Estate Law
Estate law involves the management of your assets and the guardianship of your children in the event you’re unable to make decisions on your own. Estate planning from Cutler | Riley law firm provides reassurance that your requests are followed and honored whether you’re in poor health or have died.
What’s Involved in
Estate Planning?
Planning for the future now means you and your loved ones won’t have to make important decisions in times of crisis. Everything will be laid out providing answers to questions people may have if you’re unable to speak for yourself.
The process often involves choosing an executor of your estate, health care proxy, and beneficiaries. Cutler | Riley estate planning services in Utah provides the following:
- Certificate of Trust
- Domestic Asset Protection Trust (DAPT)
- Healthcare Directives
- Last Will and Testament
- Power of Attorney
- Prenuptial Agreement
- Recording of Property Deed
- Revocable Living Trust
- Specialized Irrevocable Trust
Your lawyer, financial advisor(s), healthcare provider, life insurance broker, and other professionals will have directives to follow in the event of incapacitation or death. This ensures your last wishes for property, assets, and loved ones are honored. An estate plan relieves loved ones of the burden of trying to make the best decisions on your behalf or finding themselves stuck in probate or court battles.
What Happens if You Die Without a Will
If you die without a will, state law will determine what happens with everything you own. The process is known as probate, and laws vary from state to state. Assets are frozen until the probate concludes, at which time any minor children will be appointed new guardians by the state.
It’s important to note that even with a last will, your estate enters probate; the benefit of having a last will established prior to your death is that the probate process will be expedited. This saves your loved ones time, money, and heartache as it is typically a shorter process of authenticating the paperwork you laid out rather than reviewing your entire estate and making final decisions on your behalf.
What is Probate?
In the event of death, the decedent’s assets enter a probate process. This legal process is overseen by Utah’s state court and occurs with or without a will. The will and any accompanying legal documents will be authenticated and validated before carrying out a decedent’s last wishes.
When there isn’t a will, probate takes over the process of appointing an executor and allocating assets to beneficiaries. Probate can take much longer when there isn’t a will because all property and assets have to be meticulously examined. A lengthy probate process can be avoided when there is an authenticated will in place.
Living Will vs Last Will
To avoid an expensive, time-consuming probate process, your estate planning should include a will. But what’s the difference between a living will and a last will?
- Living Will: This is a directive that outlines what type of medical care, if any, you want if you’re incapacitated.
- Last Will: This is a directive that outlines what happens with your property, assets, and/or children if you’re incapacitated or dead.
What is a Living Trust?
This legal document names an executor who will manage your property and/or distribute it on your behalf. A living trust also names the beneficiaries, and what they are to receive. Estate planning documents such as this can make it easier for loved ones to process their grief in your absence since they don’t have to worry about making these decisions on their own, or disputing court decisions.
Determining Power of Attorney
This legal document gives an agent the power to access bank accounts, sell property, run a business, or apply for benefits on behalf of the principal (the person who granted power of attorney). Power of attorney can be extremely specific, such as giving an agent access to one of multiple bank accounts, or very broad. Multiple agents can be elected in power of attorney documentation.
Power of attorney can be terminated under myriad circumstances, such as a specific date, death of the principal, or revocation by the principal. It can be a long-term circumstance or for a brief period. Always seek legal advice from a seasoned attorney when creating power of attorney.
For these and other estate services, trust an estate planning attorney from Cutler | Riley. We want to ensure you have the legal documentation you need to rest assured that your assets and loved ones are protected and provided for no matter what happens to you.
Ready To Move Forward?
Whether you’re planning for future beneficiaries or just starting out on your journey into business and real estate, Cutler | Riley is here to help you with our comprehensive, Utah-focused business and estate legal services. If you’re ready to take the first leap, get in touch with us today.