Planning for the Future

Planning for the Future

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. If you find yourself feeling this way, you are certainly not alone. The solution for minimizing this type of uncertainty and stress is to create an Estate Plan. Creating an Estate Plan is often more straightforward than it appears and can spare you and your loved ones from future complications and anxiety around passing away and dividing up your things amongst your heirs.

Estate planning is not solely for the elderly or the wealthy. In fact, everyone needs an Estate Plan, regardless of its complexity and regardless of how large your bank account is. Life is unpredictable—accidents, illnesses, and major life events can happen at any time without any notice. What you can control is how your hard-earned assets are managed and distributed if you ever become incapacitated and when you pass away. By creating a comprehensive Estate Plan, you ensure that your estate is protected during your lifetime from mishandling and properly distributed after your death, while also safeguarding your interests as you age.

A well-executed Estate Plan can plan for long-term care and incapacity, address end-of-life concerns, and proactively give you control over what happens to you and your assets as life progresses.

So, what exactly is an Estate Plan? An Estate Plan is a collection of legal documents that outline your wishes for the future. Depending on your estate’s size, the types of assets you own, and your personal preferences, your Estate Plan may include:

• One or more Trusts that outline your wishes
• One or two Wills
• Powers of Attorney
• Advance Healthcare Directives with Guardianship, Healthcare Agents and Living Wills
• Transfer documents to fund the Trust(s) with the assets you own

You might need some or all of these documents to ensure your estate is handled according to your wishes.

If I were advising my mother or grandmother, I would strongly recommend consulting an attorney. I would not want them to be incapacitated and have to wait for the court to decide who could act on their behalf. Nor would I want my mother to endure the stressful, expensive, and time-consuming probate process if my grandmother passed away without an Estate Plan. As a parent with minor children, planning for guardianship is crucial. By designating a trusted individual or individuals to care for your minor children, you ensure they are looked after by someone you trust rather than facing foster care while guardianship is determined by a court of law. 

Although online services offer estate planning documents for a small fee, these generic forms often provide a false sense of security as these online documents are not tailored to individual needs. Mistakes can occur, even with attorneys, but using a generic online form significantly increases the risk of errors. Drafting a will yourself can also lead to issues if it does not meet Utah’s legal requirements, making it invalid and putting you in a position where you effectively have no document at all.

Many attorneys offer free consultations to answer questions and guide you toward the right Estate Plan–like us! Having an expert by your side can make the process much less stressful. When you have a moment, take some time to think about what you want your life to look like from this point forward. Consider your goals, your assets, and your loved ones, then make a plan to ensure your wishes are followed. Estate planning is about taking control of your future and providing peace of mind for you and your loved ones.