An estate plan is integral for anyone who cares about their property inheritance and even about how their health care treatment is carried out in the case they become extremely sick and are unable to speak up for themselves. There is no guarantee of a person’s lifespan and health and everyone should be ready in case a tragedy strikes, and they are no longer able to continue living their current lifestyle or supporting their family.
Estate planning is also vital for anyone with a disabled child. One of the greatest benefits of estate planning is that a person can keep their financial matters private, and they can avoid public proceedings and probate. Estate planning is also integral for anyone who wishes to reduce their estate taxes.
No one wants to have their money reduced by taxes, but once a person passes away their property might be taxed heavily, especially if they did not take the precaution of having a proper estate plan arranged to begin with. An estate planning lawyer will use various advanced estate planning techniques to reduce their gift and estate taxes so family members and loved ones can benefit fully from the money a person has saved for them.
When a person is making their estate plan, they will have to appoint a lawyer who will help them with their financial affairs. A person will also have to decide other details such as who they prefer to inherit their estate and how the beneficiaries will get access to this inheritance. Working out details such as whether to grant the inheritance in one lump sum or in installments is also essential to creating a successful estate plan.
If a person fails to take this precautionary legal measure their loved ones can end up missing out on a lot of what they deserved to enjoy.
What can an estate plan provide for me in Saint George, Utah?
When an estate plan is carried out properly, a person gets the advantage of being able to provide instructions for their own care and their loved ones. Estate plans also help you keep your affairs private and avoid probate.
An estate plan is made up of one or more documents and some documents are utilized to manage health care while others are used in the event of a person’s incapacity. Anyone who wishes to have their affairs managed properly should get in touch with an estate planning lawyer at the Law Office of Barney, Mckenna, and Olmstead today.
Reach out to them at:
43 South 100 East
590 W Mesquite Boulevard