People who die without wills put all their assets in jeopardy. These assets can include stocks and bonds, mutual funds, artwork, jewelry, antiques, vehicles, homes and cash. Parents who become incapacitated or die suddenly leave the future care of minor children up to the courts. A lot of individuals put off making a will because they don't want to think about a time when they won't be around. If may also seem like there is plenty of time to formalize last wishes and instructions. For Utah natives, estate planning in Utah can be essential when it come to easing the burdens left to loved ones.
It is important for parents to provide for their minor children. This includes naming the individuals they want as legal guardians in the event those parents die or become incapacitated. Without a will, the court will have to decide who takes custody of the children and how they will be raised. If there is legal documentation, it is much easier for a surviving spouse to receive any inherited benefits as well.
There may be certain heirlooms or antiques that you want a specific family member to have after your death. Without a will, your wishes may be contested by other members of the family. If you don't leave instructions, your case may end up in the court system for a lengthy period during which your heirs will not have access to the assets you left behind. It may slow down receiving insurance benefits as well.
Having an advance plan can save heirs when it comes to transferring property and paying inheritance taxes. A good lawyer with experience in this field will know how to maximize the amount of money that stays in the family and minimize the amount that will have to be paid to the government. He or she can make sure all laws are strictly adhered to.
Family relationships can become strained and even bitter when there is no clear understanding about how to divide assets. Things can become so bad, people hire lawyers and start suits and counter suits that can go on for years and cost thousands of dollars in fees. During this time the assets are not available to anyone, and opportunities to increase them will be lost.
A will should state who is going to be the trustee and have responsibility for overseeing any division of assets. Any charitable donations need to be included in the will, especially if there is a lump sum payment bequeathed to the organization. Sometimes there is a member of the family that will need special care for an extended period of time. Leaving instructions for that person's well being can be an important part of a will.
If there is business ownership involved, a will should clearly state how the business will go forward. One or more heirs may be instructed to manage the company or make decisions on behalf of other heirs. Some individuals leave instructions to liquidate business assets.
Making plans in advance about the division of assets is always a good idea. The more detailed the instructions are, the easier it will be for surviving loved ones to move forward.
It is important for parents to provide for their minor children. This includes naming the individuals they want as legal guardians in the event those parents die or become incapacitated. Without a will, the court will have to decide who takes custody of the children and how they will be raised. If there is legal documentation, it is much easier for a surviving spouse to receive any inherited benefits as well.
There may be certain heirlooms or antiques that you want a specific family member to have after your death. Without a will, your wishes may be contested by other members of the family. If you don't leave instructions, your case may end up in the court system for a lengthy period during which your heirs will not have access to the assets you left behind. It may slow down receiving insurance benefits as well.
Having an advance plan can save heirs when it comes to transferring property and paying inheritance taxes. A good lawyer with experience in this field will know how to maximize the amount of money that stays in the family and minimize the amount that will have to be paid to the government. He or she can make sure all laws are strictly adhered to.
Family relationships can become strained and even bitter when there is no clear understanding about how to divide assets. Things can become so bad, people hire lawyers and start suits and counter suits that can go on for years and cost thousands of dollars in fees. During this time the assets are not available to anyone, and opportunities to increase them will be lost.
A will should state who is going to be the trustee and have responsibility for overseeing any division of assets. Any charitable donations need to be included in the will, especially if there is a lump sum payment bequeathed to the organization. Sometimes there is a member of the family that will need special care for an extended period of time. Leaving instructions for that person's well being can be an important part of a will.
If there is business ownership involved, a will should clearly state how the business will go forward. One or more heirs may be instructed to manage the company or make decisions on behalf of other heirs. Some individuals leave instructions to liquidate business assets.
Making plans in advance about the division of assets is always a good idea. The more detailed the instructions are, the easier it will be for surviving loved ones to move forward.
About the Author:
Get a list of important things to keep in mind when picking a lawyer and more information about a reputable attorney who specializes in estate planning in Utah at http://gibslaw.com/about now.
