When we refer to the legal process of protecting assets; we are of course referring to the umbrella term of “estate planning”. Despite an inclination to put these tasks on the backburner, few actions are more critical for the future of your family or business than a proper estate plan. By working with our asset protection law firm, you can protect the wealth you have worked hard to accumulate for future generations. The attorneys and legal professionals at BLPG are here to assist individuals, entrepreneurs and companies throughout all of Utah, New York, California, Florida, and Tennessee.
Create or modify your estate plan
January is always a great time to think of the future. Along with immediate personal goals, we should all take a moment to consider long-term priorities. Getting started with an estate planning attorney is typically not a difficult task if you are working with the right firm for your needs. A comprehensive approach can have many facets, but just as many benefits. This process can begin in just a few steps.
The base of almost all estate plans is a Revocable Trust and Pour-over Will. This legal document will dictate how the writer intends to see their property and assets distributed at the time of their death. In many states, if a person passes away without a will they are known to have died “intestate.” These “laws of intestate succession” are based on primary statutes that can vary from state to state. In most situations, these laws are inflexible, do not account for an individual’s situation, and are not equipped to consider the desires of the deceased. This is why it is important to not leave your final wishes up to legislation. When a revocable trust or pour-over will have been established, the court will verify the will and then distribute the assets after completing the probate process.
Other factors to consider
There are many factors that should be taken into consideration when it comes to planning for the future. Along with a will and trust; there are living wills, financial powers of attorney, and healthcare power of attorney documents that should be considered. All of these various legal documents address various situations and outcomes. If you do not have an estate plan or do not believe that your current plan reflects your wishes, contact our office.