In the state of Utah, the purpose of probate proceeding is to enact an orderly process where the assets of a deceased person are legally transferred to other people, usually a person’s heirs and beneficiaries. Order is key in probate, because of the disputes that can arise over who is the rightful owner of a loved one’s assets.
Posts tagged "Estate Planning"
It would be nice if trusts could be established without a financial cost being attributed to their creation. In reality though, you have to be prepared to spend a little money to protect your assets in a trust. Given this notion, there was a prevailing notion about trusts many years ago that they were only meant for wealthy people who had a lot of money. In a way, this stigma bled into estate plans. People thought they only needed to plan for their wealth if they had a lot of it.
Probate sounds like an arduous process, doesn't it? Even without the context of estate planning, the word "probate" doesn't exactly sounds fun or promising. With the context of estate planning, it is made even clearer that probate is not fun or promising. Probate is the process of transferring your assets and property to other parties -- but it is done under the supervision of a court.
Last month, we wrote a post about some of the types of trusts that you can utilize to bolster your estate plan. Having a trust is a great way to improve your estate plan, protect your estate from the probate process, and to ensure that your assets are properly handled and distributed to your beneficiaries and heirs when you pass away.
Trusts play a vital role in many estate plans. Trusts are utilized to protect certain assets from taxes and the probate process, while also making the execution of an estate plan a bit simpler and efficient. There are many different types of trusts, and so today we're going to talk about a few of the common trusts that people use to bolster their estate plans.
Just hearing the term "estate plan" can make people shudder. It sounds like a difficult and painstaking process that people would rather just ignore or put off until a later date. While creating and maintaining an estate plan can be difficult at times, it doesn't have to be pain-staking. Knowing what you are dealing with and having a legal adviser by your side when things get tough is a crucial part of improving the whole process.
One of the most important documents contained within your estate plan is the will. Your will dictates how your affairs, assets and property are dealt with in the wake of your passing. Without a will, you die "intestate," and your estate is then subject to all of the state laws that apply under the intestate status.
If you are a parent to young children, then there is no doubt that you are busy. You are probably busier than you have even been in your life, or ever realized that you would be.
Dementia can lead to many things for a person and their family.
Among all of the services you may need throughout your life, chances are good that estate planning is not high on your priority list. Like most people, you may think that you have lots of time to get to it . . . eventually. And because no one wants to contemplate their own mortality, you may keep putting it off indefinitely.