Estate Planning

When someone passes away, his or her property must somehow pass to another person. In the United States, any competent adult has the right to choose the manner in which his or her assets are distributed after his or her passing.

(The main exception to this general rule involves what is called a spousal right of election which disallows the complete disinheritance of a spouse in most states.) A proper estate plan also involves strategies to minimize potential estate taxes and settlement costs as well as to coordinate what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event of death or disability. On the personal side, a good estate plan should include directions to carry out your wishes regarding health care matters, so that if ever you are unable to give the directions yourself, someone you know and trust can do that for you.

Senior male and female with silver hair, meeting with lawyer to setup estate and trust

Related Blogs

How to Choose the Right Executor for Your Estate in Utah

October 16, 2024

Choosing the right executor for your estate is a critical decision when planning for the future. In Utah, as in other states, the executor will be responsible for managing your estate after you pass away, ensuring that your final wishes are carried out, and handling any legal, financial, or personal matters related to your estate. Selecting the right person or institution for this important role can help ensure a smooth and stress-free process for your loved ones. Here are some key factors to consider when choosing the right executor for your estate in Utah.

Understanding Estate Assets and the Role of a Lawyer in Estate Planning

August 12, 2024

When it comes to estate planning, understanding what assets comprise your estate and how a lawyer can assist you is crucial. Proper estate planning ensures that your wishes are honored and that your loved ones are taken care of after you’re gone. Here, we'll explore what assets typically go into an estate and the ways in which a lawyer can provide invaluable assistance in managing and planning your estate.

Wills, Trusts, Living Wills, and Power of Attorneys: Understanding the Nuances

March 13, 2024

Planning for the future is a crucial aspect of life, and a key component of this planning involves making provisions for your assets and healthcare decisions.

Wills, trusts, living wills, and power of attorneys are essential legal tools that individuals can use to ensure their wishes are carried out. While all of these elements they share the common goal of asset distribution and decision-making, each serves a unique purpose. In this blog post, we'll delve into the differences between wills, trusts, living wills, and power of attorneys.