust assets. Each of these individuals plays a separate and distinct role, so you will want to carefully consider your choices and alternates. Planning for the future requires thinking about the kind of life you want your child to have when you are no longer able to provide care. Special needs planning should only be undertaken under the counsel and guidance of an experienced attorney. This is one area of planning that should never be a do-it-yourself project. Important Tips For The Successful Real Estate AgentBecause of a declining economy, homeownership decreased. Many chose to sell or lost their homes. As the economic situation begins to right itself, housing affordability is at an all time high, and as a side effect, this is a great time to pursue a career as a real estate agent. This is a potentially lucrative field as long as the agent is willing to put in the time and effort to make the business a success. Becoming a successful real estate agent has many rewards. Besides being financially beneficial, there is the satisfaction of knowing that you have placed an individual or family in a home that will bring them many years of happy memories. Making the business a success goes beyond training and certification as an agent, it requires not only someone who is knowledgeable of their field, but also a great speaker and communicator. A good real estate agent will have good speaking abilities. They must be able to inspire people to envision a life inside the house; in short, they must be able to sell. Taking courses as a motivational speaker may help. This is a business, so treat it as such. Create a business plan. This may seem like a daunting task, but there are several resources online to help people create a goal and financial plan, and if this is not an option, than hiring someone to help is always another way to go. Advertising is a must. The successful agents will market themselves well. This means creating flyers and signs. It means placing ads in newspapers and creating newsletters that state your skills and why people should trust you to find them their next home. Make sure to educate yourself. Research the brokerages in your area. It does not have to be a big name company in order for you to be a success, but make sure the staff is knowledgeable and motivated to make their business as competitive as the big named companies are. Find a mentor who knows the ins and outs of the business and attach yourself to them. Soak up their knowledge and ask for advice. Finally, a happy client means good word of mouth. Make sure to keep in touch with potential clients, and those who have already purchased a home. Make sure they are satisfied with your service, and they will be sure to recommend you to others. Becoming a successful real estate agent requires education, good speaking and time management skills, and the dedication to be a great agent that people can trust. For those looking for a great profession, this is a rewarding career financially and personally. 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 Syracuse Utah Estate Planning Attorney Tooele Utah Estate Planning Attorney Tremonton Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Vernal Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-vernal-utah/ In Estate Planning you need to determine who you want to get what from your estate, and who will handle all those matters if you ever become incapacitated or die. Sometimes it can create discord to appoint an immediate family member as your power of attorney (POA) unless it is your spouse. It can also have the opposite effect if you decide on someone who is not a family member. Give it quite a bit of thought before you decide. Discuss it with family members if you think it will help. You may also want to get some direction from friends and neighbors. You could make an appointment to get feedback from an estate attorney. Estate attorneys typically provide the first consul for free. Just make sure you’re armed with specific direction before any estate documents are created. 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 Sunset Utah Estate Planning Attorney Syracuse Utah Estate Planning Attorney Tooele Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Tremonton Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-tremonton-utah/ An estate planning attorney helps and guides you in choosing the correct options for maintaining your estate after death or in case of incapacity. An experienced attorney seeks to fully understand your desires and goals regarding the maintenance of your estate and other property and suggests ways to achieve those wishes. Goals differ from person to person. While some people may wish to involve their children and family members in the maintenance of their estate, others may not. You may want to distribute your wealth and property in a specific way but are unaware of the best way to do so. A qualified estate planning attorney can not only describe the various options available but also see that your wishes are carried out according to law. Your estate plan must meet state guidelines in order to avoid hassles and expense down the road. Here are some of the ways an estate planning attorney can help: An experienced estate planning attorney can help ensure the smooth and continued management of your estate, and just as importantly make sure your wishes are carried out. An estate planning attorney is an integral part of developing end-of-life strategies. Lawyers who specialize in this field help individuals execute a last will and testament, durable power of attorney, healthcare proxies, and revocable or irrevocable trusts. Hiring an estate planning attorney is necessary when individuals want to keep inheritance assets out of probate. Probate is a legal requirement in all 50 states and is used to validate wills, determine rightful heirs, settle outstanding debts, and distribute inheritance property to designated beneficiaries. Numerous strategies exist to avoid probate. The most common include establishing irrevocable life insurance trusts, living trusts, and designation of transfer on death and payable on death beneficiaries. On average, the probate process takes six to nine months to settle. When decedents die intestate (without a will) probate usually takes between nine months to one year to complete. Much depends on the estate value, court caseload, and family dynamics. Working with estate planning lawyers is particularly important when family strife exists. Sadly, death can bring out the worst in people. Anger, greed and envy can drive heirs who feel slighted to contest the will and prolong probate for months or years. If heirs contest the Will, the estate is responsible for defense legal fees. If the judge rules in favor of the Plaintiff, the estate is oftentimes responsible for restitution of their legal fees as well. This can create a heavy financial burden and potentially bankrupt the estate. Retaining the services of a qualified estate planning attorney can lessen the potential for family feuds and contesting the will. Often, decedents appoint a family member to the position of estate administrator. This can place a target on their back if siblings don’t agree with the decision. Having a neutral third party manage the estate can squelch potential eruptions and expedite the probate process. At minimum, estate planning should include a Last Will and Testament, Power of Attorney, and Healthcare Proxy. Guardianship for minor children is established through the last will. Individuals with assets valued over $100,000 should consider establishing a trust. Multiple types of trusts exist and each offers advantages and disadvantages. Estate planners can explain which type of trust will best suit each individual’s needs. It is best to engage in estate planning while in good health. Individuals who procrastinate until they are diagnosed with terminal illness or transferred to a nursing home run the risk of heirs contesting the Will. Heirs can claim the decedent was not of sound mind because of their illness. Many estate planning lawyers provide complimentary consultations to discuss available services and fees. Ask friends or family for referrals or locate estate planning attorneys though phone directories, lawyer referral networks, or the American Bar Association. However, these are important issues that should be addressed at some point in everyone’s life. Certainly, the idea of lacking the mental or physical capacity to make decisions regarding your financial and medical affairs is an unpleasant one, regardless of your age or state of health. Fortunately, there are countless experienced estate planning attorneys who specialize in all aspects of elder law. By seeking the guidance of such professionals, you can ease the stress and confusion that comes along with making these preparations. A power of attorney is a written authorization empowering a trusted person to make decisions regarding finances and health care on your behalf, should you lose the capacity to make such decisions on your own. While you may be reluctant to designate such, there are many crucial reasons to do so. A lawyer specializing in elder law can help you build a solid plan for the future of your financial and physical well-being, so you can relieve the anxiety of the unknown and protect yourself from family members who may be inclined to take advantage of your frailty. Most importantly, this is the best way to maintain control of your life, as the person you designate will be required to respect your wishes in every way possible. Protect Your Assets And Financial MattersA financial power of attorney authorizes someone else to handle your financial matters. This can include simple tasks, such as opening your mail and paying bills; or more complicated responsibilities like filing tax returns. Either way, consulting an estate planning attorney with experience in elder law is the first step to safeguarding your financial assets. The person you choose to handle your finances need not be a financial expert, but merely a competent individual that you trust to handle your sensitive matters with common sense. Ensure That Your Health Care Wishes Are HonoredFor many individuals, the most important aspect of estate planning is designating a medical power of attorney. It can be scary to think about losing the ability to speak for oneself when it comes to health-related issues, including critical life support situations. Appointing a trusted person to make medical decisions on your behalf is the only sure way to see that your health care wishes are granted. If you would like to leave specific instructions regarding medical procedures and end-of-life issues, it is advised that you draft a living will. In some states, these two documents can be combined into one form, known as an advance health care directive. Although living wills may seem relatively cut and dry, there are instances in which they are disputed. If you feel you have legitimate grounds to dispute a living will or advance health care directive, a qualified litigation attorney can advise you on the next steps you should take. When deciding whether or not to hire an estate planning attorney, it is important to know exactly what they do and what services they have to offer. These proceedings are undertaken as a means of legally and formally preparing for future life and after-life. This can include protection of assets, health, power of attorney and much, much more. Estate lawyers and their firms work with respect to your post-life