Ivans, UT Will & Trust Lawyers

If you live in Ivans, Utah, and you own property or have family, you likely need a will and a trust in order to protect everything you’ve worked for and everyone you love! The future isn’t guaranteed for anyone. Passing away or becoming incapacitated unexpectedly without these legal documents in place could leave your legacy in control of the state instead of your own wishes. 

Most of us are too busy to think about what’s for dinner tomorrow, let alone what we want to happen to our possessions in 50 years, but taking the time to plan ahead now can save your family time, money, and stress down the road! Our experienced Ivans will & trust lawyers can help you understand what tools you should have in place to achieve your goals and draft a will and trust that are customized to your unique needs. Call Proven Law today to schedule a free 30 minute consultation and learn more!

Why Do You Need A Will?

A will is a legal document that spells out exactly what will happen to your assets upon your death – essentially, it’s a guide for who of your family members and friends will get what. It can establish guardianships for minor children/other dependents, and it can also leave money to charitable organizations. Think of a will as a way to let your family, and the court system, know exactly what you want to happen if you are no longer around to say so – what your wishes are! 

While a will does have limitations, without one, your wishes won’t be known or honored by the state of Utah. Your family could fight over what you would have wanted, tying up the assets in court. When your assets are finally distributed, they will be distributed according to Utah’s “intestate” laws, which typically give everything to the closest surviving family member…depending on your specific family dynamics, this may be the opposite of what you intended and could leave your other loved ones in a difficult financial position. 

Popular Types Of Wills

There are several different options of wills to choose from. Some of the most common include:

A simple will – This is the most standard, straightforward kind, meant for simple estates and situations. 

A joint will – This is one will signed by two people, usually a married couple; if one passes away before the other, all the assets in the will are left to the surviving signer, or to their beneficiaries if both pass away. 

A pour-over will – This is a type of will that is used in conjunction with a trust, and automatically “pours over” the assets in the will into the trust at the time of the person’s death. 

Our Ivans will & trust lawyers can help you determine what kind of will may be best for your circumstances. 

Why Do You Need A Trust?

A trust is a financial entity that owns and secures assets. You can create the trust (becoming the “grantor” of the trust), move assets such as your house or your savings into the trust, and then designate a trustee to manage the assets in the trust for you. In some cases, you can designate yourself. You will set up the terms of the trust, and during your lifetime the trust will work for your benefit and the benefit of other people you designate as beneficiaries (for example, it can pay out certain sums every month or year to your children or to charities, etc.). Upon your death, the trustee (or backup trustee) can distribute the trust according to its terms or continue to manage it. 

Trusts, unlike wills, don’t have to go through probate, and don’t have to wait until your death to go into effect. Probate is a Utah court process that your assets otherwise may have to go through before your family can inherit them; it is expensive, time-consuming, and tedious, and one of the biggest advantages to having a trust is getting to skip this process! Trusts can also offer tax breaks and other benefits. 

Popular Types Of Trusts

There are several different options of trusts to choose from. Some of the most common include:

Revocable trust – This is a trust with flexible terms. Assets and beneficiaries can be added at any point, or the trust can even be canceled or totally changed. 

Irrevocable trust – This is a trust with inflexible terms; once assets are transferred in, the owner does not have legal ownership of them, which can provide tax shelter.

Special needs trust – This is a type of trust that can be used to provide for dependents with special needs throughout their whole lifetime, without disqualifying them from being able to receive government benefits. 

Again, our Ivans will & trust lawyers know the ins and outs of how trusts work and can guide you toward the most strategic choice!

How The Ivans Will & Trust Lawyers At Proven Law Can Help You

At Proven Law, we care about your future. We will take the time to get to know you, answer you questions, review your situation and personalize any will or trust we draft for you to your life so that you can have peace of mind! Our attorney team has over 95 years of collective experience and has been voted the Best of Southern Utah for 4 years in a row! You can rely on our knowledge to set you and your loved ones up for success. Call our office now to schedule a free 30 minute consultation and take your next steps!