Frequently asked questions
Only about 30% of the US population has an estate plan even though everyone should have an estate plan. You should have an estate plan even if you don’t have a lot of assets to pass on to your beneficiaries. An estate plan:
- Allows YOU to decide how you want your assets divided after your death.
- Allows YOU to determine what will happen to you if you become incapacitated.
- Allows you, your family and your business partners to maximize tax advantages and savings.
- Allows your family and friends to avoid having to go to probate court after your death.
A Basic Estate Plan Consists of the following documents:
- Revocable Living Trust
- Certificate of Trust
- Power of Attorney
- Utah Advanced Health Care Directive
- HIPAA release forms
- Other documents that you may want include depending on your circumstances include: Special Needs Trust; Final Disposition Authorization and Instructions; Documents relating to children who are minors; Instructions for Distribution of Personal Property; Documents for assets that will pass outside your estate such as IRAs, 401(k)s.
Funding your trust simply means that you have transferred your assets into your revocable trust. You must fund your trust to get the benefits of your trust and avoid probate court.
An estate plan does more than just divide up your assets upon your death. Your power of attorney, your health care directive, and your HIPAA release forms will serve you before your death. These documents will help your family and friends care for you if you were to become incapacitated.
Buy Sell Agreements govern the transfer of ownership in a business upon the voluntary sale, involuntary sale, or death of an owner. It is like an estate plan for your business. If you own an interest in a business, you should have a Buy Sell Agreement in place to provide for the death or departure of any of the owners.
You can call my office at 801-290-2130.
In preparing an estate plan or dealing with the IRS or Utah State Tax Commission, you should have an attorney assist you. An attorney can help you structure an estate plan that best suits your needs and which includes all of the documents that you require. When dealing with the IRS and the Utah State Tax Commission, you should have someone on your side who has experience in dealing with these organizations and is familiar with tactics.
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Froisland Law is located at 2825 E. Cottonwood Parkway, Suite 500, Salt Lake City, UT 84121.