A trust planner Utah is an essential service for those looking to get their affairs in order. Unfortunately, it’s difficult to understand the legal jargon and differences between wills and trusts. Despite what you might think, trusts and wills are similar in terms of laying out beneficiaries to your assets or properties. These both protect your assets and help determine which family members, friends, or charities, are bequeathed what items of yours. So, what are the differences between wills and trusts? for more detail please visit us at https://www.utahaccesslegal.com/what-to-look-for-in-an-estate-planning-lawyer/
Understanding a Will
A trust can be active from the moment you set it up, whereas a will is only active when a person passes away. Wills are written to express your wishes, such as which relatives are left a monetary gifts and person property. In a will, you can also express your wishes as to who is your child’s legal guardian and more. However, a will has to go through probate to validate and execute the will. A will attorney Utah can do this on your behalf. The necessary authorities will examine the will and execute it.
Understanding a Trust
Trusts come in many forms, including a living trust. The basis of a trust is to transfer your estate to your beneficiaries; however, you select a third party to oversee the handling of the trust. The third party or the person who has the authority of the trust is the one that handles the assets you have. If you have a $1 million dollars in assets and wanted to share that between your children, the trustee would do so. A trust planner Utah can help create a trust.
When you decide who will oversee the trust, they will follow your wishes. For instance, they can set up a system where the children each receive a small monetary amount in a lump sum once a year or once a month. Unlike a will attorney Utah, the trust planner will help deal with the lesser-known sides of the trust. In some instances, probate won’t be necessary either. This is if a revocable living trust is chosen. click here to visit for more updates.
What Happens if You Leave No Will or Trust?
If you were to die without having a trust in place or a will, then you die intestate. This means you haven’t specified what happens to your assets after you’ve passed away. As such, the state (in which you reside in) will determine what happens to your assets. For instance, if you have monetary assets, your closest relatives, such as spouse or children, may be awarded the assets. It gets slightly trickier if minor children are involved and assets are divided how the court sees fit. Hiring a trust planner Utah can be easy to do, if that’s the route you want to take.
Dying intestate can be tricky, regardless of how much money you have or the physical assets you leave behind. Remember, some family members might believe they’re entitled to certain items and if the court disagrees with them, it could cause inter-family fighting. Of course, even with a will in place, some family members might be left unhappy. However, it’s wise to consult a will attorney Utah even if it’s just to prevent any problems down the line.
Settle Your Assets Before the Worst Happens
No one wants to think about death, but unfortunately, it’ll be something we all must face. While you mightn’t think you personally have anything worth fighting over, your relatives might disagree. Sometimes, it’s more about them hurting rather than wanting money that causes the problems. That’s why it’s important to consider a trust or write a will so that your wishes are followed. It’s important to speak with a trust planner Utah and will attorney to see which best suits your requirements.