Estate Planning

Estate Planning: Living Trusts Vs. Simple Wills

A Utah estate planning attorney can provide a valuable service for thousands across the state. Unfortunately, a lot of people are torn between living trusts and wills. You wouldn’t think it would be so difficult to decide between the two, yet it can be. Run-of-the-mill wills and living trusts differ considerably and it’s tough to be sure which is best. So, when you’re thinking about estate planning, should you opt for a simple will or set up a living trust?

A Will Kick in After You’re Gone

A will is only activated after you have passed away. Wills are useful for most families as they can inform the probate court (and your family) who you wish to bequeath your assets to. With a will, you can list beneficiaries of your estate and can specify what you want to leave each beneficiary. However, probate court is required with a will. This is to ensure the will is valid and the assets are transferred to everyone. Unfortunately, there are associated fees with this process, and depending on the value of your assets, can incur additional costs for your family. In some cases, a trust planner Utah might be more appropriate.

Living Trusts Becomes Active When You Sign the Paperwork

While there are many forms of trusts, one of the more popular options is a living trust. This is designed to hand over some, if not all, of your assets over the course of several months or years. In some instances, it can be entirely transferred at one time. For instance, you have a sizable estate, valued at over $10 million. You have three grown children and one minor. You could create a living will so that each child, on their eighteenth birthday receives a set amount each month. A Utah estate planning attorney can help set this up. Read more!

Which Is Best to Choose?

In all honesty, both options are useful and valid. However, some may not be suited to every individual. For example, there are inheritance fees you’ll have to pay the government if the estate is in the thousands of dollars. However, a living trust might not work for the type of assets you have. It really comes down to your personal situation or circumstances. A trust planner Utah can help determine if a trust is suitable. Sometimes, you could have both, depending on your circumstances. You will need to think about what’s right for your situation and finances.

Do What’s Best for You

Living trusts and wills are quite different, even though they have, slightly, the same goal. Choosing between the two won’t be easy because sometimes, a trust won’t work for your financial situation. For others, that will be reversed. It depends, somewhat, on your finances. Sometimes, you can create a trust and activate if you’re happy to give away some of your valuables now. Then again, a will might make it somewhat easier in some instances. Living trusts and wills both have their advantages, so it’s best to explore each and find out which is right for you and your family. Why not talk to a Utah estate planning attorney if you’re unsure? Click here for more information: https://www.utahaccesslegal.com/questions-to-ask-your-estate-planning-attorney/

Questions to Ask your Estate Planning Attorney

Thinking of hiring a Saint George estate planner? You’re not the only one. This can be an important aspect of getting your finances in order. Unfortunately, it can be difficult to know which estate planner and attorney to hire. The fact is that unless you’ve dealt with estate planners or attorneys before, it’s not an area you’re familiar with. As such, most people aren’t sure which attorney is best for them. So, what questions should you ask a potential estate planning attorney before you hire them? click here to learn more about Estate Planning

Do You Specialize in Estate Planning?

If an attorney doesn’t specialize in estate planning, you may want to consider your other options. The reason for this is because an experienced estate planning specialist will know and understand how best to proceed for your specific circumstances. They will also know the latest or current legal advice over these matters. A Saint George estate planning attorney can ensure your document is worded effectively so that your wishes are upheld to the fullest.

Questions to Ask your Estate Planning Attorney

What Experience Do You Have?

While every Saint George estate planner starts from the bottom rung of the ladder, it’s important they have some experience behind them. For instance, an attorney with a year’s experience in this field mightn’t be as efficient as an attorney with ten years behind them. That doesn’t mean to say the first lawyer isn’t competent enough but rather the second has an established level of experience. That is something you want to consider before you hire any attorney. for more detail please visti at https://www.estateplanningutah.com

Who Executes the Estate Plan?

There are differences between an estate planner and a Saint George estate planning attorney. Some lawyers will draw up the documents but won’t execute the plan when it’s needed. That might sound a bit strange but it’s common in today’s market. Some lawyers will draw up and execute the plan while others just draw up the plan. It can vary, so it’s essential for you to ask this question and find out the answer.

Will You Review Things If Circumstances Change?

Let’s say you create your plans at the age of 55. However, you are now 65 and your personal circumstances have changed. Your estate documents might be worthless now since you have more personal assets. It’s essential for you to ask the Saint George estate planner or attorney if they will conduct a review of your case every so often so that everything is updated and relevant still.

What are The Fees?

Few people ask their Saint George estate planning attorney this question before they hire them and end up with a nasty surprise or two. It’s essential for you to request information about their fees. For instance, some may have a fixed fee for their services, while others use a standard hourly fee. Understanding the fees can be essential so that you have an idea of what fees you’ll have to pay later.

Talk to A Saint George Estate Planner Today

Estate planning isn’t always given much consideration, yet it remains an important aspect of your life. Choosing an estate planning attorney can be crucial and there are many good services to choose from also. However, it is important to ask as many questions as you can before selecting an attorney or lawyer. While it might seem redundant, it may just ensure you hire the best Saint George estate planning attorney.

What to Look for in an Estate Planning Lawyer

An estate plan Utah is important, even though few people consider it. However, if you have sizeable assets, own property, and have a family, it might be time to have an estate plan in place. Despite what you might think, this isn’t such a daunting task, although, you would benefit from the advice of an established estate lawyer. These are the people who can help you plan for when you’re no longer able to care for your properties or assets. So, what should you look for in an estate planning attorney?

Their Years of Experience of Estate Planning Law

First and foremost, it’s not just any lawyer or attorney that could help with estate planning. While all attorneys are qualified in the field of law, a Utah estate planning attorney specializes in this field. So, when you want to create an estate plan or need some guide about it, you need an established estate lawyer. These are the people who know this area of the law well and can offer an exact opinion as to how you should handle your specific situation. When you’re looking for an estate planning lawyer, you want to ensure they have been practicing in this field for several years too.

What to Look for in an Estate Planning Lawyer

Fees and Expenses for an Estate Plan Utah

Lawyers and attorneys will require fees every time you use their services and it’s important you factor that into your decision. Fees for estate planning can vary considerably depending on the extent of the service you require and the attorney. So, it’s crucial for you to inquire about the legal costs to you before you choose any Utah estate planning attorney. A lot of people don’t consider this and end up facing a hefty bill which isn’t ideal, to say the least. Instead, understand what sort of service you need and make inquiries about general costs. This will make it easier to decide which attorney or lawyer is most suited to your needs. Click here for to learn more about Estate planning.

Consider Their Feedback or Client History

Some attorneys will have a better reputation than others. This may be down to their experience or the job they’ve done for their clients. It’s essential for you to consider the lawyer’s history or feedback from clients. For instance, you do a basic internet search, and you find out the attorney has had several complaints about the service they’ve given. While you can’t please every client, it’s something you must consider, nonetheless. Having a stellar reputation is crucial as it shows the type of lawyer they are. If you want to create an estate plan Utah, it’s essential for the attorney’s feedback to be positive.

Find the Right Lawyer

Estate planning takes careful consideration and it’s a big responsibility on anyone’s shoulders. However, having the assistance of a qualified lawyer can be essential and not too difficult to select either. There are many competent lawyers to choose from and the above points are just a few things to consider. Find the best Utah estate planning attorney and get your affairs in orders before the worst happens. find more about Estate planning at https://www.in.gov/sos/indianamoneywise/blog/posts/wills-trusts-and-estate-planning-basics/

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