planning, while keeping you involved and informed along the way. There are several important decisions to make regarding where all of these items will go. These professionals know the ins and outs of the court system so that all paperwork is fulfilled completely and on time. There is a formal process for carrying this legal documentation through the court system, which experienced estate attorneys will fully understand and can simplify into terms their clients can appreciate. Estate Attorneys Take Planning To The Next LevelAn experienced lawyer knows and understands all that is required so that your assets are completely protected in the case of illness or even death. Hiring an estate planning attorney that has completed cases like yours before can also speed-up the process and reduce the learning curve. Nobody wishes to spend months getting their information together should there be a serious accident in the future. The complexity of most legal documentation is why ninety-five percent of individuals hire estate lawyers for their paperwork. Most do not wish to face the possibility of losing assets, including that of money and belongings, due to miscommunication or lack of knowledge of court procedures. All of these items are specific to each specialist, due to the work it took to acquire the knowledge. Speak to several professionals prior to hiring the one you and your family feels best suits your needs. What Types Of Situations Do These Professionals Handle?The types of cases that these particular legal professionals take on are completely dependent on the firm, their availability and their willingness to take on a particular planning situation. Working on the fine details of a life and after-life planning day in and day out can easily and quickly become a full time job. Therefore, it is often necessary for most of us to hand-off the responsibility to someone who can put their complete effort into it. It’s important to note that these proceedings are also an ever-changing legal process. What was legal and protective one year may have changed due to federal or state regulations the year after. To fulfill all paperwork and legal notations required can take anywhere from a few short days or weeks before everything is complete. Be patient and understand that good legal work does take time and proper filings. What Types Of Suits Do They Not Handle?Small suits regarding items such as traffic tickets, small family disputes and other such situations are normally taken on by general practice lawyers. For professional assistance in asset protection, contact your local estate planning attorney for valuable answers to your questions. A Will Ensures Assets Are Distributed And Children Are Taken Care OfFor a long time, it was thought that only wealthy people needed wills. However, everyone should have one. Many people have assets such as a car, home, savings account and more. Having this important document drawn up lets your family know what should happen with these matters after you’ve passed. Although you’ll be gone, a professionally executed will can eliminate bickering and negative feelings among your bereaved friends and family. If you have minor children, it’s a definite must. This legal document will spell out what should happen to your children if you die. Without such, your children could find themselves in the middle of a custody battle between relatives, be placed in foster care, or end up with a relative who may be uncomfortable acting as their guardian. A Living Will Ensures Your Medical Wishes Are FollowedA living will is a much different type of document. A living will, also known as an advanced medical directive, spells out what you want to happen in the event that you become too sick or incapacitated to make decisions for yourself. You can also appoint someone to act as your medical power of attorney, which is the person responsible for medical decisions in the event that you’re unable to make them for yourself. Many states have outlined statutes that determine when an advanced medical directive goes into effect. If you’re unsure about what’s best for you, contact estate lawyers in your area and ask for advice. Ask Estate Attorneys About Trusts: They’re Not Just For The WealthyA trust fund conjures up images of wealthy young people who’ve never worked a day in their life, but this is a complete stereotype. Anyone with assets to pass on can create a trust for a relative. Estate planning attorneys can explain trusts in greater detail but, basically, a trust provides the deceased with the ability to determine how money is to be spent after they’re gone. Trusts are the perfect solution if you want to ensure that your beneficiaries finish college before the money is distributed or if you want to space out the distributions so the beneficiary isn’t provided with one large lump sum of cash. These documents aren’t the only ones that estate lawyers can help with. Make a list of your assets and then talk with estate attorneys to see which documents they recommend for your specific situation. There’s no one-size-fits-all solution for estate planning. Attorneys who help with this specific type of planning for the future should be consulted before making any decision that affects your relatives. 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 Summit Park Utah Estate Planning Attorney Sunset Utah Estate Planning Attorney Syracuse Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeTooele, Utah
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Tooele (/tuːˈwɪlə/ too-WIL-ə) is a city in Tooele County in the U.S. state of Utah. The population was 35,742 at the 2020 census.[6] It is the county seat of Tooele County.[7] Located approximately 30 minutes southwest of Salt Lake City, Tooele is known for Tooele Army Depot, for its views of the nearby Oquirrh Mountains and the Great Salt Lake. [geocentric_weather id=”517220f9-4e50-4df2-9ac2-1817cff40589″] [geocentric_about id=”517220f9-4e50-4df2-9ac2-1817cff40589″] [geocentric_neighborhoods id=”517220f9-4e50-4df2-9ac2-1817cff40589″] [geocentric_thingstodo id=”517220f9-4e50-4df2-9ac2-1817cff40589″] [geocentric_busstops id=”517220f9-4e50-4df2-9ac2-1817cff40589″] [geocentric_mapembed id=”517220f9-4e50-4df2-9ac2-1817cff40589″] [geocentric_drivingdirections id=”517220f9-4e50-4df2-9ac2-1817cff40589″] [geocentric_reviews id=”517220f9-4e50-4df2-9ac2-1817cff40589″] The post Estate Planning Attorney Tooele Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-tooele-utah/ According to experts, less than half of Syracuse Citizens have any estate-planning documents. But making arrangements for the time when you will be gone not only takes care of the people left behind; it also ensures that your bills are taken care of in the way that you desire. Here are a few estate planning tips that will guarantee your safe and efficient departure. Write a WillIf you pass away without a will, the state may take over and divvy up your assets. Generally, spouses and children get first dibs, then other relatives like parents and siblings. If there is no family, assets go to the state. Also a will determines who will have custody of your children, if you were the last surviving parent. Review Your Will/Trust AnnuallyChanges in your finances or personal relationships may necessitate a change in your final will. Since most of us don’t know when we’re going to die, dynamic life changes may require us to make updates to who gets what and how much. To not do so could lead to tension and arbitration among surviving members. Acquire Life InsuranceAt least make sure you have the basics covered when calculating how much life insurance may be necessary. Consider the summation of any outstanding debts you may have, your final expenses, and funds for savings goals, like college for the kids. With these costs covered, your family should be able to live comfortably on the reminder of your insurance. Create Three Critical Additional DocumentsEstate planning is about more than our final wishes, it also involves creating documents that determine what happens in case we are unable to take care of ourselves while we are living. A durable power of attorney lets you designate an agent to manage your finances and legal affairs. A Release-of-information form gives doctors permission to share your medical records with designated others. Advance directives can give power of attorney for health care decisions while you are living. Work With An Estate Planning TeamDepending on how complex your estate may be, you might need the assistance of a whole estate planning team. Designate a tax professional that can help minimize the amount of income taxes your beneficiaries will pay on their inheritances. A financial advisor will create a suitable investment portfolio for all your assets. Also ensure that you hire a knowledgeable estate planning attorney. Estate planning attorneys help create wills and trusts, along with ensuring state and federal requirements are upheld. It is generally better to work with a local attorney, as they are most familiar with city and state laws. The purpose of estate planning is to help you achieve your personal and family goals after you pass away. It ensures that your assets will end up in the hands of those people whom you wish them to go to, so that you can reach your personal and financial goals even after you die. You also can reduce the amount of taxes paid by planning your estate in the right way to ensure that your heirs receive a larger inheritance. The saying that the only two sure things in life are death and taxes has existed for centuries. While no one likes to think about dying, it is a certainty and something that must be faced. A plan for your estate consists of a set of documents that help you plan for taxes and death and it is something that nearly everyone needs regardless if their financial and familiar affairs are complex or simple. The documents that make up an estate plan help you avoid problems that often arise upon your death. Many of these are problems most of us never think of during our lifetimes, or are things that we simply choose not to think of. But if there is no plan in place, these issues are handled by the courts. It is therefore very important to have a plan in place so that you can decide for yourself the best choices for your family, such as who will care for minor children, who will receive your property, and who will finalize your affairs. Estate planning can be a rather complicated matter, and it does require good judgment to ensure that you achieve the outcomes you desire. It gives you the choice while you are alive to determine who, what, when, where and how your estate will be handled. It also allows for substantial savings when dealing with tax issues, court costs and attorney fees. Planning your estate also helps your loved ones avoid the burden of having to deal with bureaucracy and confusion after you pass away. Unfortunately, many people do not plan their estates because they believe that they don’t need an estate plan or they believe that their family members can handle the task of dividing up their assets. However, if you fail to have a solid estate plan in place to handle the settlement of your affairs after you die, the laws in your state will determine what must be done. This may result in family disagreements, assets going to the wrong people, and liability for estate taxes that could have been avoided. If you don’t have an estate plan in place before you die, your assets and affairs can be tied up for months. It is