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Your Estate Matters… Resolve To Update Your Plan

Issue 1.14

You need your basic estate plan to be in place.  You then have assurance that your family and financial goals will be carried out.  An “estate plan” has several parts.  They include a Will, a Durable General Power of Attorney, a Utah Advance Health Care Directive (living Will), and beneficiary designations.    A trust may also make sense as part of your plan.

There are three basic questions your plan should answer:  Who should inherit your assets; who do you want handling your financial affairs if you are incapacitated or deceased; and who do you want making medical decisions for you if you are unable to do so?

Every person at least needs a Will.  Dying without a Will, or “intestate,” can be costly and unnecessarily delay the administration of your estate.  Dying without a Will leaves state law to decide who receives your property.  Without a Will, you have lost control of who is to receive your property.  Even if you have a trust, you still need a Will to handle any assets held outside of your trust.

A trust is a tool that helps your family avoid court in the event you become incapacitated, and at your death.  It doesn’t matter if your estate is modest or worth $50 million, a trust can give your family these same benefits.  They help your family move assets to the family without the cost, delay, and publicity of probate court.  Some also can provide asset or management protection for your family.

Inheritance can be a delicate issue.  You can eliminate potential conflicts before they arise.  Do not be tempted to say “my family will work it out,” and ignore your chance to make a Will.  It is true that it will work out, but at what cost?  Will there be relationship cost?  Lost time cost?  There will certainly be financial cost. 

Your estate plan can be surprisingly affordable.  I offer a free consultation so you can meet me and so I can give you a price for the work you need done.  You are under no commitment unless we do estate planning work for you. 

Sean Sullivan is an estate planning attorney.  Call 435-673-9220 for your free initial consultation.  Please visit TRUSTYOURTRUST.COM for more information.

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