Securing Your Future: A Comprehensive Guide to Lehi Estate Planning

Estate planning is often avoided because discussing death can be too sad for some people. Nobody wants to think about dying; instead, they want to focus on their life. But one of the best ways to create a legacy is to plan for death, which can happen to anyone at any time.

Some people believe estate planning is only for the wealthy, but the truth is that any adult can benefit from having an estate plan in place. A comprehensive plan can bring about peace of mind and make your death easier for loved ones to bear during an already difficult time.

Estate planning is about control, protection, and clarity. By considering various factors, you can create a plan that minimizes complications and ensures your wishes are honored. 

What if I Die Without a Will? 

If you die without a will, Utah law generally directs your assets as follows: 

• Married with children (only with current spouse): Spouse inherits everything.
• Married with children (from a previous relationship): Spouse gets the first $75,000 plus half of the remaining balance; your children share the other half.
• Married, no children: Spouse inherits everything.
• No spouse, with children: Children inherit everything equally.
• No spouse, no children: Parents inherit everything; if no parents, siblings inherit.
• No close relatives: The state of Utah may inherit your assets. 

Benefits of Estate Planning

Estate planning comes with many advantages, such as:

• Control over asset distribution. An estate plan ensures your assets go where you want, not where state law decides. You can name specific beneficiaries for property, savings, and personal items. You can avoid family disputes by clearly outlining your intentions.
• Avoid probate. Without a plan, your estate may go through probate, a court-supervised process that can be time-consuming and expensive. Tools like trusts can help bypass probate entirely and allow for faster access to assets for your loved ones.
• Protect your family. Estate planning allows you to provide for dependents and loved ones. You can name guardians for minor children and even set up financial protections for beneficiaries who may need help managing money.
• Minimize taxes and expenses. A well-structured estate plan can reduce the financial burden on your heirs. You can lower potential estate and inheritance taxes and reduce administrative and legal costs.
• Increase the speed of asset transfer. With a plan in place, your loved ones can access funds more quickly. You can avoid delays tied to court processes and reduce stress during an already difficult time.

Estate Planning Process

Estate planning involves various steps, including the following:

• Take inventory of your assets. Start by identifying everything you own and owe. This includes real estate, bank accounts, retirement accounts, investments, and personal property (such as vehicles, jewelry, and valuables), as well as debts and liabilities
• Define your goals and priorities. Think about what you want your plan to accomplish. Who should inherit your assets? Who will care for minor children? Your priorities will shape the structure of your estate plan.
• Choose key decision-makers. You will need to appoint trusted individuals to carry out your wishes:
  • Executor: manages your estate after death
  • Trustee: oversees any trusts you create
  • Guardian: cares for minor children
  • Power of attorney: handles financial matters if you are incapacitated
  • Healthcare agent: makes medical decisions on your behalf
•  Create estate planning documents. A complete estate plan typically includes:

• Last will and testament: outlines asset distribution and guardianship
• Revocable living trust: helps avoid probate and manage assets
• Durable power of attorney: for financial decisions
• Advance healthcare directive: for medical wishes

• Update beneficiaries and titles. Many assets pass outside of a will, so it’s important to:
  • Review beneficiary designations on retirement accounts and insurance policies.
  • Ensure titles (such as real estate and accounts) align with your plan.
  • Fund any trusts by transferring assets into them.
• Organize and store your plan. Once your documents are complete, keep them in a safe but accessible place. Inform trusted individuals where to find them.
• Review and update regularly. Life changes, so your estate plan should too. Regular updates ensure your plan stays effective. Review after the following life events:
  • Marriage, divorce, or new children
  • Major financial changes
  • Moving to a new state
  • Changes in tax laws

Considerations

Estate planning is not a one-size-fits-all approach. Each situation is different, and there are certain things you may need to consider:

• Taxes. Utah is one of the more tax-friendly states when it comes to estate planning. There is no state estate tax and no state inheritance tax. This means that when someone dies in Utah, the state does not tax the transfer of assets to heirs. However, the federal estate tax may still apply for large estates. The 2026 federal exemption is about $15 million per person. Married couples can shield roughly $30 million with proper planning. Estates above the exemption may be taxed at rates up to 40%.
• Family structure. Your personal situation plays a major role. Blended families and dependents require special treatment. Minor children require guardianship designations, while you will need special treatment for children with special needs. Clear planning helps avoid disputes and ensures proper care.
• Incapacity planning. Even if you do not die, you could become mentally incapacitated. You need a plan if you become unable to manage your affairs, so consider a:
  • Financial power of attorney
  • Healthcare proxy or advance directive
  • Living will outlining treatment preferences

Without these, courts may need to appoint someone to act for you.

• Business succession planning. If you own a business, you will need to decide who will take over. You will also need to create buy-sell agreements and plan for continuity and tax implications.

Contact Us Today

It is never too early to start planning for the future, but there is such a thing as waiting until it is too late. Do not die without an estate plan in place.

The Lehi estate planning attorneys at Trusted Estate Planning Attorneys can assist you. When you hire us, you will have skilled legal professionals by your side to answer questions about your estate planning options and help you create a customized plan. Contact us today to schedule a consultation. Give us a call at (385) 993-3523 or fill out the online form.