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Contributed content – Protecting your family’s financial future after your death requires a trust, a safe will, and other important legal documents. Over the past 19 years, attorneys at Brindley Sullivan have helped thousands of Southern Utah clients protect their assets and avoid probate trouble.
Contrary to what some people think, wills and trusts are not just for the wealthy. So, what exactly is an estate plan? What assets are part of your real estate? Why do you need trust? These are the questions customers ask Brindley Sullivanexperts on a daily basis.
Estate planning attorney Andrew S. “Even if you don’t have millions or even hundreds of thousands of dollars, there are still items you need to plan for.”
When they die, an individual’s estate includes not only their money but their personal possessions, such as cars, furniture, jewelry, artwork, and family heirlooms. Someone should be appointed as executor to take care of these belongings. An estate plan gives you the power to make these decisions and so much more.
If you have children under the age of 18, the most important part of your estate plan is probably hiring a legal guardian for them. Who will take physical custody? Who will administer the inheritance funds and benefits to which they are entitled as a result of your death? You can name the same person, or choose different individuals. However, without proper documentation, the court will make these decisions for you.
Estate planning is also necessary to help your heirs avoid probate, which is an expensive and time-consuming process as the legal system is involved in managing a person’s assets after their death. In Utah, an estate usually ends up in probate court if it is worth more than $100,000 or contains any real property.
“It’s not necessarily about the size of the estate,” McCullough said. “Sometimes, that’s what we have.”
The only sure way to avoid a probate is to create a trust and secure all of your assets, including your home, car, bank account, and retirement fund, in it. Estate planning is much less expensive than a will, and a trust also allows you to choose beneficiaries.
No matter what you own and how much it’s worth, you’ll still need someone to take care of your affairs after you die. Estate planning allows you to choose an outlet to communicate with banks, hospitals, insurance companies, investment companies, and more.
From covering funeral costs to closing your utility accounts, they will be responsible for handling payments and bills as well as distributing your remaining assets as described in your trust.
Not all funds are created equal, and neither are all estate planning companies. Transferring your assets, including property in other states, to your new trust is as essential as obtaining the documents that establish the estate plan itself. That’s why Brindley Sullivan guarantees every customer’s complete trust financing.
After the fund is established and funded, Brindley Sullivan will meet with the administrator chosen for the estate to discuss all of the legal steps they will have to take in the event of the client’s death. There is no additional cost for this service.
Leaving Brent Brindley and M. Sean Sullivan regional law firms in 2004 to start their own practice, Brindley Sullivan. The firm focuses on wills, probate, probate, trusteeship, trusteeship, asset protection, business succession, fiduciary duties, rights, beneficiary rights, and charitable giving.
The attorneys at Brindley Sullivan are here to provide trusted help when you need it most. Protect your hard-earned money, maintain family relationships and manage probate challenges with legal documents designed to carry out your intentions after your death.
Schedule your free estate and asset planning consultation today at BrindleySullivan.com.
By ALEXA MORGAN for St. George News.
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