Fusion 360
Individuals throughout the United States are often intimidated by the term “estate planning.” However, you shouldn’t let it worry you. Estate planning simply consists of getting your affairs in order. The following eight steps will give you an idea of how to put an estate plan together.
If your children will be minors when they inherit property or money for you, you can assign an adult to manage your assets until your children are old enough to do so.
Salt Lake City estate planning attorneys are educated in Utah’s laws and can help you find the right approach to estate planning.
One of the oldest pieces of legal advice is to write a will. If you don’t make a will before your death, Salt Lake City will use Utah’s laws to determine who gets your property. Furthermore, a judge may decide who will be responsible for raising your children. Wills inform readers who you leave your property to, who will take care of your minors and names your executor, who will ensure the terms stated on your will are met.
A trust is an agreement that gives one person (the trustee) the legal title of a property to another person (the beneficiary). Different kinds of trusts can help you avoid Utah probate laws and reduce Salt Lake City estate taxes.
A power of attorney simply gives a trusted individual the authority to handle your finances and property if you become unable to do so.
A beneficiary is someone who will receive funds from your bank accounts or retirement fund. In Salt Lake City, filing these forms also allows funds to skip the probate process and go directly to your beneficiary.
Often when people pass away, they have significant debts or estate taxes they have to pay. If you have young children and own a house, life insurance may benefit you.
Salt Lake City residents can further their estate planning by setting up a payable-on-death account at their bank. The funds in this account can eventually be used to pay for your funeral and funeral related expenses.
Mackenzie Martin writes for York Howell. She is a writer at Fusion 360, an advertising agency in Utah. Find her on Google+.
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