Far too many people put off estate planning until it is too late, or do not think about estate planning at all. You and your family deserve better than default laws applying at the end of your life and after your death. You work hard to provide for your family and grow your nest egg, and you need a comprehensive estate plan so you have control over your own legacy.
Randy Holmgren provides comprehensive assistance with estate planning to clients of all ages. It is never too early to create an estate plan, and it is only too late if you are no longer of sound mind. Give Randy Holmgren a call now at 801-534-7271 to find out what you should include in your plan, to get personalized assistance with creating your plan, and to get answers to important questions including:
- What is estate planning?
- When should you make an estate plan?
- How can a Salt Lake City estate planning lawyer help you?
What is Estate Planning?
Estate planning is a process that involves making advanced plans for end of life issues and making an advance plan for what will happen to your property when you pass away.
Anyone could become sick or hurt at the end of their life, creating a situation where they need nursing care or where tough choices have to be made about medical treatment. Everyone will eventually pass away, which could lead to family fighting and struggle if no plans have been made for asset distribution.
Estate planning involves making effective use of legal tools to address the issues that arise in case of illness, incapacity, and death. The planning process is different for everyone, because you may have your own unique goals like supporting a charity or paying for your children’s college education.
A good attorney will listen carefully to you, ask questions that help you to shape the estate planning process, and assist you in using the right legal tools. Some of the different steps which may be a part of your estate plan include:
- Creating a last will and testament
- Creating trusts to protect assets during your lifetime and from loss by irresponsible heirs after your death
- Creating advanced directives for healthcare, including a Do Not Resuscitate and/or a Living Will
- Creating a power of attorney to give someone authority to act for you if you become incapacitated
In many situations, there are multiple ways to achieve certain goals you have. For example, both a will and trusts allow you to transfer assets. However, the different approaches work in very different ways, each with their own pros and cons. While wills can be simpler to create, trusts can provide much more control and much more protection for assets. Because of the complexity associated with the estate planning process, getting personalized help is best.
When Should You Make an Estate Plan?
It is important to make an estate plan as soon as you have assets, have anyone depending upon you, or have become an adult with your own opinions about your medical care. Many people mistakenly believe estate planning isn’t something they need to worry about yet, but this is simply not true:
- You need an estate plan if you are young because you may have children who you want to name guardians for, or a spouse you need to provide for if something happens to you.
- You need an estate plan if you are older because the risk of incapacity and death are higher.
- You need an estate plan at all phases in between, because life is uncertain. You don’t want your assets losing value because of mismanagement or your family fighting over your property if something unexpected happens to you.
Your estate plan can address issues like reducing or avoiding estate taxes; dealing with heirs who are irresponsible with money; and making sure you have a trusted person who will take care of your kids in case you pass away. Whatever your goals, making a plan can help you achieve them.
How Can a Salt Lake City Estate Planning Lawyer Help You?
Randy Holmgren provides assistance with estate planning to clients in Salt Lake City, Provo, Orem, Ogden, Park City, Cedar City, St. George, and surrounding areas throughout Utah. We understand that the estate planning process is personal, and we customize our advice to your age, income level, family situation, and goals for the future. To find out more about the ways in which we can help with your estate planning process, give us a call at 801-534-7271 or contact us today.