One of the things that people hold dear is the welfare of their families. Everyone wants to know that their loved ones will be taken care of upon their death. Estate law is the entire system dedicated to taking care of that process.
Estate law refers to the area of law that regulates wills, inheritance, and other transfers from a deceased person to his or her beneficiaries. When someone dies, there is a lot to be taken care of, including the following:
- Who inherits everything that they own?
- How do to service their debts?
- Who gets control of their life insurance policies and annuities?
It's important to have a good estate plan for everything to go smoothly.
What Is an Estate Plan?
An estate plan is a comprehensive document used to guide the distribution of assets and wealth upon death. The document will ensure that all the necessary steps are taken in order to deal with all of those concerns mentioned earlier.
Types of Plans
There are two types of estate plans.
Wills
Wills are a person's final instructions as to how they want their assets managed after they die. Wills are executed by a probate court and are the most common estate plans.
Trusts
Trusts are documents that hold assets for a specific beneficiary until he or she is old enough to take over control of the assets. Trusts are executed just like wills, but they are controlled by other entities, such as corporations.
Who Should Have an Estate Plan?
Anyone who desires to secure the welfare of their families when they are no longer alive should have an estate plan. Below are some of the reasons why people should have an estate plan.
1. Assets Management
Managing a venture such as a real estate property has never been easy. The owner has to pay the utilities and taxes, manage the employees, and keep everything under control. In the event of the death of the owner, the entire venture will have to be handed over to someone else. An estate plan will streamline the entire process. This will help avoid confusion and keep the estate running smoothly.
2. Protection of Family Members and Other Beneficiaries
It is important for people to be able to take care of their families in the event of premature death. This can be done by drawing up a will or setting up a trust.
3. Tax Planning
Some items that need special attention in an estate plan include life insurance policies, retirement plans, and other financial tools like annuities. With the help of an estate plan, the heirs will be able to gain control of these financial tools without being subjected to a tax penalty.
How To Draw Up an Estate Plan
There is a lot that goes into estate planning. A person should have a thorough understanding of all the available options. An estate lawyer is the best person to ask for assistance. Estate lawyers have the expertise needed in estate planning and can help a person choose the most beneficial plan for his or her situation.
Estate Lawyer in Utah
At T.R. Spencer Law Office, we are dedicated to the welfare of our clientele, especially those who are in need of a dependable estate plan. We will ensure that your assets will be well managed should you pass away or lose your capacity to manage them.
We are a full-service law office. This means that in addition to estate planning, we can help you with other legal issues. We can help you with arbitration and mediation, business law, family law, government affairs, and criminal law. Call us today to learn more about our services.