An estate plan should be reviewed at least every 3 years.
What Estate Planning Tools Can Be Used Or Can Be Useful In Avoiding Probate If At All Possible?
Opening a trust is the primary way to avoid probate. Most of the time, probate is a scary word for people. However, it doesn’t have to be.
If you set up a will, which guarantees that you’re going to be in probate, then you’re choosing to have your heirs bear more of the cost of dealing with your estate. This is because there are going to be expenses during the probate court process which your heirs will need to face. In reality, probate is nothing more than going to the court to get a will validated.
If you set up a trust, then you’re going to pay more for it on the front end because it requires more work. Regarding how it operates, a trust allows your estate plan to work more smoothly when you pass away. It does so by making it a lot easier on your family because there are detailed instructions on what assets go where, and even directions for payment of insurance policies, retirement accounts, investment accounts, and more.
For more information on Estate Planning Law in Utah, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (801) 784 6250 today.
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