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Contributed Content — Safe trusts, wills and other important legal documents are necessary to protect your family’s financial future after your death. Over the past 19 years, Brindley Sullivan attorneys have helped thousands of clients in Southern Utah protect their assets and avoid the hassle of probate.
Contrary to what some people believe, wills and trusts aren’t just for the wealthy. So what exactly is an estate plan? What assets are considered part of your estate? Why do you need a trust?These are the questions asked by our clients Bridley Sullivansupported by experts every day.
“Everybody leaves a fortune,” says wealth planning attorney Andrew S. McCullough. “Even if you don’t have millions or hundreds of thousands of dollars, there are still items you need to plan for.”
When an individual dies, their property includes not only money, but also personal property such as cars, furniture, jewelry, artwork, and family heirlooms. Someone must be appointed an executor to manage those properties. A real estate plan empowers you to make these decisions and many more.
If you have children under the age of 18, the most important part of estate planning will be appointing the children’s legal guardians. Who gets physical custody? Who controls the inheritances and benefits you are entitled to upon your death? You can name the same person or choose a different person. increase. However, without proper documentation, the courts will make those decisions.
Estate planning is also essential for heirs to avoid probate. Probate is an expensive and time-consuming process that involves the legal system in managing a person’s assets after their death. In Utah, if a property is worth more than $100,000 or contains real estate, it will usually go to probate court.
“It’s not necessarily the size of the property that matters,” McCullough said. “In some cases, it can even be our property.”
The only obvious way to avoid probate is to set up a trust and keep all your assets such as your house, car, bank account, retirement savings, etc. in the trust. An estate plan is considerably cheaper than probate, and a trust also allows you to choose your beneficiaries.
No matter what you own or how much you’re worth, you’ll need someone to take care of you after you die. A real estate plan allows you to choose an executor who communicates with banks, hospitals, insurance companies, investment companies, and more.
They are responsible for everything from paying funeral expenses to closing utility accounts, processing payments and bills, and distributing remaining assets in trusts.
Not all trusts are created equal, and not all estate planning firms are created equal. The process of transferring assets, including out-of-state real estate, to a new trust is just as important as obtaining the documents that make up the estate plan itself. That’s why Brindley Sullivan ensures that every client trust is fully funded.
After the trust is established and funded, Brindley Sullivan will meet with the chosen estate administrator to discuss all the legal procedures that will be required upon the client’s death. There is no additional charge for this service.
Brent Brindley and M. Sean Sullivan left their local law firm in 2004 to form their own firm, Brindley Sullivan. Our firm focuses on wills, trusts, probate, guardianship, guardianship, asset protection, business succession, fiduciary duty, rights, beneficiary rights and charitable giving.
Brindley Sullivan attorneys provide reliable assistance when you need it most. Protect your hard-earned money, preserve family relationships, and manage probate challenges with legal documents designed to carry out your intentions after you die.
Book your free real estate and wealth planning consultation today. BrindleySullivan.com.
Written by Alexa Morgan for St. George News.
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