Estate planning is for everyone. Believe it or not, you have an estate. In fact, nearly everyone does. Your estate consists of everything you own—your car, home, other real estate, checking and savings accounts, investments, life insurance, personal possessions, etc. No matter how large or how modest, everyone has an estate. Everyone also has something else in common—you can’t take these things with you when you die.
When that happens, you probably want to control how those things are given to the people you care most about. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something, what you want them to receive, and when they are to receive it. You’ll likely want this transfer to happen with the least amount paid in taxes, legal fees and court costs.
That is estate planning—making a plan in advance and naming whom you want to receive the things you own after you die.
What is a Will?
A will is a document that states how you want your assets distributed upon your death. It is a testamentary device that has been used for centuries to tell the world how your assets are to be distributed. In your will, you can name a guardian for your children. You can list who will receive your assets. You can detail whether you’d like a military send off if you served in the armed forces. You can even state that if your beneficiaries fight, they may be cut out of the will. Wills are less expensive, but must be probated within three years of death.
What is a Trust?
Many of our clients prefer using a trust. Trusts create several notable advantages. They are private documents and thus can avoid court-supervised probate of trust assets. Assets in a trust can be protected from the creditors of beneficiaries. Beneficiaries can be protected from poor judgment.
Packages
We offer will and trust packages that can be used to help you prepare for end of life scenarios and for periods of incapacity. These include healthcare directives as well as financial powers of attorney. With our packages, we help you formulate a comprehensive plan.
See What Clients Say About Us
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- ryan.baxter.law@gmail.com
- Law Firm of Ryan D. Baxter, LLC, 2036 Lincoln Avenue #102b, Ogden, UT 84401, USA