UTAH'S 1ST CHOICE FOR WILLS & TRUSTS UTAH'S 1ST CHOICE FOR WILLS & TRUSTS
Frequently Asked Questions
What is the difference between a will and a trust?
Do I need both a will and a trusT?
How often should I update my will or trust?
What happens if I die without a will or trust?
Can I make changes to my will or trust?
What is an advance healthcare directive?
Can I include specific funeral or burial instructions?
What are the responsibilities of an executor or trustee?
Can I disinherit someone in my will or trust?
What is a power of attorney, and why is it important?
How can I keep my estate plan private and confidential?
FREQUENTLY ASKED QUESTIONS
You've Got Questions, We've Got Answers.
What is the difference between a will and a trust?
A will is a straightforward legal document that outlines the distribution of property to beneficiaries after death.
On the other hand, a trust is a more intricate legal arrangement where property ownership is transferred and managed, after your death, by a third party, determined and appointed by you, with distribution to beneficiaries occurring, after your death and at a time specified by the creator of the trust.
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DO I NEED BOTH A WILL AND A TRUST?
It depends. The necessity of having both a will and a trust depends on a range of factors, such as the intricacy of your assets, your specific objectives, and your individual circumstances.
As a general rule if you have real property assets there is a high likelihood you'll need a trust.
Many individuals are hesitant about creating trusts due to concerns that they will relinquish control over transferred assets.
However, this is not the case with a revocable living trust. As the trustee during your lifetime, you will retain control and access over the assets held within the trust.
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HOW OFTEN SHOULD I UPDATE MY WILL OR TRUST?
Estate attorneys generally advise individuals to review their will every 2 to 3 years.
It is prudent to conduct these periodic reviews, even if you believe no amendments are necessary, to ensure the document remains up to date and reflective of your wishes.
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What happens if I die without a will or trust?
If you pass away without a will, the intestate succession laws of the state where you reside or where your assets are located is referred to as dying "intestate" in the legal realm.
In such cases, a local probate court assumes the responsibility of determining the distribution of your property.
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What is a advance healthcare directive, and do I need one?
A living will is a documented expression of your individual healthcare preferences, outlining your specific wishes in the event that you are unable to make decisions regarding your own care.
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Can I include specific funeral or burial instructions in my will or trust?
Yes. Including burial and cremation instructions in your Last Will and Testament is allowed and there are no restrictions preventing individuals from doing so.
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What are the responsibilities of an executor or trustee?
The trustee/executor bears a legal obligation to administer the estate of the testator, ensuring that the beneficiaries receive the estate's assets in accordance with the instructions outlined in the will.
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Can I disinherit someone in my will or trust?
Yes. To exclude an extended relative from inheriting, you can simply refrain from mentioning them in your Will.
However, if you had previously included them, it is important to update the language in your Will to ensure that the individual you wish to exclude is not listed as a beneficiary.
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What is a power of attorney, and why is it important in estate planning?
A power of attorney (POA) is a legally binding document that grants another person, known as your "agent," the authority to act on your behalf in financial matters.
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How can I keep my estate plan private and confidential?
By opting for the administration of your estate outside of probate, you can uphold your privacy.
Achieving this goal is possible by utilizing a revocable living trust as your primary means of transferring assets, rather than relying solely on a will.
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"Working with Steve Harris to get our affairs in order was actually a great experience. Having our estate and our wills planned have been such a peace of mind. Steve knew how best to plan for the future for our son with special needs. He is very knowledgeable about tax laws and helping our children navigate after our death. We are grateful to Steve for his efficient, painless, estate planning"
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"For important legal documents such as Estate Planning Documents my wife and I turned to Steve Harris to assist us in preparing and recording the necessary documents. Steve has a firm knowledge of law, including lthe ability to reach reasoned decisions and express them with clarity. Steve delivered an exceptional product in a professional manner."
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"I met Mr. Steven W Harris while looking to replace my old trusted lawyer that had retired in 202, my trust documents needed to be revised. I have found him to be honest, responsive, and best of all he will listen to all of my questions and concerns and will let me make the best decision without bias or pressure. If a problem comes up, that is not within his expertise he will find the answer, or refer me to someone who is experienced in the subject. I would recommend him without hesitation, and complete confidence that he will take care of his clients quickly, honestly, efficiently, and without prejudice."
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