Wills and Trusts
Wills and trusts are a vital part of estate planning.
But which financial planning tool is right for you?
Froerer & Miles have helped clients of Ogden, UT, create these documents since 1959. We can determine which one best suits your estate.
Do I Have an Estate?
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Yes. Your estate refers to anything you own, no matter how much or how little that happens to be.
Wills Vs. Trusts What's the Difference?
Both wills and trusts are estate planning tools. Here is a look at what distinguishes both types of documents:
What is a Will?
A will is a written document that details how to distribute your estate after your death. Your will specifies who you're leaving your assets to and what assets you're leaving. The assets in a will are always given to your beneficiaries upon your death. As well as distributing the assets of your estate, a will allows you to appoint a guardian for minor children, making it an important document to get started even when you're young and in good health.
What is a Trust?
A trust is a legal entity that holds your assets. The trust document transfers ownership of your property to the trust and grants a trustee the legal right to manage those properties. Unlike a will that goes into effect after you die, a trust can take effect upon its creation. While a will passes through probate, a trust does not. Skipping probate can help you avoid costs and delays in managing your estate. A trust is also private, unlike a will, which is a public record.
Wills are less expensive to set up and maintain than a living trust. However, if you have a large estate, trusts can save you money on taxes by bypassing probate. We typically recommend wills for individuals with a relatively small amount of properties and assets.
Important Differences At a Glance
| Characteristic | Will | Trust |
| Can take effect during the testator's life | No | Yes |
| Goes through probate | Yes | No |
| Public record | Yes | No |
| Names a guardian for minors | Yes | No |
| Specifies funeral arrangements | Yes | No |
Meet Kelly B. Miles Our Estate Planning Attorney
Having a varied team of lawyers means we can help clients with a variety of cases. Our expert estate planning attorney, Kelly B. Miles, can help you create a will or trust that suits the needs of your estate.
If you're looking for an attorney you can trust and work with closely, give Kelly B. Miles a call. Mr. Miles has been helping clients with estate planning, estate settlement, and personal injury needs for over 30 years.
Protect the Future of Your Estate Request a Free Consultation with Our Ogden, UT, Firm
Estate planning can feel overwhelming, but our estate planning attorneys simplify the process to help you get your assets in order for the future. At Froerer & Miles in Ogden, UT, we have helped clients protect their assets since 1959. We can work closely with you to identify your unique estate planning needs and recommend the strategy best suited to your goals. Whether you need a simple will or a complex trust, we can help create the document that will serve your best interests.
To request a free consultation with our law firm and begin planning for the future, contact us online or call our Ogden, UT, legal office:
(801) 621-2690
"I would highly recommend this law firm." Ogden, UT, Clients Thank Our Law Firm
Josh Shaw
Ogden, UT
2023
Just want to throw a big thanks to Bryce and Matthew for all their hard work and time they took during a probate case a year ago. As everyone knows probate cases are very emotional at least it was for me, they not only responded so quick every time I reached out and when I mean quick I’m talking about same day response, I’m which helped me feel more better about the case process. They have a high professionalism in what they do and I would highly recommend this firm to everyone. Thanks again.
View on GoogleJulie Hoffman
Ogden, UT
2023
When Judge Hall recommended that we seek legal representation for my mother's estate; we started our search to find an attorney to represent us (my brother and I). We worked with Matt and Kelly Miles to resolve issues with my mother's estate, trusts', etc. Matt and Kelly were up front on what the laws were, what could happen, etc. They listened to what we had to say, what our concerns were, they reviewed documents that we had, they did research, getting us thru several mediation sessions. We got things resolved. Kelly and Matt are the best! The whole staff is pretty nice. I would highly recommend this law firm.
View on GoogleWhy Set Up a Trust?
Trusts are needed less commonly than wills. Trusts are more complex, and generally only used if you have an estate that requires special considerations. Often, trusts are helpful for individuals who have the following circumstances:
Since you have to go through probate court with a will, non-married couples may be better suited to have a trust. A relative of the deceased can argue against the non-traditional spouse receiving the assets listed in the will, but with a trust, the distribution of the assets is set in stone while you're alive.
Supplemental needs trusts allow you to leave the amount of money you desire to your beneficiary who has a disability without affecting their eligibility for federal or state benefits. Trusts allow your spouse, child, or grandchild with a disability to still qualify for Supplemental Security Income, Medicaid, and section 8 housing.
A trust is a better option for minimizing taxes on your estate after your death if you have a large estate. While trusts are more expensive to set up than wills, you will save more in the long run on taxes if you have an estate that exceeds the taxable threshold. For 2023, a taxable estate is one that exceeds $12,920,000.
If you have a medical condition, such as Alzheimer's, that may leave you incapable of making decisions in the future, a living trust can ensure that a person you rely on can make decisions about your financial, medical, and other personal affairs. Setting up a revocable trust gives you complete control over your assets during your lifetime.
The Process of Creating a Will
The process our Ogden, UT, law firm uses to create your will depends on your assets and needs. Generally, our attorneys will take you through the following steps to ensure everything in your estate is accounted for:
In Utah, you must be 18 years old
to make a will.
Don't Approach Estate Planning Alone Request a Legal Consultation with an Attorney
Estate planning can set your loved ones up for success and ensure that your assets are appropriately allocated upon death. Wills and trusts are vital to successful estate planning but can feel overwhelming without a legal advocate to guide you through the process. It's never too early to start planning your estate, especially if you have children. Having a properly crafted will can expedite the probate process and save the time and hassle of the state distributing your assets for you. Call our Ogden, UT, law office to request a free consultation with our team of Utah attorneys:
(801) 621-2690
"We worked with Bob Froerer to create a Revocable Living Trust to replace our outdated last will and testaments. Bob could not have been more helpful and patient, nor could he have made the whole process any easier."
- Ed Partridge
Can I Change My Will?
Circumstances change, assets are added, and wills sometimes need to be altered accordingly. 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. You should review your will every three years to make appropriate updates. You may want to review your will sooner if:
- Your children turn 18
- You have a new child or grandchild
- You start a business
- You get married or divorced
- You move out of state
- A beneficiary passes away
- You want assets to go to a new charitable organization
- Tax laws change on a state or federal level
- You've begun taking money out of your retirement
- The value of your estate has changed significantly
"Quick, top-notch legal services." Reviews From Happy Ogden, UT, Clients
Brad Coleman
Ogden, UT
2022
I’ve worked with Matt and Kelly and they both do a great job. Have had them create a trust for us, as well as several LLC’s. They’ve always provided quick, top notch legal services for us. Would highly recommend.
View on GoogleCG
Ogden, UT
2023
Worked with Matt to review a Trust with a good friend. Matt easily made some difficult problems seem simple and resolved a number other problems quickly.
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