People who die without wills put all their assets in jeopardy. These assets can include stocks and bonds, mutual funds, artwork, jewelry, antiques, vehicles, homes and cash. Parents who become incapacitated or die suddenly leave the future care of minor children up to the courts. A lot of individuals put off making a will because they don't want to think about a time when they won't be around. If may also seem like there is plenty of time to formalize last wishes and instructions. For Utah natives, estate planning in Utah can be essential when it come to easing the burdens left to loved ones.
It is important for parents to provide for their minor children. This includes naming the individuals they want as legal guardians in the event those parents die or become incapacitated. Without a will, the court will have to decide who takes custody of the children and how they will be raised. If there is legal documentation, it is much easier for a surviving spouse to receive any inherited benefits as well.
There may be certain heirlooms or antiques that you want a specific family member to have after your death. Without a will, your wishes may be contested by other members of the family. If you don't leave instructions, your case may end up in the court system for a lengthy period during which your heirs will not have access to the assets you left behind. It may slow down receiving insurance benefits as well.
If you don't make careful plans before you die, the government could end up taking a larger portion of your assets, in the form of inheritance and transfer taxes, than necessary. You may need the services of an experienced attorney to guide you through the complicated tax laws governing the transfer of property and liquidating of assets.
Family relationships can become strained and even bitter when there is no clear understanding about how to divide assets. Things can become so bad, people hire lawyers and start suits and counter suits that can go on for years and cost thousands of dollars in fees. During this time the assets are not available to anyone, and opportunities to increase them will be lost.
Individuals who want a specific individual to serve as trustee should include that in a will. There are sometimes charities people want to donate a certain percentage of cash to, and if this a specified in a will, it is much more likely that the funds will actually get to the charitable organization. Some families have members with special needs that can be provided for if instructions for their continuing care is outlined in a will.
Even a small business can be thrown into confusion if an owner suddenly dies unless there are detailed instructions for a smooth transition in place. A will may specify that a certain individual take over the management of the company. There may also be instructions to liquidate and sell or close entirely.
If you don't make a will and plan carefully, the courts may end up deciding how to divide your assets. It is in everyone's best interest to make the decisions yourself.
It is important for parents to provide for their minor children. This includes naming the individuals they want as legal guardians in the event those parents die or become incapacitated. Without a will, the court will have to decide who takes custody of the children and how they will be raised. If there is legal documentation, it is much easier for a surviving spouse to receive any inherited benefits as well.
There may be certain heirlooms or antiques that you want a specific family member to have after your death. Without a will, your wishes may be contested by other members of the family. If you don't leave instructions, your case may end up in the court system for a lengthy period during which your heirs will not have access to the assets you left behind. It may slow down receiving insurance benefits as well.
If you don't make careful plans before you die, the government could end up taking a larger portion of your assets, in the form of inheritance and transfer taxes, than necessary. You may need the services of an experienced attorney to guide you through the complicated tax laws governing the transfer of property and liquidating of assets.
Family relationships can become strained and even bitter when there is no clear understanding about how to divide assets. Things can become so bad, people hire lawyers and start suits and counter suits that can go on for years and cost thousands of dollars in fees. During this time the assets are not available to anyone, and opportunities to increase them will be lost.
Individuals who want a specific individual to serve as trustee should include that in a will. There are sometimes charities people want to donate a certain percentage of cash to, and if this a specified in a will, it is much more likely that the funds will actually get to the charitable organization. Some families have members with special needs that can be provided for if instructions for their continuing care is outlined in a will.
Even a small business can be thrown into confusion if an owner suddenly dies unless there are detailed instructions for a smooth transition in place. A will may specify that a certain individual take over the management of the company. There may also be instructions to liquidate and sell or close entirely.
If you don't make a will and plan carefully, the courts may end up deciding how to divide your assets. It is in everyone's best interest to make the decisions yourself.
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