therefore of the utmost importance to plan your estate with care so that everything is handled properly (and according to your wishes) upon your death. Planning an estate can be a bit overwhelming. However, a reputable estate planning attorney has the knowledge and experience necessary to guide you through the process while keeping your interests and wishes in mind. When you have a good plan in place, you are given the peace of mind knowing that all of your affairs will be handled as you wish after you leave this earth. Beneficiary Designations and Estate Planning After DivorceIf you are like most people who are getting divorced, or who have just gone through divorce, you no longer want your ex-spouse to be the beneficiary of your estate or to put your child (ren) in a position to be disinherited if your ex-spouse gets married again after the divorce. If your original plan was to leave everything to your spouse and then to your child(ren), your ex-spouse may still get much of your estate if you don’t modify your estate plans after divorce. While a divorce decree often automatically revokes any disposition of property made by your will to your ex- spouse (check your state law), your beneficiary designations – on things like your insurance and IRA will not automatically be revoked by your divorce decree. After a divorce, you should carefully review and probably amend the following items unless you still want to leave assets to your ex-spouse: In most cases, you can change these items by simply requesting, completing and filing the appropriate form. Since retirement and employer plans may represent the most significant portion of your net worth and liquid assets, it is particularly important that you amend the beneficiary designations on these accounts, as soon as possible after your divorce. Because these pass to the named beneficiary by operation of contract, as opposed to by probate, your designations supersede your will. If no changes are made, your ex-spouse who was originally designated as the beneficiary will be entitled to the benefit, despite the existence of a will or trust designating otherwise. Guardianship & Remarriage IssuesIn a perfect world, if something happened to you, your ex-spouse would assume guardianship of your minor child(ren). However, that assumes that your ex-spouse wants to raise the child(ren)and is fit to do so. If your ex-spouse is likely to assume guardianship, he or she will be responsible for providing a residence for the child(ren), and providing care, support and education. If you are concerned that monies you leave to your child(ren)may not be used as you would like if your ex-spouse has access to those funds, you can specify in a Revocable Living Trust (RLT) that the trustee who takes over in the event of your death pay for specific items out of the funds of the trust such as private school tuition, extra-curricular activities, a car at a certain age, college applications and tuition. Thus, you can protect your child(ren)’s inheritance by having an RLT in place with a trustee who will carry out your wishes which you specifically designate. The money would not be paid directly to the guardian (your ex-spouse), but would be used for the benefit of the child(ren). This also prevents your assets – which should be for the benefit of your child(ren)- from getting into the hands of your ex-spouse’s new spouse if he or she gets married again. You should also consider naming successor guardians in the event your ex-spouse does not want to raise the kids or is otherwise unavailable, or if you believe your ex-spouse to be an unfit parent. RemarriageIf you decide to get married again you should know that without legal documentation to indicate otherwise, your new spouse may generally be entitled to one-half of your marital estate. This could mean that you might unintentionally at least partially disinherit your existing child(ren). Your new spouse may not end up being the guardian of your child(ren), but he or she may receive half of the assets intended to provide for them. Most divorced parents typically desire to leave assets to care for both their new spouse and their child(ren). You should sit down with a financial advisor and an estate planning attorney to assess the options. An easy solution may be the use of additional life insurance to help you carry out your wish to provide for both your minor child(ren) and your new spouse. Complex ChangesIf you have advanced estate planning structures such as irrevocable life insurance trusts (ILIT’s), Qualified Personal Residence Trusts (QPRT’s), and charitable trusts they will be very difficult, if not impossible, to amend, since the original intent of creating these structures was to make an irrevocable election, usually structured to benefit both husband and wife together. It is critical that you work closely with your attorney, as well as the trustee, to explore possible options. You should also keep in mind that many state have an “elective share statute” which means that a spouse (whether estranged or not) will automatically be entitled to a certain percentage of your estate. However, through proper planning, there are a number of ways to avoid or limit the assets which are subject to the elective share, and to provide that your estranged spouse does not receive more of your estate than you want. This is another reason it is advisable to re-visit your estate plan following divorce. If any of the issues raised in this article interest you, you should revisit your estate plan with the assistance of a qualified estate planning attorney and a financial advisor. What to Think About Before Meeting Your LawyerIn my estate planning practice, it is not uncommon to meet with a new client who wants an estate plan prepared, but is a bit vague as to what should be included in that plan. Quite frequently, the initial conversation begins with the client saying something like, “I would like a will… or should I have a trust? Should I Have A Will Or A Trust?This is typically among the first questions posed by clients during an initial meeting. Many are aware that a trust will avoid probate, but that is true only if the trust is properly funded, meaning that all of their assets are transferred into the trust. Not every estate plan needs a trust, however, and it may not be necessary for you to incur the additional cost of having your lawyer prepare a trust, when a will is suitable for your needs. And, contrary to what some folks think, having a trust does not avoid estate taxes. A trust may be the right choice for you, if it is unlikely that you will acquire more assets in the years ahead. What can often happen, however, is that folks will have a trust established and thereafter acquire new assets that they neglect to place in the trust. Then when they die the assets outside of the trust have to go through probate which defeats the intent of establishing a trust in the first place. So, before deciding upon a trust as the main element of your own estate plan, take some time to consider your future investment plans and major acquisitions. There are some other advantages to a trust, which might make it the right choice for you. For example, should you become incapacitated, your trustee will be able to step in and manage your assets without having to seek a court appointed conservator. In that sense, a trust document is more all-encompassing and flexible than an ordinary will. What Else Should I Consider In My Estate Plan?Estate planning isn’t just about deciding who gets your wealth when you die. It is also about making decisions as to what you want to happen should you become seriously ill or incapacitated. Every estate plan should include an advance directive, which used to be called a living will. This document allows you to appoint a health care representative to make health care decisions for you, including end of life decisions, when you are unable to do so. Similarly, we recommend that you give a durable power of attorney to a family member or trusted friend in order to allow your appointed agent to manage your financial and business affairs when you are unavailable or otherwise incapacitated. A durable power of attorney remains in effect so long as you are alive and should provide that it will be effective even in the event of your incapacity. What About My Bank Accounts, Life Insurance And Investment Accounts?Careful estate planning should include a review of all of your assets, including checking the beneficiary designations you have listed in your retirement plan and in regard to your investment and bank accounts. With such beneficiary designations, these assets will be transferred outside of the probate process to those persons you have previously designated as beneficiaries on these accounts. It is important that you review your beneficiary designations to ensure that your choice of beneficiaries is in accordance with your current intentions as to disposition of your estate. A thorough review of your portfolio and consideration of the issues described above before meeting with your estate planning attorney will allow you to realize the maximum benefit from your meeting. It will also help your attorney to focus his or her discussion with you on aspects of the process that are most relevant to your goals and needs. 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 Stansbury Park Utah Estate Planning Attorney Summit Park Utah Estate Planning Attorney Sunset Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Syracuse Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-syracuse-utah/ If you’re a widow or widower, then estate planning secures your children’s future at any time after your death. In case you’ve remarried or divorced, planning your estate also secures your second spouse’s future and her children from another marriage aside from your own kids with your first wife or husband. A well-planned estate also addresses questions about the share of ex-spouses with your estate and whether the validity of a prenuptial agreement takes precedence over your will or not. During the planning process, you and your estate lawyers discuss the terms and conditions in distributing your assets and paying for taxes in three major areas, namely your wills, trusts and probates. Drawing Up Your Last Will and TestamentIn drawing up your will, which takes effect after your death, you need solicitors and financial advisors to help you assess the totality of your assets and liabilities. However, decisions on which assets go to which beneficiary solely depend on you. Your lawyers are there to advise you of which beneficiary takes a greater portion of your estate and how you can protect beneficiaries who are still minors and lack the legal right to control their inheritance. One way of determining which of your non-investment properties goes to which heir is to ask your children and your spouse which heirloom or valuable collection they expect to get as part of their inheritance. Your children and your spouse (current or otherwise) may seem to get along nicely right now, but soon after your death, disagreements and distrust quickly arise between them. Be as detailed as possible in distributing the items and stating their worth. Be careful in bequeathing family assets to third-party beneficiaries, such as charitable organizations or research institutions. These may be noble endeavors worthy of pursuing, but in the matter of planning a comfortable future for your heirs, only a small portion of your estate should be allocated to these types of