Start planning sooner than later
Many people have misconceptions about estate planning. You may think estate planning is something only the wealthy need, or only the elderly require. The reality is, this could not be further from the truth. No matter your age, your income status, or the assets you have acquired, estate planning is essential. Estate planning involves taking steps to care for your loved ones, and also to make sure you can maintain dignity and autonomy in the face of tragedy.
Invictus is a trusted estate planning firm in Utah. We help our clients to make full use of legal tools available under Utah law to protect their assets, to leave a legacy, and to control what happens in the event of incapacity. Give us a call today to learn how we can offer you personalized advice and to get answers to questions including:
What is estate planning?
Who should create an estate plan?
How can a Utah estate planning lawyer help me?
What is Estate Planning?
Estate planning involves addressing the issues that can arise at the end of your life and after your death. Your estate plan may include:
A last will and testament: This details how your assets will be distributed.
Provisions for minor children. You can name someone to act as guardian if something happens to you, and make plans to provide for your children’s financial needs.
A plan for wealth building: Estate planning attorneys can also help clients with their financial plans. This can include setting goals for your future and taking advantage of tax breaks to help you save.
An asset protection plan: As you amass assets, you will want to protect them from creditors, from estate taxes, and from irresponsible heirs.
An incapacity plan: If you get sick or injured and cannot make health decisions or manage your assets, your incapacity plan allows you to determine who should take action on your behalf.
A long-term care plan: You will need to make provisions for protecting your assets while getting the cost of a nursing home covered.
An end-of-life plan: Do you want hospice care if you are terminally ill? What extraordinary measures do you want doctors to take to save your life? You need to create an advanced directive and name a healthcare proxy to provide answers to these questions.
A legacy plan: Do you want to give to charity, leave property to loved ones, or do both? An estate plan could include trusts and other tools that allow you to leave a legacy.
These are just some of the many things that you may wish to consider including in your estate plan. Because your situation is unique, you need to get personalized advice from a Utah estate planning lawyer who can create a plan that is tailored to you.
Who should create an estate plan?
Everyone, of all ages and income levels, should create an estate plan. Whether you are young or old, there is a risk of incapacity or death happening at any time. Without a plan in place, your assets could be mismanaged and your money lost. Your children could end up being cared for by someone you would not have chosen for them, and the wrong person could end up making your healthcare choices. Your family could also find themselves in a difficult situation, fighting over assets or uncertain about what your wishes would have been for medical care.
No one likes to think about the possibility of an accident, illness, or injury causing them to become incapacitated or pass away – but the reality is that the end of life happens for everyone at some time. If you are prepared for an uncertain future, you will have the peace of mind of knowing that your family is always going to be cared for no matter what happens to you.
How can a Utah estate planning attorney help me?
Only Utah licensed attorneys should consult Utah residents on estate planning within this state. A small investment in your future now will likely save your family and heirs much more than the costs for preparation.