The idea of an estate plan Utah scares a lot of people. It’s understandable because no-one wants to think about death, dying, or being unable to make your own decisions. Unfortunately, there may come a time where something happens and it’s going to be a difficult time for you and your family. In modern times, it’s never been more important to have your finances in order. Estate plans might not appeal to everyone; however, they are an important tool. So, what are the essentials for an estate plan?
Living Will and POA
Whether you’re going to use the serves or a Utah estate planning attorney or otherwise, you must consider a POA and will. Now, a financial power of attorney or POA, will be the person who makes the financial decisions when you cannot. For instance, if you were to be seriously injured in a car accident and were left in a coma, your POA can make the necessary financial decisions on your behalf. This is useful for most, regardless of if you own a business or not. What’s more, a living will is essential for an estate plan.
Basically, a living will leave instructions as to who is to do what. For instance, who gets power of attorney, as well as what is to happen to your property. A lot of people assume children or partners will handle these things; however, some may not want that. Living wills are essential for an estate plan Utah as it helps to make things clearer. More details!
Deciding if You Want a Trust for Your Loved Ones
Depending on your family situation, you may want to have a trust setup for your loved ones. This can be an essential part of the estate plan and certainly something you may want to consider. A Utah estate planning attorney can help you to determine if you need or want a trust. If you do, the estate planning attorney will be able to help create one. These can be important if there are children you want cared for, as well as family members with special needs. It’s incredibly useful to have a trust, regardless of the amount of money you have.
Do You Need an Estate Plan?
A lot of people assume an estate plan isn’t necessary for them since they don’t have millions of dollars in the bank. However, you don’t need to be a millionaire to have an estate plan. Sometimes, it’s useful even if you don’t own real estate. You could have a home full of personal items, those things might seem small, but they can be an important part of the estate plan Utah. It’s often easier to have things ready so that if the worse were to happen, those minor things are dealt with.
Ask A Utah Estate Planning Attorney to Create Your Plan
Estate plans are useful at the best – and worst – of times and while you mightn’t think they’re necessary, they can help in many ways. If you were unable to make your own medical or financial decisions, your power of attorney could then do so. Of course, you must ensure you trust the person or people you nominate as your POA. Fortunately, an estate planning attorney can help with such things. An estate plan Utah is important and may help ease issues later within the family. Learn more details at: https://www.new-york-real-estate-law.com/why-do-i-need-an-estate-planning-attorney/