beneficiaries. The Difference Between a Living Will and a Living TrustSpecifically, a living will mostly applies to situations when the individual has lost the ability to make decisions regarding his or her medical treatment and whether he or she wants to continue it. For example, a cancer patient who has fallen into a vegetative state may need a living will to state that he or she doesn’t want a spouse or any family member to extend his or her life when the chances of survival seems unfavorably slim. This document may also assign a family member to make critical decisions regarding the person’s medical and physical therapy options. Mostly, a last will differs in function and form from a living trust, which aims to protect a portion of the individual’s estate for the benefit of someone who doesn’t have the capacity to manage it. Unlike a last will, a living trust isn’t subject to spending months or years in probate courts. The probate process generally involves clerical work, like filling up the forms and filing them in court. However, the attorney’s fees and the probate costs could prevent your heirs from receiving their inheritance immediately after your death. Also, properties you’ve left under a living trust aren’t included in your last will. So, the beneficiary of these properties won’t be charged any inheritance tax. Of Probates, Trusts and the Last WillEssentially, probate covers the legal proceedings in distributing a person’s wealth over his or her heirs. For instance, deeds to the house and some lands must be transferred to the beneficiary’s name. The process takes up time and may cost a lot of money, which becomes a problem when the heirs can’t pay the probate attorney or the court’s filing fees. And so, many individuals planning their estate opt to put valuable properties in a revocable living trust to protect their family’s inheritance. The terms in a revocable living trust may be changed as your circumstances in life also change. The names of beneficiaries are included just like with a last will, but minors may be bequeathed with real estate properties, financial investments, or businesses managed by a trustee. Often, the person’s living trust increases in size after his death when a pour-over will takes effect. This kind of Last Will simply transfers the deceased person’s properties into the trust to maintain the privacy of the family. A well-planned estate must have a last will as well as a living trust for valuable properties especially reserved for certain beneficiaries, including children. The Real Estate Licensing ProcessThere is no doubt that a career in real estate can be very advantageous, as well as exciting. Of course, in order to obtain a career in this field, the first thing that you will need to do is go through the real estate licensing process. This does not need to be difficult, as long as you have a good idea of what it is that you will be facing. Here, we will take a closer look at some of the most important things that you should know when it comes to real estate licensing. One of the things that you may be wondering about is what type of requirements there are for you to be eligible for real estate licensing. For starters, you need to be of at least eighteen years of age. You also must have graduated from high school, or have obtained a degree of equivalency, such as a GED in order to go through the real estate licensing process. Before you can take the exam that is required for real estate licensing, the first thing that you will need to do is learn more about what other requirements your state has prior to the real estate licensing process. Most states will require you to take a course, or some form of training before you will be eligible to complete the real estate licensing exam. These types of real estate training courses are often offered by community colleges or real estate schools. You should be able to find one within your local area. It is important to make sure that you learn about all of the state requirements beforehand. Completing them is the first step of the real estate licensing process, as you cannot continue the process without these requirements. Once you have completed all of the requirements of your state, the next thing that you will need to do is find a test center which offers real estate licensing. The cost of this examination will vary according to where you live, but it is typically around a hundred dollars. Keep in mind that is necessary for you to get your real estate licensing done from the state that you are planning on working in. For example, if you are planning on working as a real estate agent in Sunset Attorney, you would not want to get your real estate license in Washington. In order to prepare yourself for the real estate licensing examination, it is important to make sure that you look over all of the information that you learned in your real estate classes. It will also be very beneficial for you to buy a real estate licensing test kit, which will provide you with a good idea of what types of questions you can expect to see on the real examination. Keep in mind that if you do not pass your real estate licensing test the first time, it is quite okay. You will be able to take it again, but you will probably need to wait a certain period of time. Once you have actually passed the real estate licensing examination, you will be ready to find a job with a reputable real estate agency to work for. While you may have to spend money, time and hard work to get through the real estate licensing process, you will find that it is well worth it in the end. Why You Should Not Put Property In Your Child’s Name As Part Of An Estate PlanA good portion of parents with children eventually want to pass on the property they own to their children. Some might think that it is a good idea to put their real estate, home, property, or land in the name of their children while they are still alive. This type of estate plan can be easy to set up and can most likely be done without a lawyer, but it is full of dangers and risks that can pop up and bite you if you are not careful. Titling your property with a child jointly or what is called in most states joint tenants with right of survivor-ship is an easy way to pass on property to that child. When you die, the property automatically passes to that child without having to go through the probate process. The title must simply be changed from joint ownership to that child’s name after you die and the title will then be in that child’s name. There are numerous reasons why doing this could be a bad idea though. One of the most common reasons that joint ownership with a child may be dangerous is that the child has an ownership interest in the property before you die and this interest could be subject to divorce proceedings, the IRS, or other creditors that your child may have. Your ex son or daughter in law or your child’s creditor can assert their interest in your property while you are still alive because the property is in your child’s name. Your child could be entitled to force you to sell your house if they feel that you are unable to care for yourself anymore and would be able to share the proceeds. Your child could also move their family in with you and become permanent guests. It is much better to maintain control over the title of your house and pass your interest after you die to avoid any potential problems. This can either be done through a will or living trust. When you are in control of the property no one else that has problems can interfere with your right to live in that property while you are alive or pass it on to others when you die. Losing the right to live in your own house is a potentially steep price to for not having a proper estate plan in place. A will or living trust protects yourself and your family. Should I Hire an Estate Planning Lawyer?One of the biggest questions many families face is whether or not their loved one should hire an estate planning lawyer or not. Not only are there are a large number of lawyers qualified for this task, but there are likely many friends and family members in your address book who could refer you to one if the question of who to hire comes up. When it comes to ensuring your loved one’s affairs are in order, an estate-planning lawyer is an asset. Lawyers who are adept in estate planning can help with the following: Before making your final decision as to who to hire as your estate-planning lawyer, hold many interviews with lawyers in order to ensure there’s a good rapport and the credentials you want to see are in place. Remember, you are going to be working with this Sunset Utah lawyer for a long period of time, as well as their associates, so you must be able to establish a good working relationship with them. If you feel like you can’t get along with them during the interview, contact additional lawyers until you feel confident you’ve made a good long-term decision. 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 Springville Utah Estate Planning Attorney Stansbury Park Utah Esate Planning Attorney Summit Park Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Sunset Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-sunset-utah/ If you ask how long a typical probate process takes, the answer is “it depends.” Every probate process varies by state and by individual case because of the different requirements and procedures that may apply. While there are ways to avoid probate, some states will require it in certain circumstances. Understanding the Probate Process In Summit Park, UtahProbate, which is a court-supervised of sorting and administering a person’s estate, begins upon a person’s death. A person can pass away either intestate or testate. If the person passes away testate, the property will be transferred to the beneficiaries named in the decedent’s will. If the person passes away without a valid will, the property will be distributed according to state’s intestate succession laws. Either way, the probate court will be in charge of supervising, distributing, and administering the decedent’s estate. The court will also be in charge of settling any legal disputes regarding the estate or the validity of a will. In a will, a person usually names a specific person as an executor, who will be responsible for managing the decedent’s affairs. If the decedent fails to name an executor or dies intestate, the probate court will appoint a personal representative to fulfill the executor duties. Probate Process Timeline In summit Park UtahThe probate process begins when the executor presents the will for probate at a probate court where the decedent lived or owned property. The court will first collect all of the decedent’s property. Then, the estate will pay any debts, claims, and taxes that are outstanding. After necessary papers are filed and approved, any remaining property will be distributed to the appropriate heirs. The length of time for probate depends on several factors, such as the size of the estate, the number of taxes and debts to pay, tax issues, the number of heirs, and any contested issues of a will. A typical probate process will take up to 24 months from the date of the decedent’s death. However, in cases of contested issues or lawsuits, the process may take up to several years, or even decades, to settle the issues and conclude probate. Here’s A Basic Timeline And Specific Steps For A Typical Probate Process. 