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Richfield, UT Estate Planning Lawyers

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“Death is the sound of distant thunder at a picnic.” – W. H. Auden

Enjoy your picnic, but the storm is coming. You can hear the thunder in the distance and know it’s coming. The thunder is a warning that you need to plan ahead, take cover, and be prepared. The same is true for your estate plan. You can enjoy life and all the blessings that come with it, but you also must prepare yourself for the day the storm hits. If you ignore the warning signs, you risk being caught unaware and unprepared, and if that happens, you could lose all that you have built and leave your family in a position where they do not want to be, leaving them to pick up the pieces. 

Life’s inevitable end is part of the plan, and when it occurs, you should be prepared. If you need help planning for your estate, call our Richfield estate planning lawyers at ProvenLaw offices today for a free consultation and to ensure your family is protected from the storm.

Richfield Estate Planning Lawyers

Benefits Of Having A Comprehensive Estate Plan

An estate plan is a crucial legal document that allows individuals to control their assets and money during their lifetime and after their death. It allows individuals to decide who should inherit their assets, what should be done about their medical care if they are incapacitated, and puts people they trust in a position to claim the estate. If a person does not have an estate plan, the state of Utah determines where their possessions will go and when. Even if they do have a will, the estate will likely go through the probate process, which is time-consuming and expensive. Estate plans with a trust, however, can bypass probate in most cases.

An estate plan provides closure for families, allowing them to be confident in their wishes and decisions. While the primary benefits of an estate plan are for when the individual passes away, it can also provide benefits during their lifetime. For example, an estate plan with a trust can shield assets from being counted against Medicaid eligibility, saving tens of thousands of dollars. Our Richfield estate planning lawyers can help families understand the specific benefits of an estate plan.

The Essentials Of An Estate Plan

Whereas most people believe that they just need that last will and testament, wills still need to be probated, and you never know when an unexpected life event might hurt you or a loved one—especially because wills don’t work unless you die. What belongs in an estate plan, then? A will is a great start, but it is just one piece. To have a comprehensive plan that will protect your assets and your loved ones, you will need a will as well as the following:

  • A trust is a legal entity to which you can transfer your assets and which can be managed by your named trustee (or, if you name yourself as trustee, you would also name a successor trustee) according to your conditions for the named beneficiaries.  There are revocable living trusts, irrevocable trusts and more to choose from.
  • A medical power of attorney means choosing someone you trust (known as a health care agent) to make medical decisions for you if you’re not able to make them for yourself.
  • A financial power of attorney is a document that keeps you alive two years after you die, which makes it a durable power of attorney. It lets someone you trust (called a financial agent) handle your assets if you are not able to do it yourself.
  • An advance care directive can be used along with a medical power of attorney to outline the types of medical treatment you want (or do not want) to receive in the event you become incapacitated.
  • Beneficiary designations entail naming the person who will inherit your banking accounts (including 401k, retirement plans, and so on), as well as your life insurance policy and other account types. To the greatest extent possible, these designations should mirror those in your will, as they will supersede any such designations in your will.
  • Guardianship designations (for minor children) – If you have minor children, you can name who should care for them, make decisions for them, and where they should live.
  • A complete list of your assets for clarity and inventory/accounting purposes.

Why Choose ProvenLaw?

Your life is not like anyone else’s, and your estate plan shouldn’t be either. Forms you find online may help you make an estate plan, but you’ll spend more time and energy doing it on your own, and the information you find online may not even be accurate or up to date with Utah’s most recent standards. 

Our experienced Richfield estate planning lawyers are well-versed in Utah’s estate planning laws. We can explain your options, personalize any documents to your needs, and take care of all of the paperwork for you, so you don’t have to worry about anything. You can relax, knowing your and your family’s future is secure! Call today to book a free consultation and learn more about how we can help. 

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Richfield, UT Practice Areas

Tom and his staff were very helpful and patient in explaining everything to me because I had no idea what I was needing or doing. Very timely and extremely helpful. I have already recommended them to friends who knew I was going through the process.

Shawn J.

Tom and his staff were very helpful and patient in explaining everything to me because I had no idea what I was needing or doing. Very timely and extremely helpful. I have already recommended them to friends who knew I was going through the process.

Shawn J.

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