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 numerous assets or valuables you want to pass on to specific individuals, the existence of a will, with detailed instructions, will avoid confusion and arguments. Heirs will not have to wait as long for the probate court to process information. It will expedite insurance benefits and may help heirs to start receiving partial benefits while the will is still in the hands of a probate judge.
Unless you plan ahead a large chunk of the property you leave behind may end up in the hands of the government or have to be liquidated to pay estate and transfer taxes. You will probably need to consult an experienced attorney who knows how the laws concerning inheritance work.
Not only will it save heirs money in taxes, it may save them from ending up in court disputing the disposition of assets. When family members start fighting about how to divide property, lawyers may have to get involved. Resolving it can take months or years depending on how complicated the disagreement is. If assets are tied up in the court system, none of the heirs has the ability to make decisions to expand or disperse properties.
A will should state who is going to be the trustee and have responsibility for overseeing any division of assets. Any charitable donations need to be included in the will, especially if there is a lump sum payment bequeathed to the organization. Sometimes there is a member of the family that will need special care for an extended period of time. Leaving instructions for that person's well being can be an important part of a will.
If there is business ownership involved, a will should clearly state how the business will go forward. One or more heirs may be instructed to manage the company or make decisions on behalf of other heirs. Some individuals leave instructions to liquidate business assets.
Making plans in advance about the division of assets is always a good idea. The more detailed the instructions are, the easier it will be for surviving loved ones to move forward.
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 numerous assets or valuables you want to pass on to specific individuals, the existence of a will, with detailed instructions, will avoid confusion and arguments. Heirs will not have to wait as long for the probate court to process information. It will expedite insurance benefits and may help heirs to start receiving partial benefits while the will is still in the hands of a probate judge.
Unless you plan ahead a large chunk of the property you leave behind may end up in the hands of the government or have to be liquidated to pay estate and transfer taxes. You will probably need to consult an experienced attorney who knows how the laws concerning inheritance work.
Not only will it save heirs money in taxes, it may save them from ending up in court disputing the disposition of assets. When family members start fighting about how to divide property, lawyers may have to get involved. Resolving it can take months or years depending on how complicated the disagreement is. If assets are tied up in the court system, none of the heirs has the ability to make decisions to expand or disperse properties.
A will should state who is going to be the trustee and have responsibility for overseeing any division of assets. Any charitable donations need to be included in the will, especially if there is a lump sum payment bequeathed to the organization. Sometimes there is a member of the family that will need special care for an extended period of time. Leaving instructions for that person's well being can be an important part of a will.
If there is business ownership involved, a will should clearly state how the business will go forward. One or more heirs may be instructed to manage the company or make decisions on behalf of other heirs. Some individuals leave instructions to liquidate business assets.
Making plans in advance about the division of assets is always a good idea. The more detailed the instructions are, the easier it will be for surviving loved ones to move forward.
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