1 to 4 months Prepare and file “petition for probate” by: Note: The above timeline may not apply to cases with more complicated issues or potential lawsuits. Probate Costs and FeesThe probate process involves certain fees and costs, such as attorney’s fees, the executor or personal representative fees, and court costs. These fees typically come out of the estate itself, which makes the heirs to get less portion of the estate. Because probate can be costly and time-consuming, people tend to look for other options to avoid probate. Navigating the probate process requires you to not only understanding the legal concepts and requirements involved, but also knowing the state-specific rules and procedures. If you’re involved in the probate process, get a free case review by an experienced probate attorney, who can guide you through the process and answer questions. How To Probate A Will Without A LawyerThe simple answer is… yes! For the vast majority of probate cases, a lawyer is not required to probate a will. In fact, anyone can interact with the court system and you can do probate without a lawyer. However, there may be times when a lawyer is necessary during probate. Let’s go over the general steps of the probate process and discuss how to probate a will without a lawyer if possible. Note that even if a lawyer is needed, you can hire them for very specific issues and might not need them for the entire process. 1) Petition The Court To Be The Estate Representative 2) Notify Heirs And Creditors • What you will need: a clear understanding of who the heirs are (will or state succession laws), and a reasonable attempt to uncover debts. 3) Change Legal Ownership Of Assets 4) Pay Funeral Expenses, Taxes, Debts And Transfer Assets To Heirs 5) Tell the court what you have done and close the estate How to Avoid ProbateIt is possible to avoid probate entirely with careful planning. This is desirable for some people because doing so not only reduces legal fees, but it can mean avoiding the estate tax, which can take a significant amount of a very wealthy estate. Avoiding probate can also protect privacy, since some of the records may not be available to the public. One of the most popular ways to avoid probate is through the use of a revocable living trust. Assets are placed in the trust, but they can used by the trust creator during his or her lifetime. Upon death, assets in the trust are passed to the trust beneficiaries just by operation of the trust document. No probate is necessary. Life insurance policies pass property outside of probate. Whoever you name as beneficiary on your life insurance policy will receive the death benefit directly with no probate process. Some retirement accounts can pass outside of probate. The account owner names a beneficiary and that person then receives the balance of the account after the owner’s death. Payable on death accounts operate the same way. Real estate that is owned as joint tenants, or joint tenants by the entirety passes outside of probate as well. This type of property has two owners. When the first owner passes away, the second one automatically owns the property. Most families will have some contact with a probate court whether or not a will was created, but in most cases, the process is streamlined and inexpensive. The ExecutorA will typically designates a legal representative or executor approved by the court. This person is responsible for locating and overseeing all the assets of the deceased. The executor has to estimate the value of the estate by using either the date of death value or the alternate valuation date, as specified by the Internal Revenue Code (IRC). Most assets that are subject to probate administration come under the supervision of the probate court in the place where the decedent lived at death. The exception is real estate. Probate for real estate may need to be extended to any counties in which the real estate is located. The executor also has to pay off any taxes and debt owed by the deceased from the estate. Creditors usually have a limited amount of time (approximately one year) from the date of death to make any claims against the estate for money owed to them. Claims that are rejected by the executor can be taken to court where a probate judge will have the final say on whether or not the claim is justified. The executor is also responsible for filing the final, personal income tax returns on behalf of the deceased. Any estate taxes that are pending can also come due within one year from the date of death. After the inventory of the estate has been taken, the value of assets calculated, and debts paid off, the executor will then seek authorization from the court to distribute whatever is left of the estate to the beneficiaries. If a deceased person’s estate is insolvent, which means that their debts outweigh their assets, an administrator will likely choose not to initiate probate. In general, individual states may have their own rulings on a statute of limitations for the processing of a will through probate. States can also have thresholds for probate filings. Probate Without a WillWhen a person dies without a will, he is said to have died intestate. An intestate estate is also one where the will presented to the court has been deemed to be invalid. The probate process for an intestate estate includes distributing the decedent’s assets according to state laws. If a deceased person has no assets, probate may not be necessary. In general, a probate court proceeding usually begins with the appointment of an administrator to oversee the estate of the deceased. The administrator functions as an executor, receiving all legal claims against the estate and paying off the outstanding debts. The administrator is tasked with locating any legal heirs of the deceased, including surviving spouses, children, and parents. The probate court will assess what assets need to be distributed among the legal heirs and how to distribute them. The probate laws in most states divide property among the surviving spouse and children of the deceased. Spouses as Joint Property OwnersCommunity property laws can recognize both spouses as joint property owners in an intestate proceeding. In effect, the distribution hierarchy typically starts with the surviving spouse. If unmarried or widowed at the time of death, assets are usually divided among any surviving children. After a spouse and children are considered, other relatives may also be deemed appropriate for distribution. Close friends of the deceased will not normally be added to the list of beneficiaries under a state’s probate laws for intestate estates. However, If the deceased had a joint account with right of survivorship or owned property jointly with another, the joint asset would automatically be owned by the surviving partner. Is a Probate Always Required?It is important to know whether a probate is required following the death of an individual. The probate process can take a long time to finalize. The more complex or contested the estate is, the more time it will take to settle and distribute the assets. The longer the duration, the higher the cost. Probating an estate without a will is typically costlier than probating one with a valid will. However, the time and cost required of each are still high. Also, since the proceedings of a probate court are publicly recorded, avoiding probate would ensure that all settlements are done privately. Different states have different laws concerning probate and whether probate is required after the death of a testator. Some states have a specified estate value, which requires probate. For example, probate laws in Summit Park Utah hold that if the value of the estate is less than $75,000, then probate may be skipped. If an estate is small enough to bypass the probate process, then the estate’s asset may be claimed using alternative legal actions, such as an affidavit. Typically, if a deceased person’s debts exceed their assets, probate is not necessarily initiated and alternative actions may be taken. Some assets can bypass probate because beneficiaries have been initiated through contractual terms. Pension plans, life insurance proceeds, 401k plans, medical savings accounts, and individual retirement accounts (IRA) that have designated beneficiaries will not need to be probated. Likewise, assets jointly owned with a right of survivorship can bypass the probate process. 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 South Weber Utah Estate Planning Attorney Springville Utah Estate Planning Attorney Stansbury Park Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Summit Park Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-summit-park-utah/ There’s no negating the importance of establishing an estate plan. Whether your net worth is gargantuan or whether you’re living paycheck to paycheck, it’s critical that you have at least a basic estate plan in place. Doing so will ensure that your financial goals are met after you pass away. This kind of financial planning can provide payment of your debts, education or trust funds for your children, and much more. Estate planning has the primary purpose to determine what you want done with your ‘estate’ after you die. In addition to that, effective estate planning can offer the following benefits: Components of an Estate PlanYour estate plan will include a will, copies of all financial documents, a durable power of attorney, and a health care proxy. Factors to ConsiderBefore you can really start to lay out your plan, you’ll have a lot of thinking to do. Some of these factors will vary a bit depending on how large and complex your estate is, and what stage of life you are in. For example, if you are young enough to have small children, you must determine who would care for and raise your children if you should die. If you are married, you and your spouse must discuss how assets should be distributed if one of you should die. You’ll have to decide who will receive your life insurance when you pass away. You’ll also have to consider who should care for you if you become unable to care for yourself. This part of the process involves much discussion with loved ones and much tough decision-making. Get Your Plan TogetherAfter having gathered copies of all financial documents including life insurance policies, all banks and investment account information, all debt information, you can reasonably estimate how much you’ll have left over to leave to loved one. List all assets and liabilities. Your liabilities will have to paid at death. What’s left over is what will be distributed between your heirs. Write your will according to the amount you estimate will be left over. In addition to leaving money to loved ones, you can make contributions to charitable organizations. You can also lay out conditions for receiving the cash. Once you have established your will and basic estate plan, you’re ready to move on to the next step. Formalizing Your Estate PlanOnce you feel comfortable with the will you have put together, make sure to notarize the documents with at least two witnesses present. Keep in mind that no beneficiary should serve as a witness. Next, you’ll want to name an executor who will be in charge of making sure that your final wishes are met. Make sure the person you name as executor is willing to do the job and is someone you trust. In many cases, attorneys or other impartial parties are named as executors. Review and Re-review Your PlanAfter you’ve drawn up and formalized an estate plan, you might think you’re all set. Unfortunately, that’s not the case. Unless you know that you will be passing in a short