Protect Your Family’s Future
There is no greater gift you can give your family than creating a will. When you work with a Salt Lake City attorney to create this critical legal document, you safeguard your family’s future. Your will lays out precisely what happens in the event of your death and makes managing your estate much easier for your loved ones. To learn more about the process of creating a will from an experienced and compassionate attorney, please fill out our contact form on the right side of the page and schedule a free wills and trusts review.
How a Utah Wills and Trusts Attorney Can Help
A will serves as the foundation of your estate planning. It determines the disposition of your property upon your death. Without a will in place, the state takes responsibility for determining how your property is disbursed. Your will appoints your executor to handle all your affairs after your death, and it names a guardian to care for your underage children. Again, without a will in place, the state takes care of these critical tasks.
Your last will and testament also can address needs that are important to you as an individual, such as naming a manager to watch over property left to your minor children. It can designate who will take care of your pets and how much money goes to that individual.
Creating a last will is vital, but it’s just one estate planning tool. To fully prepare for your loved ones’ future, you need assistance from a reputable and responsible wills and trusts attorney to assist with your comprehensive estate planning. Due to incorrect information that is spread through the media and other sources, revocable living trusts often are touted as a foolproof method to keep assets out of the hands of creditors.
How Often Should I Review My Estate Plan?
It is important to regularly review and update your estate plan to ensure it accurately reflects your current wishes and circumstances. Although there is no set timeframe that applies to everyone, it is generally recommended to review your estate plan every three to five years, or whenever a significant life event occurs. This includes major life changes such as marriage, divorce, the birth or adoption of a child, the death of a beneficiary or executor, changes in your financial situation, or a move to a different state or country.
By reviewing your estate plan regularly, you can ensure that any changes in your personal or financial circumstances are properly accounted for and that your assets will be distributed according to your current wishes. Additionally, tax laws and regulations may change over time, so reviewing your estate plan regularly allows you to take advantage of any new strategies or opportunities that may arise.
Make any necessary adjustments to your estate plan to ensure it continues to meet your goals for the transfer of assets to your family and future generations.
Estate Planning Attorneys Can Help Create Financial Plans for the Future
Some people prepare their own revocable living trusts without the benefit of truly knowledgeable and up-to-date legal advice. Using faulty information can lead to garnishments of wages, seizure of assets, credit liens on real estate and bank levies.
Protect your assets, minimize tax liabilities, and ensure the transfer of wealth to your family. An Estate Planning Attorney in Salt Lake City, Utah can assist you in developing a comprehensive estate plan that takes into account all relevant factors and current laws.
Ensure a Smooth Transfer of Wealth to Future Generations.
Call Our Will & Trust Lawyers at: (801) 441-2388
A Qualified Will and Trust Lawyer Can Help You:
- Understand the differences between a living trust and a basic revocable living trust
- Establish a living trust to assist with asset protection for you and your loved ones
- Review and understand alternate ways of protecting your assets
- Help ensure that as many of your assets as possible are passed on to your loved ones
- Work with you to ensure that your assets do not go through probate upon your death, avoiding unnecessary expenses and delays for your loved ones
- Assist in setting up an irrevocable living trust in which an individual other than you acts as the trustee to shield assets from creditors
- Help ensure that your financial affairs are properly managed in the event of an emergency
- Work with you to appoint an alternate trustee for managing your affairs if you are unable to do so due to illness, injury or other emergency
- Help you retain control and ownership of your assets even if they are transferred to a trust
- Ensure that you are authorized to sell or give away assets, change the beneficiary of your trust, collect income from your trust, and dissolve or change the structure of your trust
- Guide you in creating a limited liability company
- Properly create and distribute a will and trust
What Happens if There is No Will and Trust?
Estate administration refers to the legal process of managing and distributing a person’s assets and debts after their death. It involves handling tasks such as gathering and valuing assets, paying debts and taxes, and distributing property to beneficiaries according to the deceased person’s wishes or state laws.
The Estate Planning Lawyers at Wall and Wall Attorneys at Law can assist you in gathering and valuing the assets of the estate, paying off any outstanding debts and taxes, and distributing the property to the beneficiaries according to the wishes of a deceased person or state laws.
Minimize the potential for disputes and legal challenges and ensure a smooth transfer of assets.
At Wall and Wall Attorneys at Law, we can protect the interests of beneficiaries by ensuring that their inheritance is received in a timely and organized manner. We will work to prevent assets from being mismanaged or wasted and ensure that the beneficiaries are provided for.
Navigating the legal requirements of estate administration can be complex and overwhelming. By hiring our experienced estate planning attorneys, you can have peace of mind knowing that all legal obligations will be fulfilled and that the risk of costly mistakes or legal complications will be minimized. Our attorneys will also provide guidance on tax planning strategies and help structure the estate in a way that minimizes tax liability, ensuring that more of the estate’s value is passed on to future generations.
Contact an Estate Planning Attorney in Utah Today to Set Up a Will and Trust for Your Family
We are committed to providing personalized and attentive service, and we look forward to helping you secure your legacy for future generations.
Planning your estate is one of the most important things you’ll do in life. Don’t you owe it to your loved ones to make sure it’s done correctly? By working with the experienced wills and trusts team at Wall & Wall Attorneys at Law, you ensure that no detail goes untended and that your legal documents are air-tight.
We are an experienced and responsive law firm with significant knowledge of the many complex issues surrounding wills, trusts and other estate planning tools.