Goals of an Estate Plan

What are the goals of an estate plan?

An estate plan is an important document that helps you prepare for the future and protect your family from dealing with the logistics of your death or incapacity. There are a variety of goals that estate plans can help you accomplish, but depending on your situation, some are more important than others.

For example, if you want to pass certain assets on to a specific person or organization in a special way, then you need an estate plan. If you want to make sure that the right people inherit your assets before anyone else has a chance, then you need an estate plan. If you have minor children, then you need one. Estate planning helps you make informed decisions about what will happen to your property after your death and ensures that your wishes are carried out correctly and as efficiently as possible.

Designing an estate plan requires two things:

1) determining what the individual's goals are, and

2) choosing a way to achieve them.

The first part is easy: people who want to leave an inheritance for their children can create a will, while people who want to leave the bulk of their assets to charity can create trust.

To help you figure out your goals, There are two common goals of an estate plan:

1) To ensure that your wishes are carried out, and

2) To minimize the burden on your loved ones after you're gone.

The first goal can be accomplished by making sure there's a valid will in place that accurately reflects your desires. The second goal aims to minimize the amount of time and money that family members spend on post-mortem arrangements (in other words, the process of wrapping up all outstanding legal affairs after someone dies).

An estate plan helps accomplish both goals by identifying beneficiaries and outlining how they'll inherit their share of the estate. It also makes sure that any inheritance taxes that might have been due were accounted for before death. It provides a framework for how you want to distribute your property/assets when you pass away.

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: Lehi, UT, USA

Popular posts from this blog

Personal Liability of an LLC

Can the Owner of a Limited Liability Company Be Penalized? As a business owner, you must understand the potential risks and liabilities you may face. If you own a limited liability company (LLC), you may be wondering whether you can be personally penalized for the actions of your business. Here's what you need to know about the potential for personal penalties as an LLC owner. The Benefits of an LLC An LLC is a business structure combining elements of a corporation and a partnership. One of the main benefits of an LLC is that it offers personal liability protection for its owners, known as members. This means that, in most cases, the member's personal assets are protected from any legal action taken against the LLC. However, it's important to understand that this liability protection is not absolute. There are certain situations in which an LLC owner may be personally liable for the actions of the business. Personal Liability for LLC Owners There are several circumstances i...
Read more

Does an executor of the estate have an expiration?

Image
Does an executor of the estate have an expiration? Madison Assistant at  Parklin Law An executor does not have an expiration date. An executor has a job to do and he or she is the only person who can do it. The executor is in charge of settling the estate and making sure all debts are paid; paying any taxes on the estate and distributing the remainder according to your will. The executor may need help to carry out this work, but he or she is still in charge of everything. Just like the laws of inheritance can be complex and confusing, they also have plenty of exceptions. One interesting exception is that an executor or administrator's role doesn't expire after a certain period of time. Although there are no set rules on how long you need to be the executor of someone's estate, you don't have to worry about it expiring. If you're named as an executor, your job is to handle the estate until it's closed, which means paying debts, distributing assets, and filling ou...
Read more

Can my attorney be the executor of my will?

Image
Can my attorney be the executor of my will? Madison Assistant at  Parklin Law Many people ask whether the attorney who helps them create their will can also be the executor of that will. The quick answer is yes. However, there are some things to consider. In a perfect world, your attorney would be both your estate planning advocate and your executor. But in the real world, it's often hard to find an attorney who is willing and able to take on both roles. Not all attorneys are equipped with the skill set required to handle the many aspects of an estate plan. If you need help with complicated tax planning or asset protection strategies, then you'll want an attorney with expertise in those areas. You may also need help from a specialist estate planning attorney if your assets are large enough that you're subject to complex transfer tax laws. Finally, if you have a complicated family situation like a second marriage or blended family, it may be necessary to bring in legal couns...
Read more