amount of time, it is important to go back and review your estate plan every few years. Many factors can change over the years which might require some basic adjustments to your estate plan. An Estate plan is essentially several legal documents brought together to guide nominated persons through decisions you have made about the end of your life. In specific terms, a Will, a Living Will and a Power of Attorney all need to be incorporated into the Estate plan. Trust documents may also be included in cases where they are needed. The most detailed document is likely to be your Will. How you would like your assets to be distributed and details of specific gifts you wish to make, should all be mentioned in here. It should also contain details about how you wish to make provision for your funeral expenses and Inheritance Tax payment. Children under 18 of course need to be provided for, both financially and in terms of appointing guardians. In this instance, the creation of an additional Trust document may be appropriate. Living Wills are a newer but valuable addition to the Estate plan. In here, should you become unable to think or communicate clearly at some point in the future, you are able to specify how you would prefer to be looked after and if you would choose for medical staff to prolong your life, should you suffer from a terminal illness or severe injury. Not something any of us enjoy thinking about but nevertheless a very important issue for your loved ones. Finally, Power of Attorney. Again this document relates to your actual lifetime rather than post-death, and refers to a scenario where you are unable to make decisions for yourself. The Power of Attorney will dedicate a named individual to organize all of your financial and legal dealings. At first glance, it appears that Estate planning is a long and complicated process, dealing with many issues none of us care to dwell on. However, an experienced probate practitioner and Will Writer will be able to guide you through the whole process relatively quickly, leaving no stone unturned. They will also be able to advise you on the most efficient ways of preparing for your death and dividing your Estate, to minimize Inheritance Tax and other related costs. The Basic Documents of Estate Planning and BeyondThe third step in your do it yourself financial plan is estate planning. Estate planning is thought about as wills, trusts, and gifts, etc. Not anymore. No one wants to think of sickness, old age, and death, yet all of us will experience that at some point, and the most important element of a person’s legacy is not money but passing along values and life lessons. Yes, the basic documents of an estate plan which are needed to build wealth are a will, durable power of attorney for financial care and durable power of attorney for health care. But now people want so much more. They want to know how the final wishes and preserved memories of the individual will be left behind. Here is the new softer side of estate planning: Ethical Wills-more people are using this type of will not just to distribute assets but to also put their values and beliefs on paper. Even if you are not the best writer, you can find outlines and examples on the web to get you started on what memories, beliefs, values, or life lessons you would like to leave behind. Durable Power of Attorney for Financial Care is a document that gives someone the authority to take over your financial matters upon your disability or incapacity. Make sure that the individual you choose is aware of his or her duties. Don’t surprise people with this responsibility. Talk to them first to see if they are open to being appointed for these duties. Durable Power of Attorney for Health Care is a document that gives someone the authority to make medical decisions for you upon your disability or incapacity. 85% of most DNRs (do not resuscitate) are not honored. Again, make sure the individual you choose knows of his/her obligation to see that your wishes are honored. Some of the new advanced medical directives like the Five Wishes available at Aging with Dignity offer a more detailed medical directive which is easy to understand and use. Passing along “values and life lessons” was overwhelmingly considered (by over 75 percent) the most important element of a person’s legacy according to a recent study. Don’t wait to execute these documents under duress. To build wealth, you have to preserve what you accumulate over the years. Plan your legacy today for the protection of your assets and your family. Estate Planning Lawyers Are the Components That Make Up an Ideal Estate PlanThe main reason we might seek out estate planning lawyers in our area is to establish a last will and testament. This document serves a variety of functions. First off, it allows you to appoint a guardian for your children upon your death. Second, it protects your business and allows the company to be transferred to a co-owner or heir. The next, and perhaps the most important reason, is that it determines who will receive your assets whether it is a family member or a charity. What Happens If You Die Without a Will?It is best to ensure you have a last will before you pass on. If not, the state will have the rights to your assets and will choose who receives them. While it may vary by state, the typical distribution channel depends upon your marital status and children when you die. SingleYour parents are the first in line to receive your assets. If they are deceased, then they will be handed over to your siblings. In the event you have children, the assets will be split evenly between them. MarriedThis is where the distribution process can become quite complex. Ideally, the surviving spouse would inherit one-third to one-half of your assets, and the rest will be divided up evenly amongst the children. If no children are present, the surviving spouse can inherit everything, or will have to split the money with the deceased’s parents or siblings. Leaving it up to the state to distribute your assets can lead to family conflict and, in some extreme cases, lawsuits filed. Estate planning lawyers can assist you in creating a last will and testament that will make your death an easier transition for your loved ones. There Is More to Estate Planning Than You Might ThinkHowever, a common misconception about estate planning is that the last will and testament are the only part of the plan when in actuality it is one part of the estate plan. Estate planning lawyers can also establish a living will, living trust, durable power of attorney, and power of attorney for you. Living WillThis document will inform your family members of your wishes in the event of an irreversible coma or terminal illness. Therefore, it establishes whether you want certain medical treatment to be withdrawn to allow for a natural passing. Living TrustIn a trust, certain assets can be set aside for individuals outside the last will and testament. These assets will then be transferred over during your lifetime and will not have to undergo the probate process. The probate process can be a lengthy one since it requires the executor named in the will to validate the will to the court, appraise the deceased’s property, and pay off remaining debt and taxes. A living trust is beneficial because it can be used to manage your estate both before and after your death and can be used to avoid probate for items that would have to go through this process. It is a legal arrangement that is set up between a person, law firm, bank, or an institution and a beneficiary. The person or institution appointed by you to manage the items in the trust is called the trustee, and they hold the legal title to the property. You can choose to have more than one beneficiary, and people often do choose more than one person if they have reason to do so. In many cases, people choose to have one set of beneficiaries during their life—usually themselves and another set for after their death—usually their children—who will benefit from it after they have passed. As long as it is well-drafted, your trust is something that can continue to be effective even after your death. There are two main benefits of setting up a trust: • The first is that it is a way to avoid probate with your items that are not included in your will. You have the option of establishing a revocable living trust that will terminate upon your death and will pass on immediately to your beneficiaries. This process saves a lot of time and money for your beneficiaries. Durable Power of AttorneySimilar to a living will, but not quite. The durable power of attorney allows you to appoint someone to make medical decisions on your behalf when you are unable. However, this type of power covers all health-care related decisions, not just the terminal ones that the former covers. Power of AttorneyThis allows you to appoint someone to handle all legal and business matters in the event you become incapacitated. Therefore, this person can write checks and sign documents for you. Understanding these aspects of what estate planning lawyers do will ensure your wishes are fulfilled. 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 South Salt Lake Utah Esate Planning Attorney Weber Utah Estate Planning Attorney Springville Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Stansbury Park Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-stansbury-park-utah/ Personal property needs the best handling and protection no matter how big or small. If you have a large zone of property or assets, it is important to manage it properly. When you have a big amount of land or goods, there is almost always someone watching and waiting to take advantage. This is why it is good to have a successful game plan. An estate planning attorney can help these plans to work out to your best advantage. Everyone needs assistance sometimes with making important decisions. A lawyer can be that person to offer guidance to you about your most precious belongings. Smart strategizing can be used to avoid spending money the wrong way and on the wrong people. Lawyers are professionals that can carefully explain your best options when it comes to your assets. Starting a trust can be one way to protect your money. When funds are not protected they can easily end up in undeserving hands. The truth is that you can set certain rules as to who and where your valuables go. You can have it your way. A trust stores your money or property safely until it is somehow granted to the recipient. The sooner these plans are made, the quicker money and land can be tucked away before it is blown for the wrong reasons. An estate planning attorney is definitely beneficial to those who have many important things to protect. Divorce is a process that can indeed get tricky. Ex-wives and husbands often look for all that they can get during a split. Sometimes, they try to obtain more than what is due to them. With the right guidance this can definitely be prevented. Money that is overspent can instead be spent on the future. Perhaps trust money can someday be granted to children or grandchildren. You will find peace of mind knowing that your treasures will be purposefully used. Most people don’t always consider what might happen to their assets once they have passed on. An estate planning attorney can help you to figure out your plans ahead of time. A living will can determine which family members will receive what treasures when you have passed on. This process simply will give your loved ones all the clarity