Most people understand how important it is to have a legal will in place before they die. They also know it will end up costing their heirs money and time if they neglect to do so. Many Utah natives put off calling a lawyer to help them with the details of their estates however. Unexpected things happen all the time, and if you have valuable assets, like artwork, real estate, jewelry, stocks, or cash, there are reasons for making estate planning in Utah a priority.
It is important for parents to provide for their minor children. This includes naming the individuals they want as legal guardians in the event those parents die or become incapacitated. Without a will, the court will have to decide who takes custody of the children and how they will be raised. If there is legal documentation, it is much easier for a surviving spouse to receive any inherited benefits as well.
If you have valuable assets, you need to make sure to give detailed instructions to survivors about who is going to receive what. There can be big family arguments unless everything is clearly divided. Having a will in place will expedite the court process and get assets into the hands of the heirs they were intended for. It may speed up the processing of insurance benefits as well.
Unless you plan ahead a large chunk of the property you leave behind may end up in the hands of the government or have to be liquidated to pay estate and transfer taxes. You will probably need to consult an experienced attorney who knows how the laws concerning inheritance work.
When money and other tangible assets are involved, even the closest of family members can become estranged because of serious disagreements over inheritance issues. If they can't come to some kind of resolution, lawyers are often hired, and the whole thing ends up in front of a judge. There can be suits and counter suits that go on for long periods of time. Having instructions in place will prevent this kind of unfortunate situation.
Individuals who want a specific individual to serve as trustee should include that in a will. There are sometimes charities people want to donate a certain percentage of cash to, and if this a specified in a will, it is much more likely that the funds will actually get to the charitable organization. Some families have members with special needs that can be provided for if instructions for their continuing care is outlined in a will.
Business owners, or those with interest in a business, should always leave detailed instructions about who will take ownership and make future decisions for the company. The deceased individual may even instruct survivors to sell or close a business.
If you don't make a will and plan carefully, the courts may end up deciding how to divide your assets. It is in everyone's best interest to make the decisions yourself.
It is important for parents to provide for their minor children. This includes naming the individuals they want as legal guardians in the event those parents die or become incapacitated. Without a will, the court will have to decide who takes custody of the children and how they will be raised. If there is legal documentation, it is much easier for a surviving spouse to receive any inherited benefits as well.
If you have valuable assets, you need to make sure to give detailed instructions to survivors about who is going to receive what. There can be big family arguments unless everything is clearly divided. Having a will in place will expedite the court process and get assets into the hands of the heirs they were intended for. It may speed up the processing of insurance benefits as well.
Unless you plan ahead a large chunk of the property you leave behind may end up in the hands of the government or have to be liquidated to pay estate and transfer taxes. You will probably need to consult an experienced attorney who knows how the laws concerning inheritance work.
When money and other tangible assets are involved, even the closest of family members can become estranged because of serious disagreements over inheritance issues. If they can't come to some kind of resolution, lawyers are often hired, and the whole thing ends up in front of a judge. There can be suits and counter suits that go on for long periods of time. Having instructions in place will prevent this kind of unfortunate situation.
Individuals who want a specific individual to serve as trustee should include that in a will. There are sometimes charities people want to donate a certain percentage of cash to, and if this a specified in a will, it is much more likely that the funds will actually get to the charitable organization. Some families have members with special needs that can be provided for if instructions for their continuing care is outlined in a will.
Business owners, or those with interest in a business, should always leave detailed instructions about who will take ownership and make future decisions for the company. The deceased individual may even instruct survivors to sell or close a business.
If you don't make a will and plan carefully, the courts may end up deciding how to divide your assets. It is in everyone's best interest to make the decisions yourself.
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Get a list of important things to keep in mind when picking a lawyer and more information about a reputable attorney who specializes in estate planning in Utah at http://gibslaw.com/about now.
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