Estate planning might sound like something only older people need to worry about, but it’s actually important for anyone who wants to protect their assets and make sure their wishes are followed. Two common types of trusts are revocable and irrevocable trusts.

It’s crucial to understand and plan for the financial implications involved in caring for aging parents in your own home.

Planning for the future can often seem overwhelming. Many people feel stressed when considering their finances, contemplating mortality, and deciding who will assist them after they aren’t around to ask or check up on them.

Probate is a legal procedure initiated by the executor of an estate or the estate’s attorney. During probate, a court verifies your will and authorizes the executor to distribute your assets to your beneficiaries as specified and to pay any estate taxes that may be due.

In Utah and many other states, both trusts and wills play essential roles, safeguarding assets at different stages. The person who signs a will is also known as a testator. The person who signs and creates a trust is called a grantor or settlor.

Navigating estate planning for college-bound kids might not be at the forefront of your mind amidst the excitement of high school graduation, but it is a crucial step as they transition into adulthood. Here is why discussing and implementing estate planning documents before they head off to college is essential: