Estate Planning: Why a Will is Not Enough
A will is a basic document that sets forth your wishes as to how your property is to be distributed after your death. Although a will is helpful to address some issues, there are other estate planning tools that can assist with various issues that can arise. Estate planning attorneys in Heber City UT can help you utilize these tools to setup an estate plan that is comprehensive and efficiently addresses your wishes.
What are some estate planning options?
There are many legal options available to address issues that could arise after your death. These include:
1) Last will and testament–A will sets forth how your property is to be handled after your death. It also designates the person who is to administer your estate. By having a will, you will have a say in what happens with your estate after you pass away. A Heber City will attorney can help you develop a comprehensive will.
2) Trust–a trust preserves property and may protect it from creditors. A trust can exist during your lifetime and after your death. Through a trust, you can direct how property and funds are to be managed. A trust may be subject to tax rules and other laws, so you should consult with a Heber City estate planning attorney.
3) Power of attorney–through a power of attorney you can designate persons to handle certain financial matters on your behalf. You can also designate a conservator to handle your finances in the event you became incapacitated. A power of attorney terminates upon your death.
4) Living will–through a living will you can set forth your wishes as to medical care. You may also designate a person to act as your agent and make decisions related to your health if you are unable to do so yourself.
Why you should contact an estate-planning attorney
Estate planning can be complex and subject to various laws and tax consequences. By working with an attorney, you will understand your options and be able to make informed decisions.
Heber lawyers from Gordon Law Group have experience developing estate plans. They can provide legal advice to help you develop a plan that best suits your situation. Contact us to schedule a consultation.