General Estate Planning Information

What are some general information about estate planning?

Fortunately, several general estate planning information resources are available to help individuals navigate their way through the estate planning process. These include articles on Wills, Powers of Attorney, Advance Health Care Directives, and Trusts.

Wills

Having a will is a legal document specifying your property's distribution after your death. Wills are relatively simple to create.

A will can be used to name a guardian for your children if they become adults. This can prevent costly family court fights. Wills are also helpful in directing your charitable donations. A will can specify who will receive the money, and it can set memorial plans.

It is also essential for people with minor children. It can include a guardian for the kids and specify how the property will be distributed after your death and can be used to give financial support to special needs children. These children may need more financial assistance to stay independent. This can be done through a life insurance policy, and the amount depends on the child's lifestyle.

If you are unsure how to write a will, you should consult an estate attorney. They can advise you on creating a will that will work for you.

Trusts

Using trusts can be a great way to protect your assets. It can help to avoid probate, reduce taxes, and maintain your family's privacy. However, it can take time to determine which type of trust is best for your situation.

Among the most common types of trust are revocable and irrevocable. A revocable trust can be created during the grantor's lifetime, while an irrevocable trust cannot be changed.

One of the most common uses of a trust is to protect assets from creditors. Some types of trusts allow a transfer of an asset to a specific person or organization. These can be particularly beneficial for particular needs or other unique circumstances.

Another popular type of trust is a life insurance trust. This can be an excellent asset protection tool and may also be used to pay for estate costs. In addition, these trusts can be used to exclude the proceeds from an insurance policy from the deceased's taxable estate.

Power of Attorney

Creating a Power of Attorney (POA) is an essential part of estate planning. It is an agreement between you and another person, known as an agent, to handle your affairs if you become incapacitated.

A Power of Attorney is a document that gives an agent authority to make financial, medical, and legal decisions on your behalf. It is necessary to sign it legally, and some states require that the document be notarized.

When making a power of attorney, you want to choose an agent you trust and respect. You should also name a backup agent if the first agent is unavailable. Ask a lawyer if you are still determining who to name as an agent.

There are several different kinds of power of attorney. These vary in their scope and their effect. Some take effect immediately, while others only take effect when an individual becomes incapacitated. There are also special powers of attorney that allow you to grant more specific decisions to an agent.

Advance Health Care Directives

Having an Advance health care directive (AHCD) allows you to express your personal preferences in medical treatment. This can help ensure that your wishes are followed when you become incapacitated. However, several things to remember when planning for your end of life.

You should not create an AHCD if you are pregnant. In fact, some states do not honor AHCDs if you are pregnant.

You can create an AHCD yourself or with the help of a lawyer. You should understand your state's laws and be familiar with your options. Some states may have an advance directive registry where you can store your directives. A proxy can access these registries. The fees for storing these documents vary from state to state.

It would be best if you also talked to your family members and other important people about your preferences. This can help prevent conflict and avoid feelings of guilt.


Estate Planning Attorney Free Consultation In Utah

If you need legal help, call this law firm and talk with our experienced attorneys about estate planning for a FREE consultation.

We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

Parklin Law - Estate Planning

5772 W 8030 S, # N206

West Jordan UT 84081

(801) 618-0699

https://parkin-law.business.site/

40.605070, -112.027530

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Location: Layton, UT, USA

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