The Benefits of Having an Estate Plan
There are numerous benefits of having an estate plan and those benefits are different for every person. Whether you are in the later years of your life, still have young children at home, or are single and have some wealth you want to pass along to specific individuals, we help you plan for your specific needs. Our Utah estate planning attorneys will create an estate plan specifically designed to achieve your most important goals.
Specific Benefits of Estate Planning
Having a properly planned estate produces a number of positive results, both financial and emotional. Estate planning can:
- Allow flexibility in who you distribute your property to, how much you distribute to each individual, and in some cases how your property should be used.
- Avoid probate, a court process that frequently causes frustration to families and can result in significant delays in property distribution.
- Your family can avoid having to hire a Utah probate attorney or a Utah estate planning attorney after your death.
- Reduce or eliminate costs, such as administration expenses and taxes.
- Provide special treatment to certain assets like family businesses, family homes, property, heirlooms, or items with sentimental value.
- Provide for a hand-picked trustee to distribute your property to your named beneficiaries according to your instructions.
- Name a guardian for your minor children that will best meet their unique needs.
- Reduce conflict among family members.
- Prevent financial hardship for the beneficiaries of the estate.
- Maintain financial privacy. Some estate planning documents, such as a trust, allow for financial privacy while probate proceedings are public record, available for inspection by anyone.
For many individuals, estate planning is like insurance. It’s difficult to pay the initial cost to have your estate plan created, but doing so has significant benefits and can save your family thousands of dollars, a significant amount of stress, and can provide for their specific needs.