Estate Planning Attorney
An estate plan can help your loved ones or heirs avoid undue problems after your death by ensuring there is someone to manage all your property as well as debts and to ensure that taxes and bills are paid on time. Without an estate plan, family members may suffer financial and legal troubles upon your death by missing important deadlines or having to deal with an unexpected tax liability.
Drafting an Estate Plan
The process of passing through everything you own to your heirs can be long and tedious, but with a properly drafted estate plan in place, things can get a lot easier.
The first step to getting a proper estate plan is consulting with an experienced attorney specializing in this field. The attorney will help you choose the best strategy for your needs and goals and then draft the necessary documents. Depending on the type of estate plan needed, legal services may cost anywhere from a few hundred to several thousand dollars. The money spent here is, however, definitely worth it when considering the potential benefits a properly drafted estate plan can provide.
Importance of an Estate Plan
Easier Estate Distribution. A proper estate plan should include a provision for dividing your assets at death. This means that your assets will be distributed to the people you have named instead of falling under the jurisdiction of a probate court. Probate can be a lengthy and difficult process for loved ones to deal with, causing them to miss out on important deadlines.
Maintenance of Property Rights
Your estate plan should also include provisions for what happens if something happens to you, rendering you unable to manage your affairs anymore. An estate plan should include provisions for selecting a conservator to manage your affairs should this happen to you. Please note that a will is not by itself enough as it provides little guidance on who to turn to should you lose the ability to make key decisions pertaining to your estate.
Improves Taxability of Assets
Another benefit of an estate plan is that the people you leave behind will be well versed in the operations of your estate and won't miss any deadlines with filing taxes. With an estate plan, assets will be distributed to the correct people, resulting in no unintended taxes or further complications.
Peace of Mind
An estate plan is important because it gives peace of mind knowing that your affairs will be handled, should anything ever happen to you. A proper estate plan is one of the best ways to ensure that your legacy and hard work live on even though you may be gone.
If you are interested in getting started with a proper estate plan, contact an attorney today. Before you hire an estate planning attorney, make sure they are knowledgeable in your specific situation. At Dr. Spencer Law Office, our lead attorney, Dr. Spencer, has over 30 years of experience helping clients with their estate planning needs.
Having been appointed by several courts to act as a private judge, our lead attorney has had the chance to provide proper directions for the distribution of property and is experienced in drafting proper wills and powers of attorney. He is well versed in all aspects of Utah law, including estate plans, probate, real estate transactions, trusts, and elder law. Call us today with any estate planning questions you may have.