Everyone has an estate if they have belongings. An estate is comprised of everything owned – a car, home, other real estate, checking, savings accounts, life insurance, furniture and personal possessions. Estate planning ensures wishes are carried out concerning whom you want to receive something of yours, what you want them to receive and when you want them to receive it. https://www.estateplanning.com/What-is-Estate-Planning/. Therefore, it is best to have a plan in place before something happens.

Good estate planning is much more than that. It should also:

• • Include instructions for passing your values (religion, education, etc.) in addition to your valuables.
  • Include instructions for your care if you become disabled before death.
  • Name a guardian and an inheritance manager for minor children.
  • Provide for family members with special needs without disrupting government benefits.
  • Include life insurance to provide for your family at your death, disability income insurance to replace your income if you cannot work due to illness or injury, and long-term care insurance to help pay for your care in case of an extended illness or injury.
  • Provide for the transfer of your business at your retirement, disability, or death.
  • Minimize taxes, court costs, and unnecessary legal fees.
  • Be an ongoing process, not a one-time event. Your plan should be reviewed and updated as situation changes over your lifetime.

For local Utah Estate Planning Attorneys contact:

Utah Trust Attorneys
Austin Law
Utah State Planning