Estate Planning
Estate planning involves much more than the simple creation of a will and a trust. Our office has the expertise to handle all aspects of estate planning. The result is the tailoring of an estate plan that is customized to your particular circumstances, where each document plays an important role in achieving your overall objectives and implementing strategies that will enable you to transfer assets to your chosen beneficiaries while minimizing tax consequences and estate administration expenses. Some of our services include:
• Wills
• Trusts
• Durable Powers of Attorney
Wills
A will or testament is a legal document and declaration by which a person names one or more persons to manage his or her estate and by which he or she provides for the transfer of his or her property at death to named beneficiaries and/or a trust. A will alone may or may not be enough to accomplish your estate planning goals. Furthermore, wills are governed by Utah law and must conform with the law in order to be valid and operate as you intend upon your death. A free consultation with Ms. O'Brien can help you determine if additional planning is needed for your circumstances. Furthermore, we can assist you in creating your will and estate plan in order to ensure that there are no mistakes in execution which would cause your will to be rendered invalid.
Trusts
A trust is an arrangement whereby property is managed by one or more persons or organizations for the benefit of another. A settlor creates a trust and, by doing so, entrusts some or all of his property to people of his choice (the trustees). The trustees hold legal title to the property held in the trust; however, the trustees are obliged to hold the property for the benefit of one or more individuals or organizations (the beneficiaries), typically specified by the settlor. Furthermore, the trustees owe a fiduciary duty to the beneficiaries, who are the "beneficial" owners of the trust property and who hold equitable title thereto.
The trust document governs the trust and is subject to Utah law. A trust can, and should, be customized to fit a settlor’s unique situation. Ms. O'Brien can assist you in determining the proper trust arrangement for your estate from the following:
* Revocable living trusts
* Irrevocable trusts
* Irrevocable life insurance trusts
* Special needs trusts (third-party and self-settled)
* Residence trusts
* Qualified Personal Residence Trusts (QPRTs)
* Qualified Terminable Interest Property Trusts (QTIP Trusts)
* Grantor Retained Annuity Trusts (GRATs)
* Charitable Remainder Trusts (CRTs)
Durable Powers of Attorney
A power of attorney is an authorization allowing one individual (the agent or attorney-in-fact) to act on behalf of another (the principal or grantor) in legal or business matters. This power may be a general one or it may be limited to only allow the agent to act in regards to specific matters (i.e. with regards to a particular business transaction like the sale of property). Under common law, upon the grantor’s incapacity (i.e. mental illness, comatose state, etc) a power of attorney becomes ineffective unless it is a durable power of attorney. Only a durable power of attorney remains effective even when the grantor becomes incapacitated. Contact our office today to obtain a free consultation and determine whether or not a durable power of attorney may be useful in your situation.