Lehi Estate Planning Attorneys

Providing Valuable Legal Services to Clients Drafting or Revising Estate Planning Documents

It’s never too early for you to start planning for the future. But there is such a thing as waiting until it’s too late. If you do not draft a valid estate plan now, there exists a higher chance of estate litigation and issues between beneficiaries when you eventually pass away. Additionally, some estate matters deal with legal issues before a person dies, including naming a healthcare proxy to handle medical care if you are ever left incapacitated due to illness or injury. Without the proper estate planning documents in place, estate administration, asset distribution, your tax burden, guardianship for minor children, and other legal matters may be at risk.

Trusted Estate Planning Attorneys is a law firm located in Lehi, Utah. We believe in providing compassionate, comprehensive, and communicative legal services to clients in need. Whether you are looking to name beneficiaries for your will, create a trust, dispute an estate plan, or have any other legal concerns, our knowledgeable Utah lawyers would be proud to represent your interests in and out of a court of law.

What Factors Should You Consider When Beginning the Estate Planning Process?

There is a common misconception that estate plans are reserved only for the super-wealthy or those with large estates. The truth is that every Utah resident over the age of 18 with any assets whatsoever should consider creating a comprehensive estate plan. This is especially true for Lehi residents who are parents or grandparents.

When creating an estate plan, please consider the following factors:

• Asset protection: You and your estate planning lawyer can discuss strategies for protecting your assets from creditors, judgments, and taxes.
• Elder law and Medicaid planning: If you are approaching your elderly years, it is time to consider long-term care planning. This may include setting aside assets before nursing home care.
• Family dynamics: Consider your family’s dynamics and whether there is a high likelihood of conflict between beneficiaries and heirs after your death.
• Inheritance: Determine who you wish to inherit your assets and primary residence after your death.
• The named executor or trustee: You must appoint a competent individual, such as a trusted family member, whom you trust implicitly.
• Your financial goals, investments, and objectives: When you sit down to speak with our legal team, consider your investment portfolio, your family’s financial security, whether you have any charitable causes, and ask about ways to minimize estate taxes.

What Goes into a Comprehensive Estate Plan?

At the heart of virtually every estate plan is a last will and testament. Your will establishes beneficiaries and ensures that each beneficiary receives the assets you wish for them upon the time of your death. However, many individuals and their families would benefit from more comprehensive estate plans that go beyond a written will to declare beneficiaries and asset distribution.

Based on your unique goals, our estate planning lawyers can help you create the following documents:

• Advance healthcare directives: These estate planning documents establish your wishes for medical care and end-of-life decisions, as well as naming a healthcare proxy to act on your behalf.
• Business succession planning: If you own a business, you want to ensure that your business is managed and transferred according to your wishes when you retire or pass away.
• Powers of attorney: A power of attorney document can help manage your financial affairs if you are ever left incapacitated and unable to speak for yourself due to illness or injury.
• Trusts: Utah residents have several different types of trusts available. Depending on your needs, including asset protection, special needs planning, and charitable giving, we may recommend different types of trusts to different clients.

If you do not have a will or other estate plan document in place at the time of your death, your estate will be divided according to Utah’s intestate laws. In many cases, this means that your spouse or children will inherit the entirety of your estate, regardless of your wishes for other beneficiaries to recover property and assets.

How Can a Lehi Estate Planning Lawyer Help You with Your Estate Matter?

As your legal representatives, we can help you understand the differences between several estate planning documents. Since several of these documents have similar names or accomplish similar things, we recommend that you speak with our attorneys before implementing any such documents into your estate plan.

We can assist in setting up trusts, drafting wills, establishing business succession plans, and reviewing alternative ways to protect your assets.

During probate, we can help family members through this difficult time of grieving as they contend with the legal process.

If estate or probate litigation is ever necessary, we are proud to represent clients contesting a will or trust.

How Often Should You Review and Update Your Estate Plan Documents in Utah?

We generally recommend that everyone consider reviewing and updating their estate plans at least once a year.

However, certain major life events may trigger the need to revise an estate plan more immediately. Examples include divorce, the death of a beneficiary, new substantial gains in wealth, bankruptcy, marriage, and the birth of a new child.

Schedule a Free Consultation with an Experienced Estate Planning Attorney in Lehi, UT, Today

To learn more about our legal services and the benefits of creating an estate plan, please contact our Lehi, UT, law office to schedule your free 30-minute consultation today.

In your estate planning consultation, we will discuss your unique goals and help you determine a strategy that might minimize taxes, protect your investments, reserve your property for your spouse and other beneficiaries, and more.

You may reach us at 385-993-3523.