It may seem overwhelming to determine whether you need a last will and testament, revocable trust, irrevocable trust, a Utah Advance Medical Directive (also known as a living will), durable power of attorney, Medicaid look-back protection, Veteran’s Administration benefits, end of life planning, estate and gift tax reduction tools, or some other element of an effective estate plan. It is difficult for many to even contemplate their own death, let alone plan for the administration of their estate, explain their desires for the orderly distribution of their assets, and avoid the costs and headaches of intestate probate.
As challenging as those considerations can be, it is even more difficult for family members to cope with the passing of a loved one if sufficient estate planning has not been timely completed and the chosen Executor is not familiar with complicated Utah probate law. Young people at times think estate planning matters can be put off until they are elderly, or until they have accumulated more assets and investments to protect. However, it is critical for couples with young children to make a last will and testament designating a guardian for their minor children, should the unexpected occur, and for young single adults to nominate a Personal Representative to resolve any estate and probate issues in the event of their untimely passing. Every individual should execute a medical directive or health care power of attorney designating an agent to make health care and end of life decisions in the event of the maker’s incapacity. In short, everyone has a need for at least a simple will or basic family trust, and many more established couples would benefit from implementing estate and capital gains tax reduction strategies in a more sophisticated estate structure.
The experienced estate planning attorneys at Hansen Wright are anxious to share their expertise, explain the uses and benefits of common estate planning documents, and help you design an estate disposition strategy tailored to your particular life situation. Let Hansen Wright’s estate planning attorneys help you navigate around many common pitfalls of estate planning, bringing you peace of mind and the assurance that you have adequately protected your family and property against life’s unexpected events.