Know the Basics Before Making Any Moves
Estate planning is something everyone should consider, no matter how small your family or large your assets. Ensuring your family is cared for if something happens to you—and that your money does not end up in the hands of those you do not want to have it—is a long-term concern you can address right now. For those reading this blog, we assume you are trying to find the best options for your future, and we applaud you.
Estate planning may involve multiple procedures that lead people to acquire an attorney’s help, but its core concepts can easily be understood. Pearson Butler wants to help you identify your options, know the pros and cons, and make an informed decision.
The Basics: What Is Estate Planning?
If you have read this far, you probably already understand the basics of estate planning. In its essence, it is the process of making plans for any legal questions that may arise if you are incapacitated or after you pass away. While the state does assign an order of inheritance in the case of a death, it may not match your goals and desires. Further, without any documentation, your heirs may end up in a long and costly legal process.
Making an estate plan means answering questions about end-of-life care, inheritance, guardianships, property rights, and more. The process results in legally binding documents that will ensure your final wishes are met.
A Trust Is One Estate Planning Tool
There are many ways to organize assets so they pass to the heirs you wish them to without any unforeseen deductions or taxes. Trusts can help you protect your property from taxes, creditors, or other challenges. They also allow your heirs to avoid the drawn-out and costly probate process. While most Americans are familiar with an inheritance being delivered by way of a will, trusts are often a better option for many families.
Different Types of Trusts
If you are considering placing your assets in a trust, it’s important to pick the right system for your needs. Our attorneys can explain different types of trusts, their benefits, and their drawbacks. You may decide to use a:
- Revocable living trust
- Irrevocable trust
- Special needs trust
- Asset protection trust
- Charitable trust
- Medicaid asset protection trust
More often than not, you can stay in control of your assets after they are placed in a trust. You will also have the option of appointing someone to step into your place should you become unable to administer the trust on your own.
Are You Ready to Create a Trust?
Starting your estate planning process today is one small step that will have a huge impact down the line. Whether you have decided to create a trust or have more questions about your options, our team at Pearson Butler is here to help. Our attorneys have extensive experience working with clients on their estate planning and know the ins and outs of Utah law.
We understand you want to get this right, which is why our team always takes the time to listen to our clients’ needs. When dealing with sensitive and complex matters such as these, we hold ourselves to the highest standards of service and communication. Trying to navigate the estate planning process on your own is not easy—but you do not have to. When you have a question, our attorneys have answers.
Call Pearson Butler at (800) 265-2314 to schedule a consultation with one of our estate planning attorneys. We are genuinely happy to help you however we can.