Utah Estate Planning for Senior Years

Utah Estate Planning & Assistance Asset Protection Services

A common misconception is that Utah Estate Planning is only necessary for the very wealthy. In reality a Utah Estate Plan can benefit a person with few assets just as much or more than a person with substantial wealth. In the end Estate Planning is about preventing conflict in families. In this regard, estate planning is necessary for everyone.

Protect Your Independence with a Utah Trust Plan

Often clients come into a consultation concerned about what will happen to their estate after they pass away. While this is an obvious issue, at Morgan & Associates our primary concern is protecting your independence and your estate while you are still living. Without a plan, it becomes much more likely that court intervention will be required in the event of your incapacity. When an adult becomes incapacitated the court appoints a guardian and conservator to care for them. This effectively strips an individual’s legal rights and reduces them to the status of a minor.  A properly drafted Utah Trust Plan organizes funds and empowers only trusted individuals to oversee your funds in the event of incapacity. This saves the costs and hassle of court and more importantly ensures a court will not declare you incapacitated. Furthermore, with all of your assets held in trust, it makes it much more difficult for greedy individuals to steal from the estate.

Protect Your Descendants with a Utah Estate Plan

Without a trust plan, the probate court oversees the distribution of a deceased person’s estate. This can be expensive, especially if family members disagree with how the plan is administered.  Furthermore, probate court records are freely searchable, meaning that creditors or other unwanted strangers can see what property a person has at death.

A family trust plan keeps the assets out of court and out of prying eyes. Unlike a will a family trust plan is easy to change, revoke or edit.  Assets inside the trust can be removed at any time until the death of its creator. Additionally, a Utah trust can be structured to include stipulations on inheritance such as using the money for specific purposes such as education or retirement.  A trust can even be designed to pay out an inheritance only when a person reaches a certain age of maturity or completes designated milestones.

Protect Relationships with a Utah Estate Plan

Incapacity and death can create unexpected strains on family relationships. A Utah Estate Plan can help alleviate potential conflicts by assigning and designating responsibilities and assets before tragedy and time take their toll. No person wants to face a loss of independence and death but planning for the future can make things much easier on those who support you when it happens.  Often conflict in the context arises because children have a different perception of what a parent would have wanted. Explaining your wishes and planning to make them practical will not remove all of the pain but can at least take away the uncertainty.

Learn More About Utah Estate Planning Today: 801-874-5644