Estate planning is an important life step, especially once you have children or gain assets, as it helps give your loved ones clarity about your wishes after your death. An estate plan can direct the care of your children, ensure your spouse is comfortable, and leave a legacy to a charity or institution that is…
Utah is one of 17 states that has a type of trust that allows you to place assets into that trust and protect them from creditors in some fashion. A Utah Domestic Asset Protection Trust or UDAPT trust is irrevocable, so once you place assets into the trust, you cannot remove them. The trust provides…
Most people who have assets want the opportunity to direct how those assets will be handled after their death. Whether you want to make sure your children are educated, provide for grandchildren’s enrichment, leave a house to a niece, or leave a legacy to your favorite charity, you get to decide. With proper planning, you…
If you don’t work in the field regularly, the different estate terms and types can get confusing. These distinctions matter, though, because they control how easy or hard it is for your heirs to manage and distribute your assets after your death. While some larger estates are, of necessity, complex, good planning can help you…
The approaching specter of death is something people often avoid, either by not making an estate plan or not updating their estate plan. Then, when it is near, it suddenly becomes necessary to make updates or changes to the plan. Often, these changes are due to family circumstances (those kids your last will left in…
When someone comes into our office to start or update their estate plan, one important item that our attorneys are considering is whether they are mentally competent to make these decisions. Someone must have testamentary capacity in order to make a valid will, meaning that they are of sound mind and have an understanding of…
The person you appoint as trustee for your trusts looks after your assets and your beneficiaries after your death. This needs to be someone who you trust to understand the facts and make decisions in the best interest of your loved ones. The trustee has a variety of fiduciary duties to the beneficiaries and the…
For business owners, estate planning is an important part of succession planning to ensure that your business will survive to benefit your heirs, your employees will have stable employment, and your business will continue to honor its contracts and meet the needs of its customers. Further, a significant portion of your wealth is likely tied…
Families come in all shapes and sizes, from small families with only one child and beneficiary to large, mixed families with stepchildren, half-siblings, and even adopted children thrown into the mix. All these children have relationships with their parents, stepparents, and adopted parents and these relationships evolve over time. Adopted Children Once you adopt a…
Administering an estate, especially a large or complex estate, is not an easy task and there are certain fees and costs associated with the process. Most of these fees are straightforward and all come out of the estate itself so the heirs do not have to come out of pocket to obtain their inheritance. At…