What is an estate account?
An estate account is a special type of investment account that allows you to plan for the future, as well as protect your assets now.
The goal of an estate account is to help reduce estate taxes and avoid probate court. In fact, some states allow you to avoid probate court entirely.
These accounts can be opened in the name of any person over the age of 18; so long as they meet certain requirements: the account must be in their name and not transferred into their name after death; they must be able to manage their own finances; and they must have a certain amount of money available.
Estate planning accounts are also called "UTMA and UGMA" accounts—these names come from the Uniform Transfer to Minors Act and the Uniform Gifts to Minor Act, which created these types of accounts in all 50 states.
Of course, no one likes thinking about death. And while it's true that investing early can help you avoid some issues later on, estate planning is more than just investing—it's planning. When you have an estate plan, you have a set of instructions for what will happen with your assets when you can no longer take care of them yourself. An estate plan can include directions on what should happen with your assets.
It is a financial account used to manage the money of an estate. Estates are typically used to handle an individual's assets after they have died. An estate can be anything from a single person, a couple, or even a family with children. It may also go beyond finances and handle real property and other non-financial assets such as art or furniture.
If you have any questions or in need an Estate Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More
Parklin Law - Estate Planning
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
40.605070, -112.027530
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
