Santa Clara, UT Will And Trust Lawyers

Most everyone agrees that having a will or trust in place, much like saving for retirement, is a good idea. Which of us, after all, doesn’t want our family to continue to enjoy the same level of comfort and lifestyle to which they have become accustomed in the event something happens to us? Yet somewhere in between planning what to have for dinner tonight, and planning our next vacation, we put off planning for our families’ future. It’s understandable why this happens – we don’t plan on dying – at least not anytime soon!

So we play the odds, kick the can further down the road, and convince ourselves that some day when we’re older and have accumulated more wealth, we’ll eventually create that will and place our assets in a trust. Unfortunately, none of us can guarantee with any amount of certainty how long we have left. The evening news is littered with stories of people expecting to live out their golden years whose lives were suddenly and tragically cut short. 

The decision for those of us then, who understand the urgency of having a will or a trust seems clear – the sooner the better. Life is not guaranteed, and our loved ones are way too important to risk their tomorrow, because of our inaction today. Call our experienced Santa Clara will and trust lawyers to discover your options!

What Are The Advantages Of Creating A Will?

A will is a legal document stating a person’s intent about how, and to whom, they want their assets divided upon their passing. Your expression of what you want to have happen with your estate in the future assures that your final wishes will not be ignored. Some of the advantages of having a will are:

• Distribution of assets – allows you to specify dollar amounts to be shared
• Choice of beneficiaries – allows you to specify who receives your assets
• Appointment of guardian for minor children – allows you to select who will raise your children
• Avoidance of intestacy laws – allows you to maintain control, not surrender control to the state
• Minimizing family disputes – eliminates arguments stemming from self interest
• Tax planning and optimization – allows you to use deductions and exemptions to minimize burden on the estate
• Protection of unique assets – allows you to specify who gets prized or sentimental possessions
• Appointment of an executor – allows you to choose who will manage your estate
• Flexibility to update – allows you to make changes
• Peace of mind – allows loved ones to breathe easy knowing they’re taken care of!
• And more…

What Are The Advantages Of Having A Trust?

While many are familiar with the concept of a will, trusts are less commonly understood or recognized. The perception is that trusts are only for the elite, but in reality, everyone who has property or assets should have a trust. A trust takes effect as soon as it is created and signed, whereas a will does so only after your passing. Trusts differ from wills in several aspects and offer many advantages including:

• Asset protection from creditors, lawsuits, or claims – assets are no longer in your name, and thus protected
• Probate avoidance – trusts do not require probate, saving time and money
• Private transfer – details of a trust remain confidential
• Continuity of asset management – seamless transfer to beneficiaries upon death
• Provision of care for incapacity – can pay for expenses should you become disabled and can’t work
• Flexibility of distribution – gives discretionary decision making to the trustee 
• Multigenerational wealth transfer – assets can be transferred from generation to generation
• And more….

What Happens If You Don’t Have A Will Or Trust?

A will and trust can make your wishes known. They can also ensure that the assets you have worked so hard for are both protected during your lifetime and passed directly to your beneficiaries upon your death. If you don’t have a will, Utah’s intestate laws will decide what happens to your possessions upon your death.

However, even if you do have a will that explicitly lays out who should inherit what, it won’t take effect until you die, and must go through an expensive and often prolonged court process known as probate; something your family shouldn’t have to deal with while grieving your loss.

That’s why having a trust is beneficial! A trust is a legal arrangement where a person or entity holds assets on behalf of beneficiaries, managing and distributing them according to specified terms. The trust goes into effect right away! When you die, the trust can transfer everything to your loved ones without the need for probate.

Why Is It Important To Work With  Santa Clara Wills And Trust Lawyers?

At ProvenLaw, our knowledgeable and compassionate team will take the time to get to know you, answer your questions, review your situation and personalize your will or trust to optimize your family’s future financial success. Our Santa Clara wills and trust lawyers have over 95+ years of collective experience and our firm has been voted the Best of Southern Utah for 4 years in a row! Call our office today to schedule a free 30 minute consultation and learn how we can help!