Estate planning may seem like tedious work for many, but it is a responsible act towards equitable and efficient distribution of assets. The goal is to make sure all your hard work will be left with the right people. With the assistance of an experienced estate planning attorney in Utah, figure out how the three major factors fall into place.
The first step in estate planning is accounting for the properties you own. You may have full, conjugal, or co-ownership of properties. It’s important you determine your degree of ownership on each property to know if it’s something you can dispense.
Note that accounting involves the detailing of each property. This includes the process of tax planning as well. Strategize how to cut or distribute certain properties to lessen the burden of taxation.
These are the reserved properties under the name and birthright of your forced heirs. Your forced heirs may either be your spouse and legitimate children, your spouse and ascendants, or in the absence of all aforementioned persons, your collateral relatives.
With an estate planning attorney, Utah residents can determine their forced heirs to avoid problems. Remember that in most jurisdictions, the prejudice against one or failure to include one will result in the invalidity of your whole plan.
Devises and Legatees
You also have to consider the number of non-related or non-forced heirs you wish to give gifts of money or properties to. Gifts for non-forced heirs should be given thought because they may involve hefty taxes or other concerns, including the prejudice of a forced heir’s right. Sibling dispute may develop over estates and trust.
Update your estate plans yearly and consult your attorney for any possible changes that may affect or invalidate the distribution you have set up.