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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/

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