Most people understand how important it is to have a legal will in place before they die. They also know it will end up costing their heirs money and time if they neglect to do so. Many Utah natives put off calling a lawyer to help them with the details of their estates however. Unexpected things happen all the time, and if you have valuable assets, like artwork, real estate, jewelry, stocks, or cash, there are reasons for making estate planning in Utah a priority.
It is important for parents to provide for their minor children. This includes naming the individuals they want as legal guardians in the event those parents die or become incapacitated. Without a will, the court will have to decide who takes custody of the children and how they will be raised. If there is legal documentation, it is much easier for a surviving spouse to receive any inherited benefits as well.
If you have numerous assets or valuables you want to pass on to specific individuals, the existence of a will, with detailed instructions, will avoid confusion and arguments. Heirs will not have to wait as long for the probate court to process information. It will expedite insurance benefits and may help heirs to start receiving partial benefits while the will is still in the hands of a probate judge.
Having an advance plan can save heirs when it comes to transferring property and paying inheritance taxes. A good lawyer with experience in this field will know how to maximize the amount of money that stays in the family and minimize the amount that will have to be paid to the government. He or she can make sure all laws are strictly adhered to.
When money and other tangible assets are involved, even the closest of family members can become estranged because of serious disagreements over inheritance issues. If they can't come to some kind of resolution, lawyers are often hired, and the whole thing ends up in front of a judge. There can be suits and counter suits that go on for long periods of time. Having instructions in place will prevent this kind of unfortunate situation.
Normally a will names a trustee who makes decisions for the rest of the heirs. This saves a lot of time and reduces stress and confusion. Many individuals want to leave money or other assets to charitable organizations. This should be included in the legal document. If the deceased individual had responsibility for the care of a special needs family member, he or she might leave instructions regarding that person's future care and education.
If there is business ownership involved, a will should clearly state how the business will go forward. One or more heirs may be instructed to manage the company or make decisions on behalf of other heirs. Some individuals leave instructions to liquidate business assets.
Making plans in advance about the division of assets is always a good idea. The more detailed the instructions are, the easier it will be for surviving loved ones to move forward.
It is important for parents to provide for their minor children. This includes naming the individuals they want as legal guardians in the event those parents die or become incapacitated. Without a will, the court will have to decide who takes custody of the children and how they will be raised. If there is legal documentation, it is much easier for a surviving spouse to receive any inherited benefits as well.
If you have numerous assets or valuables you want to pass on to specific individuals, the existence of a will, with detailed instructions, will avoid confusion and arguments. Heirs will not have to wait as long for the probate court to process information. It will expedite insurance benefits and may help heirs to start receiving partial benefits while the will is still in the hands of a probate judge.
Having an advance plan can save heirs when it comes to transferring property and paying inheritance taxes. A good lawyer with experience in this field will know how to maximize the amount of money that stays in the family and minimize the amount that will have to be paid to the government. He or she can make sure all laws are strictly adhered to.
When money and other tangible assets are involved, even the closest of family members can become estranged because of serious disagreements over inheritance issues. If they can't come to some kind of resolution, lawyers are often hired, and the whole thing ends up in front of a judge. There can be suits and counter suits that go on for long periods of time. Having instructions in place will prevent this kind of unfortunate situation.
Normally a will names a trustee who makes decisions for the rest of the heirs. This saves a lot of time and reduces stress and confusion. Many individuals want to leave money or other assets to charitable organizations. This should be included in the legal document. If the deceased individual had responsibility for the care of a special needs family member, he or she might leave instructions regarding that person's future care and education.
If there is business ownership involved, a will should clearly state how the business will go forward. One or more heirs may be instructed to manage the company or make decisions on behalf of other heirs. Some individuals leave instructions to liquidate business assets.
Making plans in advance about the division of assets is always a good idea. The more detailed the instructions are, the easier it will be for surviving loved ones to move forward.
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