A trust is a legal document that creates a fiduciary relationship in which one party holds legal title to a beneficiary’s property for the benefit of the beneficiary. A trust can go into effect prior to death, in which case it is called a living trust (or inter vivo trust). Such a trust could be… Continue reading Can I Put A Trust In My Will?
Utah does not have a state inheritance or estate tax. However, there is still a federal estate tax that applies to estates above a certain value. And like all states, Utah has its own unique rules and laws that apply to various aspects of the estate planning process. Note, though, that estate planning is a… Continue reading Can I Exclude My Spouse From My Will In Utah?
If you own real property and are looking for a way to avoid probate, you need to understand the benefits of a transfer on death deed. This simple document may help you to simply and inexpensively avoid probate for real estate. Probate can be expensive and time-consuming, but it may be avoidable. For real estate,… Continue reading Beneficiary (Transfer-on-death) Deeds & Medicaid Eligibility In Utah
Ancillary probate is an additional, simultaneous probate process that’s required when a decedent owned real estate or tangible personal property in another state or states. The laws of a state where property is physically located typically govern what happens to that property when the owner dies—not the laws of the state where the decedent lived… Continue reading Ancillary Probate Administration In Utah
When making estate plans, many people decide to use a trust or a will. Both of these documents serve important roles in a person’s estate plan. However, there are some distinct advantages of using a trust over a will. Privacy One distinct advantage of using a trust over a will is the privacy that it… Continue reading Advantages Of Using A Trust Over A Will
Why even think about estate planning? Getting your affairs in order for your estate can create future financial security for your family, preserve your hard-earned assets for future generations, help you organize your affairs before you become incapacitated and decrease anxiety for future of your loved ones, knowing they will be well taken care of.… Continue reading Who Are Your Descendants For Estate Planning?
Federal law classifies all property as either real property or personal property. Real Property is defined as the physical land and everything attached to it, plus the rights of ownership (bundle of rights) in real estate. Real property is also called realty. Personal property is defined as tangible items not permanently attached to, or part… Continue reading What Is Real Property In Utah?
Every residential real estate transaction has both real and personal property. It is also possible for real property to become personal property and personal property to become real. Real property is the land and also any improvements built upon it. In most cases it is also anything that would be considered immovable or affixed to… Continue reading What Is Personal Property In Utah?
If you don’t think you can afford home ownership on your own, you might want to look into joint ownership property through joint tenancy, which will help you share the costs of living with another individual by sharing ownership with them. If one of you were to die, the other would automatically get what they’d… Continue reading What Is Joint Tenancy In Utah?
If a person passes on without estate planning of any kind, whether that planning is some kind of will or trust, they are said to have died intestate. Intestate law is the law that decides how assets are transferred and creditors satisfied if a person passes on without saying who gets the house, the car… Continue reading What is Intestate Law in Utah