they need when the time comes. There are many families who fight over land and funds once the matriarch or patriarch has passed on. This often happens when there is no structure or careful planning ahead of time. By starting a living will you will know exactly who will get what. Guidance can really make a difference if you are unsure about the future of your possessions. With so many people out to get your money, the ultimate security is needed at all times. An estate planning attorney is skilled in all the right ways to help you sensibly govern your belongings in the present as well as the future. To start the most important strategizing of your life, you should consult a lawyer. How an Estate Planning Attorney Can HelpIn order to protect assets and prevent family squabbles and misunderstandings after a person’s death, a solid plan should be in place. To help with the complex legal issues that are involved, an estate planning attorney can offer their expertise and guidance. What is the best way to go about setting up this plan? Here are some tips: With the advice of a reputable estate planning attorney, financial assets can be distributed properly to loved ones in a manner that will alleviate headaches and strife for the surviving relatives. By planning today, tomorrow will be rosier financially and emotionally for the entire network of heirs. Use an Estate Planning Attorney to Secure Your AssetsSometimes a will is not enough to ensure that your last wishes are met and your estate is properly handled once you are gone. Using an estate planning attorney, no matter the size of your estate, can help your loved ones in a time where details are something no one is really thinking of. They can help an individual ensure that all their wishes are met and family members or whomever gets exactly what you wish them too. These attorneys can make sure that if there are children left behind, that any trust funds needed will be set up and managed properly until the child or children are of age to do this on their own. They can also aid in the disbursement of any assets to family members along with clearing up any legal or financial issues when the time comes. By using their services, there are no chances for mistakes when it comes to what assets goes where and that all the deceased wishes are properly carried out. Many of these attorneys will also act as trust planners to ensure that the funds left behind are available at the proper time to family and loved ones that may have been underage and provided for in the will. They can best advise an individual on how to set up a trust for one or more family members and then see that it is drawn up and carried out properly. This will be very important, particularly if there is more than one minor child left behind that needs caring for. While no one wants to admit it, there are sometimes family members that see the passing as an opportunity to take advantage of more vulnerable individuals. By using an attorney to carry out the last wishes and asset management, these family members will be hard pressed to exert their will on other members of the family that may be too grief stricken to be thinking clearly. This will help protect them and the assets that they are entitled to as provided for in the will. With so many different factors to add in at the time these attorneys are needed, it will be good to have one on hand that knows the deceased wishes before that time ever comes. They can ensure that everyone is taken care of along with any special requests that may have been made. Things like charitable contributions from the estate will be disbursed and handled by them if this has been entered in the will as a request. An estate planning attorney can give you not only some peace of mind but also your immediate family. They will help to set up any and all provisions in the will along with filing any necessary paperwork in order to make this binding. Be sure to research these attorneys and see the different services they offer before making a selection. Working With an Estate Planning Attorney SuccessfullyIt’s not an easy thing to think about, especially when you feel as though you’re in the prime of your life, but every person with financial and emotional responsibilities should prepare for their eventual death. Accidents happen, deadly illnesses strike without a moment’s notice, and suddenly you wish you’d called that estate planning attorney years ago. Don’t think of it as a morbid subject and put superstition to the wind: preparing for the unfortunate is not inviting it to happen. You’re simply being responsible. Here are some tips that will help you work with your lawyer towards a successful strategy. Find Someone QualifiedThe first step in working with an estate planning attorney is to find someone you can trust. Well, the first step is to decide to hire someone at all. It’s not unheard of to handle these matters without legal representation, but it is almost always a big mistake. If you have so little to worry about that you can handle it without a lawyer, that’s one thing, but if you’re even considering hiring one, you probably should. Don’t put family members in a position of uncertainty. Don’t put your children in a position where they have a future clouded in darkness. Hire someone who can set your affairs in order. Providing For Your ChildrenIf you have children not yet out on their own, they should be first and foremost in your discussions with an estate planning attorney. One of your primary considerations should be who will act as their guardian should you die. This is most certainly not something you want to leave up to someone else to decide after you’re gone. It is not an easy decision, but it’s one worth taking the time to think about and designate. Keep their feelings in your considerations as well. You don’t want to designate someone as your children’s caretaker if they don’t seem willing to take on the responsibility. Don’t Put It OffAs stated, it’s hard to think about these things when you’re in the prime of your life. You have plans for the future, you’re making money, you’re raising your children, and you’re having a great time. You may be putting things in order for your long, glorious retirement. No one likes to think about having their plans snuffed out. But it can happen. Don’t wait until it’s too late to provide for a future without you. Seek out an estate planning attorney and have a plan in place should the unspeakable happen. What can an estate planning attorney do for you? These professionals are very familiar with the process of organizing and creating a plan that will play out at the time of a person’s death. This plan can be very helpful in accomplishing many of your goals. It can also help you to make sure that your wishes are not lost in the courts and that your desires are not misunderstood by your family. Due to the complex nature of things like wills and probate court, it is often best to work with an experienced lawyer who knows this particular field well. The laws in your state may be different than other states. Therefore, you need a local professional who can guide you through the process. What They Can DoThe services you need from an estate planning attorney may be very basic or they may be very expansive. The goal is to sit down with these lawyers and to discuss your situation. You will likely be able to state what your goals are and what you would like to do to make them happen. It is important that you speak to a lawyer in advance of making decisions because state laws may limit some of the actions you can take. From that point, you may want to discuss some of the following options available to you through these lawyers. Minimize your taxes. One of the ways these lawyers can help you is to minimize the amount of taxes your property has to pay out at the time of your death. If you do not set up some option for this, your heirs may be forced to sell some of your property to pay off the taxes. You can use these professionals to draft a will. Use them to help you to transfer money into college funds for your children or grandchildren. Let them help you to make plans for your dependents in case you suffer an untimely demise. These are just some of the services an estate planning attorney can offer to you. 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 South Ogden Utah Estate Planning Attorney South Salt Lake Utah Estate Planning Attorney South Weber Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Estate Planning Attorney Springville Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/estate-planning-attorney-springville-utah/ A home appraisal determines the value of your property by assessing comparable sales of similar properties in your neighborhood. A home appraisal is the estimated value of a home property by a licensed appraiser. An appraisal is made by inspecting your home, taking into account factors including the square footage and the asking price of comparable properties in your home’s neighborhood. An appraisal is important for a mortgage lender like a bank or a mortgage broker—to determine the value of the property that a borrower currently owns or is trying to buy. Common reasons for ordering a home appraisal include refinancing a home’s mortgage or securing a loan to buy a house. You might need a bank loan to help pay your mortgage or contribute to the down payment of a house. Private mortgage lenders usually require a home appraisal to weigh the home’s value against the size of the loan to the homebuyer. Federal institutions like the Federal Housing Administration (FHA) or the US Department of Veterans Affairs also provide home loans, which require home appraisals as part of the application process. Real Estate Appraisal vs. Home Inspection: What’s the Difference?There are several differences between a real estate appraisal and a home inspection, some of which include the following. Who Appraises a Home?Home appraisals are conducted by a licensed, third-party home appraiser. The lender is responsible for scheduling a home appraisal with an appraiser who has no connection to the lender, the buyer, or the seller. The homebuyer, homeowner, or loan borrower is responsible for the appraisal costs as part of the closing costs of the home. A home appraisal can take anywhere between 20 minutes to two hours, depending on the size of your home. Once the appraiser has made their valuation, the appraiser will write a written report containing the home’s appraisal value that outlines how the determination was made. How Does a Home Appraisal Work?Home appraisals are used to secure a loan from a financial institution for a mortgage or down payment for a home purchase. They are ordered by the same financial institution when you’re refinancing your mortgage. Here is a brief overview of the process of a home appraisal. 