The laws of estate planning are confusing, and they are different based on what state you are in. Because of this, there are common, reoccurring misconceptions, especially when it comes to wills and probate.
Many people have unreasonable fears of the probate process. Utah has adopted the Uniform Probate Code, which provides for a very user-friendly approach to probate and administration of estates. Now, probate is nothing more than an administrative process to pass title to your assets to those persons entitled to them. It is not excessively costly, and it is protective of the heirs and beneficiaries of a person’s estate. You can avoid probate altogether through the use of revocable trusts. If you have a revocable trust, the probate process will simply serve as a backup plan if any of the assets do not get transferred into the trust.
Wills and Probate
Some people believe that if you have executed a will, the probate process is not necessary or applicable. That is not the case. The probate process is necessary to give effect to a will. By using a will, you can choose your executor (also known as a personal representative), transfer your personal effects, appoint guardians of minor children, and name the persons who are to receive all of your other property, including your house, bank accounts and personal effects. In addition, if used in combination with a trust, a will can be used to transfer assets to your trust.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.