In Utah County, Utah, estate planning is the process of deciding what you want done with your property after your death (which is, of course, a very personal decision), and then setting up the legal and financial arrangements to guarantee that your wishes are carried out.
While the drafting of a will (the document that dictates what is to be done with the decedent's property after death) is normally the central component of any estate plan, there are numerous other elements which you may want to include, depending on your goals, and your financial situation.
A clear estate plan will also contain instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is recognized as a "living will." It should also include instructions about funeral arrangements and organ donation.
Crucially, your plan should make arrangements for the care and custody of your children, if they are minors. Nonetheless you should initially discuss this matter with the person who you intend to take custody of your children in case something happens to you, to make sure they are willing and able to do so.
What Type of Estate Plan Do I Need in Utah County, Utah?
The answer to this question varies largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
If you are in good health, young, and not married, planning an estate is likely not a high priority. And at this time in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very hazardous jobs, or who are very wealthy.
If you have a life partner in Utah County, Utah, but aren't married to him or her, estate planning is essential. If you want your partner to have most of the same rights and responsibilities as a spouse, it's normally possible with good estate planning. You should grant your partner power of attorney, so they can make choices for you in case you become incapacitated. Additionally, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.
If you are elderly, and have a massive amount of assets in Utah County, Utah, estate planning may be more essential at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is essential if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.
Do I Need a Utah County, Utah Estate Planning Attorney?
Because estate planning in Utah County, Utah is not always simple, the assistance of a seasoned attorney will almost certainly be useful, and worth the cost. This is doubly true because of how essential the issues involved can be, and the fact that a relatively minor mistake can sometimes derail an entire estate plan.