How do estate planning documents work?
How do estate planning documents work?
Putting together an estate plan is not only important for your estate but for the people who you leave behind. You should not only prepare a last will and testament, but you should also make sure to include other key documents, such as a power of attorney and trust. These documents will help ensure that your assets will be distributed to the people you want them to go to.
The first thing to do is to create a last will and testament. It's a legal document that lists your wishes and names an executor. This person will handle your estate and will pay off any debts and will distribute the estate according to your wishes. This is a great starting point for any estate plan.
The next step is to establish trusts. These are legal documents that will help to reduce your estate taxes and will help you pass your assets along to your heirs in a tax-efficient manner. Creating a trust is an excellent way to minimize estate taxes. If you have minor children, you will need to name a guardian to care for them. If you have a 401K or other retirement account, you may have a beneficiary. You can also choose to leave a few items of sentimental value in a separate letter.
If you have any questions or in need an Estate Planning Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
