Salt Lake City Estate Planning Lawyer

Start Preparing for the Future in Utah

It's never too early to begin planning for your future and ensuring that your loved ones are taken care of. Unfortunately, many people delay or neglect estate planning altogether. Don't settle for default laws dictating the distribution of your assets after you're gone. Take control of your legacy on your own terms with a comprehensive estate plan.

At Pearson Butler, our team of experienced Salt Lake City estate planning attorneys specializes in handling estate planning matters. Whether you have questions about this complex area of law or need assistance with specific aspects, we're here to help. Collaborating closely with you, our team will design a customized estate plan to achieve your goals and provide you with peace of mind. Get more than 15 years of experience on your side!

To learn more about our services and discuss your needs with a qualified Salt Lake City estate planning lawyer, call (800) 265-2314 or reach out to us online. Pearson Butler serves all of Utah.

What is an Estate Plan?

An estate plan is a set of legal documents and strategies designed to manage your assets and affairs during your lifetime and distribute them after your death. Beyond financial considerations, an estate plan can also address healthcare decisions, guardianship for minor children, and powers of attorney.

Without a comprehensive estate plan, state laws will determine how your assets are distributed, which may not reflect your wishes. A well-crafted estate plan ensures your goals are carried out and minimizes potential conflicts among family members.

What is Included in an Estate Plan?

Estate plans can be tailored to fit your individual needs, but they commonly include the following components:

• Wills: A will is a legal document that specifies how your assets should be distributed after your death. It allows you to appoint guardians for minor children and name an executor to manage your estate.
• Trusts: Trusts can help manage your assets during your lifetime and after your death. They provide flexibility, privacy, and can help minimize taxes and avoid probate. Common types include revocable living trusts, irrevocable trusts, and special needs trusts.
• Power of Attorney: A power of attorney designates someone you trust to make financial or legal decisions on your behalf if you become incapacitated.
• Healthcare Directives: Also known as a living will, a healthcare directive outlines your medical preferences and designates someone to make healthcare decisions if you are unable.
• Beneficiary Designations: Certain assets, such as retirement accounts and life insurance policies, pass directly to beneficiaries. Ensuring these designations are up-to-date is crucial to align with your overall estate plan.
• Business Succession Planning: For business owners, estate planning may include strategies to transfer ownership and leadership while minimizing taxes and preserving business continuity.

Benefits of an Estate Plan

Working with a Salt Lake City estate planning attorney can provide numerous advantages, including:

• Peace of Mind: Knowing your wishes will be carried out and your loved ones protected.
• Asset Protection: Safeguarding your property from unnecessary taxes, creditors, or disputes.
• Minimized Probate: Proper planning can streamline or avoid the probate process, saving time and money for your heirs.
• Healthcare Preparedness: Ensures your medical care preferences are honored, even if you cannot communicate them yourself.
• Family Harmony: Clear instructions can reduce confusion and conflict among family members after your passing.

When Should You Create an Estate Plan?

It's essential to establish an estate plan as soon as you acquire assets, have dependents, or reach adulthood with personal opinions about your medical care. Many people mistakenly believe that estate planning can be put off, but this is a misconception.

Consider creating an estate plan if any of the following apply to you:

• You have a spouse and/or children whom you want to provide for in the event of your absence.
• You have children and want to designate a guardian for them if you pass away.
• You wish to plan for your medical care in case of incapacitation.
• You hold strong views regarding end-of-life care.
• You want to ensure your wishes are meticulously followed regarding your assets and property.
• You want to safeguard your assets from estate taxes, lawsuits, and creditors.
• You want to qualify for Medicaid in the future without depleting your assets.

How Often Should You Review Your Estate Plan?

While there's no strict timeline, it's generally recommended to review your estate plan every 1-3 years. However, there are specific life events that should prompt a more immediate review:

Major Life Events:

• Marriage or Divorce: These significantly impact your beneficiaries and asset distribution.
• Birth of a Child or Grandchild: Consider guardianship and inheritance provisions.
• Death of a Loved One: Reassess beneficiary designations and estate distribution.
• Significant Financial Changes: Major purchases, inheritances, or changes in investments may require adjustments.
• Moving to a New State: State laws vary, so ensure your plan complies with your new state's regulations.
• Changes in Health: If you develop a serious health condition, review your healthcare directives.

Other Considerations:

• Changes in Tax Laws: Tax laws can change, impacting your estate plan.
• Changes in Your Wishes: Your preferences and goals may evolve over time.
• Changes in Your Executor or Trustee's Situation: If your executor or trustee is no longer able to serve, you'll need to appoint a replacement.

Life is unpredictable, and you don't want your assets to lose value due to mismanagement or your family to endure disputes over your property in unforeseen circumstances. Your estate plan can address issues such as minimizing or avoiding estate taxes, dealing with irresponsible heirs, and appointing a trusted guardian for your children. Whatever your goals may be, estate planning is instrumental in achieving them.

Estate Planning FAQs

Do I need an estate plan if I’m young and healthy?

Yes. Life can be unpredictable. An estate plan ensures your wishes are honored in the event of illness, accidents, or unexpected life changes.

What happens if I die without a will in Utah?

If you die intestate (without a will), Utah law determines how your assets are distributed. This may not align with your wishes and can lead to disputes among family members.

How often should I update my estate plan?

Major life events—such as marriage, divorce, the birth of a child, or changes in your financial situation—should trigger a review of your estate plan. We recommend reviewing your plan at least every 3–5 years.

Can I make changes to my estate plan after it is created?

Yes. Many documents, such as wills and revocable trusts, can be updated as your circumstances or wishes change.

How can an estate planning attorney help me?

A qualified attorney ensures your documents are legally valid, coordinates with financial and tax advisors, and helps you create a plan tailored to your unique situation.

Contact Our Estate Planning Attorney in Salt Lake City Today

If you’re ready to take control of your future and protect what matters most, our estate planning attorney in Salt Lake City guides you every step of the way. We understand that planning for the future can feel very overwhelming, but with the right legal assistance, you can gain the peace of mind that comes from knowing your wishes will be observed and your loved ones will be well taken care of. Whether you need legal assistance drafting a will, creating a living trust, establishing powers of attorney, or navigating the probate process, we offer comprehensive estate planning services tailored to your individual goals and circumstances. We are committed to making the process clear and stress-free.

Contact Pearson Butler's Salt Lake City estate planning lawyers today at (800) 265-2314.