No matter who you are, if you have possessions, you have an estate. Your estate is everything you own, including your home, car, checking and savings, accounts, life insurance, furniture, investments, and even your possessions. It doesn’t matter how large or small your possessions are; you do have an estate, and it can’t go with you when you die.
What happens when you pass away? You probably want to control how you want your possessions and finances divided, and to do this; you need to write down instructions listing those you want to receive something, what you want them to receive, and when you want them to receive your possessions. You want to do this with the least amount paid in legal fees, taxes, and court costs.
Estate planning in Utah is developing a strategy before you become ill or pass away and naming those you want to receive your possessions. Good estate planning, however, is much more than just writing down what you have and who gets what, it includes many different essentials.
In your estate plan you need to include:
- Instructions for passing on your values (not valuables) in spiritual, educational, and work ethics. It sounds a bit complicated, but you want your legacy to live on after you pass away. Perhaps you want to assign how you want your survivors to honor you. Do you want a monument, a trust for education, or something different? Write it down.
- Include in your estate planning, instructions for your care if you become disabled. Outlining your care is important, and your written instructions should be binding.
- Name a guardian or someone to manage the inheritance for your minor children.
- Provide for loved ones who are irresponsible with money, who may need future protection or even those with special needs.
- Have a life insurance policy that will provide for your family when you pass away. You will also need disability insurance to replace your income if you are unable work, and long-term care insurance is necessary to help pay for your maintenance in case of an illness or injury.
- Write down and provide for the transfer of your business at your death.
- Formalize your wishes with estate planning in Utah.
The above list is essential to provide for those you leave behind and is an ongoing process, not just a one-time event. Go over your estate plans with estate planning in Utah often as your family, financial situation and the laws change over your lifetime.
Estate planning will give you a chance to organize your records, correct titles, and change beneficiary designations if you so desire. Would your family know where to find your financial records, titles, insurance policies, and your papers if you die suddenly? Estate planning in Utah done today will help you organize your records, locate titles, and beneficiaries, and help you to correct errors.
Many people do not give thought to the wording they put on titles and beneficiary designations. You may have great intentions, but a simple error can create all types of havoc for your family when you die. Beneficiary descriptions are often invalid or can become out-of-date. Listing the wrong beneficiary on your tax-deferred plans can lead to huge tax consequences. Take the time right now to do estate planning in Utah. Early preparation is much better than your family hiring and paying an attorney to fix things after you are gone.
Knowing you have a properly prepared estate plan ready and one that contains your instructions and protects your family will give you peace of mind. Estate planning in Utah is one of the most thoughtful and considerate things you can do for your family and yourself.
Estate planning in Utah does not need to be expensive. If you don’t think you can afford an estate plan now, start with what you can afford. Estate planning may mean a simple will, term life insurance, and power of attorney for your assets and health care. Let your estate planning in Utah develop and expand as your needs change, and your economic situation progresses. Don’t try and do estate planning yourself to save money. Estate planning in Utah by an experienced estate and legacy planning company is the right step to take to save time and expense for your family in the future. Contact Plan Right Law, an estate planning company in Utah, to handle your affairs. Remember, you don’t have to be rich and old to begin estate planning.