1. Your appraisal is scheduled. The lender must run an appraisal to determine a fair market value for a property to determine your loan. The applicant must pay for the cost of the appraisal, and the appraiser cannot have a personal connection to the financial institution or the buyer, seller, or owner of the home. What Does an Appraiser Look For?To appraise a home, the homeowner hires a third-party home appraiser to run an appraisal report of a home by inspecting and assessing the property. A property assessment is similar to a home inspection, but an appraiser will additionally take the sales prices of comparable homes—or comps—into account. To determine the value of the property against similar homes, an appraiser assesses the following: Tips on Preparing for a Home AppraisalWhether you’re a home buyer or a homeowner looking to refinance your mortgage, it’s important to prepare for your residential appraisal. Getting a low appraisal can mean having a higher loan-to-value ratio, which can affect the interest rates of your loan. 1. Review the market. If you’re looking to secure a loan for a new home, you should review recent sales of other homes in the neighborhood of the home you want to buy. This can give you an idea of how your desired property might be appraised. What Does an Estate Lawyer Do?People spend their entire lives acquiring an “estate.” An estate can be large or small. It consists of savings, checking, and any investment accounts a person may have, as well as all property they own – including moveable and moveable property. Most people have “movable property.” Moveable property is anything a person owns- a mobile home, furniture, paintings, a car, a coin collection, their clothing and so on. Those people who own their homes rather than rent possess “Immovable property.” Immoveable or “real” property refers to land and to permanent structures (homes, barns, etc.) built on that land. After working so hard to develop an estate (even if you weren’t really aware that that’s what you were doing!) it would be an absolute tragedy to see some or all of it pass out of your family’s hands once you pass away. An estate lawyer can help you prevent that from happening. An estate lawyer performs many functions to help clients protect their assets and ensure that they end up where the client wants them to go. Drafting a willOne of the main functions an estate lawyer performs is to help a client draft his or her will. A will is imperative in this day and age. If you don’t put down in writing where you want every single bit of your estate to go- from moveable property to immoveable property – a court in your state will decide it for you… and charge your heirs a great deal of money (it could run into the thousands of dollars) for the privilege. It will also take considerable more time than if you leave a will. Creating a trustAn alternative to a will is to create a trust. With a trust, all of your assets are placed into an account, and you then appoint a “trustee” – a person whom you trust – who will disburse the funds when appropriate. A trust is important if there are young children involved. The funds they are to inherit can be disbursed when they reach a certain age, rather than when they are too young to properly handle the money. An estate lawyer, if so commissioned, can also act as a “protector” of the trust if desired. Advanced Health Care DirectivesMore familiarly known as a “Living Will,” this document ensures that your wishes will be adhered to – regarding your own health – should you suffer an accident that leaves you incapacitated, or if you develop a disease such as Alzheimer’s for example, which will affect your ability to make decisions for yourself about resuscitation, for example. ProbateWhen a person passes away, the estate must be divided as he or she wished (if a will or trust was created) or how the court wishes (if there was no will or trust). This is called probate. Probate is a legal process that has to go through the Court (and of course, fees have to be paid to the Court). An Estate Lawyer Gives You Peace of Mind53% of people living South Weber Utah have a will. That is an incredibly low percentage. Many young people do not bother with wills, as they did not bother with health insurance. However, accidents happen every day and it is imperative that even young people plan for the future and every eventuality. An estate lawyer can help. Obligations can vary from state to state and the size of the estate can determine the responsibilities that will be needed. The executor is either named in the will and if no will is left, the courts can name an executor. The time necessary to complete an estate will be determined by the size of the estate and the location of the assets left in the state. An executor may be required to perform some or all of the duties listed below: Things Every Buyer Needs – To Close A Commercial Real Estate LoanSellers and their agents often express the attitude that the Buyer’s financing is the Buyer’s problem, not theirs. Perhaps, but facilitating Buyer’s financing should certainly be of interest to Sellers. How many sale transactions will close if the Buyer cannot get financing? This is not to suggest that Sellers should intrude upon the relationship between the Buyer and its lender, or become actively involved in obtaining Buyer’s financing. It does mean, however, that the Seller should understand what information concerning the property the Buyer will need to produce to its lender to obtain financing, and that Seller should be prepared to fully cooperate with the Buyer in all reasonable respects to produce that information. Basic Lending CriteriaLenders actively involved in making loans secured by commercial real estate typically have the same or similar documentation requirements. Unless these requirements can be satisfied, the loan will not be funded. If the loan is not funded, the sale transaction will not likely close. For Lenders, the object, always, is to establish two basic lending criteria: In nearly every loan of every type, these two lending criteria form the basis of the lender’s willingness to make the loan. Virtually all documentation in the loan closing process points to satisfying these two criteria. There are other legal requirements and regulations requiring lender compliance, but these two basic lending criteria represent, for the lender, what the loan closing process seeks to establish. They are also a primary focus of bank regulators, such as the FDIC, in verifying that the lender is following safe and sound lending practices. Few lenders engaged in commercial real estate lending are interested in making loans without collateral sufficient to assure repayment of the entire loan, including outstanding principal, accrued and unpaid interest, and all reasonable costs of collection, even where the borrower’s independent ability to repay is substantial. As we have seen time and again, changes in economic conditions, whether occurring from ordinary economic cycles, changes in technology, natural disasters, divorce, death, and even terrorist attack or war, can change the “ability” of a borrower to pay. Prudent lending practices require adequate security for any loan of substance. Documenting The LoanThere is no magic to documenting a commercial real estate loan. There are issues to resolve and documents to draft, but all can be managed efficiently and effectively if all parties to the transaction recognize the legitimate needs of the lender and plan the transaction and the contract requirements with a view toward satisfying those needs within the framework of the sale transaction. While the credit decision to issue a loan commitment focuses primarily on the ability of the borrower to repay the loan; the loan closing process focuses primarily on verification and documentation of the second stated criteria: confirmation that the collateral is sufficient to assure repayment of the loan, including all principal, accrued and unpaid interest, late fees, attorneys fees and other costs of collection, in the event the borrower fails to voluntarily repay the loan. With this in mind, most commercial real estate lenders approach commercial real estate closings by viewing themselves as potential “back-up buyers”. They are always testing their collateral position against the possibility that the Buyer/Borrower will default, with the lender being forced to foreclose and become the owner of the property. Their documentation requirements are designed to place the lender, after foreclosure, in as good a position as they would require at closing if they were a sophisticated direct buyer of the property; with the expectation that the lender may need to sell the property to a future sophisticated buyer to recover repayment of their loan. Top 10 Lender DeliveriesIn documenting a commercial real estate loan, the parties must recognize that virtually all commercial real estate lenders will require, among other things, delivery of the following “property documents”: Planning for Closing CostsThe closing process for commercial real estate transactions can be expensive. In addition to drafting the Purchase Contract to accommodate the documentary requirements of the Buyer’s lender, the Buyer and his advisors need to consider and adequately plan for the high cost of bringing a commercial real estate transaction from contract to closing. If competent Buyer’s counsel and competent lender’s counsel work together, each understanding what is required to be done to get the transaction closed, the cost of closing can be kept to a minimum, though it will undoubtedly remain substantial. It is not unusual for closing costs for a commercial real estate transaction with even typical closing issues to run thousands of dollars. Buyers must understand this and be prepared to accept it as a cost of doing business. Sophisticated Buyers understand the costs involved in documenting and closing a commercial real estate transaction and factor them into the overall cost of the transaction, just as they do costs such as the agreed upon purchase price, real estate brokerage commissions, loan brokerage fees, loan commitment fees and the like. Closing costs can constitute significant transaction expenses and must be factored into the Buyer’s business decision-making process in determining whether to proceed with a commercial real estate transaction. They are inescapable expenditures that add to Buyer’s cost of acquiring commercial real estate. They must be taken into account to determine the “true purchase price” to be paid by the Buyer to acquire any given project and to accurately calculate the anticipated yield on investment. Some closing costs may be shifted to the Seller through custom or effective contract negotiation, but many will unavoidably fall on the Buyer. These can easily total tens of thousands of dollars in an even moderately sized commercial real estate transaction in the $1,000,000 to $5,000,000 price range. Costs often overlooked, but ever present, include title insurance with required lender endorsements, an ALTA Survey, environmental audit(s), a Site Improvements Inspection Report and, somewhat surprisingly, Buyers attorney’s fees. For reasons that escape me, inexperienced Buyers of commercial real estate, and even some experienced Buyers, nearly always underestimate attorneys fees required in any given transaction. This is not because they are unpredictable, since the combined fees a Buyer must pay to its own attorney and to the Lender’s attorney typically aggregate around 1% of the Purchase Price. Perhaps it stems from wishful thinking associated with the customarily low attorney’s fees charged by attorneys handling residential real estate closings. In reality, the level of sophistication and the amount of specialized work required to fully investigate and document a transaction for a Buyer of commercial real estate makes comparisons with residential real estate transactions inappropriate. Sophisticated commercial real estate investors understand this. Less sophisticated commercial real estate buyers must learn how to properly budget this cost. 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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