A will or a trust is a legal document which ensures your assets are distributed according to your wishes after your death. Planning your estate is a crucial step towards ensuring your loved ones are provided for and your assets go where you want them to go. At Froerer & Miles in Ogden, UT, we offer comprehensive estate planning services. Wills and trusts each offer distinct advantages. Choosing the right solution for you can be complex, but our team can walk you through the process. Contact our firm online or call (801) 621-2690 to speak to a member of our team today.
A will is a document which details how to distribute your estate after your death. You can divide your assets however you choose. Once your will is drafted, you can choose an executor. This individual is responsible for carrying out your wishes, paying taxes and debts, and distributing your assets. If you do not choose an executor, the state will.
You can change or revoke your will at any time during your lifetime. We recommend reviewing your will periodically to ensure it still fits your needs. During probate, your will undergoes a verification process. Having a properly crafted will can shorten the probate process and save the time and hassle of the state distributing your assets for you.
While a trust performs a similar function to a will, it offers more comprehensive services. A trust is a legal entity which holds your assets. The trust document transfers ownership of certain property to the trust and grants a trustee the legal right to manage those properties.
Whatever your situation, it is best to speak with an attorney qualified in estate planning to ensure your will or trust is set up properly.
Depending on your needs, your trust can take effect during your lifetime or after your death. A living will can manage your assets while you are still alive and is especially useful if you become incapacitated. A testamentary trust is a trust contained in a will.
Choosing the Right Solution for You
Most people do not need a trust. These documents are more complex and generally only used if you have a complicated estate which requires special considerations. Often, trusts are helpful for individuals who:
- Are in a non-traditional relationship
- Have children with someone who is not their spouse
- Have a taxable estate
- Have a disabled spouse, child, or grandchild
In addition, if you have a medical condition which will lead to incapacity, a trust may serve a useful purpose for you. It is important to keep in mind that wills are less expensive to set up and maintain than a trust. We typically recommend wills for individuals with small estates. Whatever your situation, it is best to speak with an attorney who provides estate planning to ensure your will or trust is set up properly.
Experience Peace of Mind
At Froerer & Miles, we have been helping clients protect their assets since 1959. We can work closely with you to identify your unique estate planning needs and find the strategy best suited to your goals. Whether you need a simple will or a more complex trust, we have the tools to help. Contact our office online or call (801) 621-2690 to get started today.