Do I need a will or a trust?
The short answer is: “It depends”. What it depends upon is what you have and what your goals are. In Utah, a single individual with no dependent children and only a handful of personal effect does not need a trust, but might want a will. That is especially true if they have things of sentimental value to their family such as photos, genealogy, or other family heirlooms.
A will is also an absolutely necessary document if a person has any dependent children. Under Utah law, a will may provide for the delegation of a guardian for these children.
In Utah, a trust is especially good for a person with real property and/or total assets of more than $100,000 because trusts usually avoid probate. A trust, however, only transfers property held by the trust and therefore is usually used in conjunction with a pour over will. A pour over will transfers into the trust any of the decedent’s property left which is not already in the trust.
Which then do you need, a will or a trust? Many people need both. In general, you should consult an attorney to answer this question. To set up an appointment with Maxfield Law, call (385) 298-0700 today.
Which is better a will or a trust?
Neither is better. Both are different tools used to assist in an estate plan. In Utah, a will is only effective after death, but a trust has uses even during life. Also, in Utah, a trust assists in bypassing probate, but the trust is somewhat limited to assets that have a title such as a house, car, or bank account. Personal property transfers almost always necessitate a will. Is a will better than a trust? No. Is a trust better than a will? No. They are both different. To learn more about the differences, read about these documents in the Basic Estate Planning Documents section of this web site and call Maxfield Law for an estate planning consultation. To set up an appointment with an estate planning attorney, call (385) 298-0700 today.
What is a Power of Attorney?
A power of attorney is a document that grants authority for one person to act in the name of another as if the other was doing the acting themselves. This power is often used for financial matters, though sometimes it is used for more personal matters such as enrolling a child into school. Click here to learn more about powers of attorney and other documents used for estate planning.
Can I give to charity through my will?
A person may absolutely give to charity through their will. Charitable giving is a common use for wills. Why give to charity through a will? Some people give to charity through their lifetime, but hold some back that they would have otherwise donated because they don’t know how long they will live and how much money they will need during the remaining years. Some people recognize that they have no further need of their estate when they have passed away and feel that charity is the best thing they can do with their money. Click here to learn more about charitable giving in estate planning.
What is a will?
A will is a document that directs the distribution of their property after they pass away. In Utah, a will may also provide for the appointment of a guardian for young children in the event that the parents pass away before the children turn 18. To learn more about wills, read about them in the Basic Estate Planning Documents section of this web site and call Maxfield Law for an estate planning consultation. To set up an appointment with a wills attorney, call (385) 298-0700 today.
What is a Trust?
A trust is essentially an agreement that puts property into the hands of one person for the benefit of another. In Utah, trusts are commonly used as a tool for estate planning. Trusts work well for two reasons. First, a trust saves a person’s estate considerable money by passing property to his or her heirs outside of probate. Second, property may be managed well even if the original owner is too old, sick, or otherwise incapable of managing their own affairs. These are not the only uses for trusts, but they are the primary uses in a basic estate plan. To learn more about trusts, read about them in the Basic Estate Planning Documents section of this web site and call Maxfield Law for an estate planning consultation. To set up an appointment with estate planning attorney Paul R. Maxfield, call (385) 298-0700 today.
To see what estate planning attorney Paul Maxfield can do for you, call Maxfield Law today: (385 ) 298-0700