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Estate Planning Archives

Tips to help you prepare your children to take over your company

The most valuable asset you own is your business. You're very proud of it and you have put decades of your life into it. After you retire, you hope that your children and their children can keep it going for generations to come.

Who can be a personal representative in Utah and what do they do?

When a person drafts a will, they'll be asked to appoint an executor of their estate to handle their final affairs. This individual, who's also known as a personal representative, is generally made aware of their role beforehand by the person writing the will, or testator, dies. Their responsibilities only kick in once they're notified of that person's passing.

What are the different types of guardianships?

When it comes to estate planning, it's never too early for an adult to draft a will, advanced directive or a durable power of attorney to protect his or her interests. It's not necessary for an individual to be rich, married, own his or her own home, have kids, a really good job or own a business to have these drafted. Everyone can benefit from planning their estate.

What is a guardianship and what does the guardian control?

A guardianship gives one person the ability to make decisions for another should he or she become either temporarily or permanently disabled. The incapacitated individual that a guardian may be appointed to represent is known as a ward.

What steps can be taken to ensure a proper business succession?

If you've built a successful company from the ground up, then there's a strong likelihood that you're looking to do what's necessary for it to remain viable once you've either retired or passed on. Planning for the future of your business is a process known as succession planning.

Why women should engage in estate planning even more than men

In the United States, women generally outlive men by nearly five years. Although they may live longer than their male counterparts, they earn far less income than men over the course of their lives. The combination of these two factors makes it even more critical that women engage in estate planning just as much, if not more, than men.