Wills & Trusts

A will is a legal document that is left behind for loved ones after one's death containing instructions as to what should be done with any assets or cash and how things are to be dispersed throughout your family. Sadly, when someone is on his or her deathbed, rather than focusing on spending quality time with the loved one, some families get wrapped up in all the legalities that go along with “who gets what.” Some family members might feel they are not getting their “fair share” and this can not only cause a rift between family members, but also make the last moments of a passing loved one less than amicable.

This is why it is a good idea to have a solid will drawn up, so as to avoid as much conflict as possible among family members. Having someone in the family designated to handle the dispersal of assets and money can make things much easier and less stressful for family members.

Trusts include the following types of legal matters:

Revocable Living Trusts (Most common type)
General Irrevocable Trusts
Life Insurance Irrevocable Trusts (For high asset individuals)
Qualified Personal Residence Trusts (For high asset individuals)
Special Needs Trusts
Testamentary Trusts

Related Blogs

The Legal Implications of Not Having a Will in Utah

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Creating a will may not always be at the forefront of people’s minds, but its importance cannot be overstated, especially in Utah. Without a legally binding will, the state’s intestacy laws dictate what happens to your assets and how your estate is distributed after you pass away. This often leads to unintended consequences, creating legal complications and emotional stress for your loved ones. TR Spencer, Northern Utah’s top-rated law firm, emphasizes the critical need for proper estate planning to avoid these pitfalls. Let’s explore the legal implications of not having a will in Utah and how you can protect your assets and loved ones.

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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.

A Quick Introduction to the World of Trusts

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There are many different avenues available to help you accomplish your estate planning goals. One of the most commonly used tools is a trust. In essence, a trust is a legal document that manages one's assets up to and after one's death. This form of estate planning is popular because it provides a lot of flexibility and privacy.